With its unique geographic position, fast-growing economy, sizeable domestic market, and seamless global connectivity, investors are more often considering Turkey a land of opportunity. They are benefiting from the affordable citizenship by investment program, which allows them to obtain a Turkish passport within 6 months, expand their business, and penetrate new global markets.
Turkish passport ranking
The Turkish passport is currently ranked 52nd among global passports, two places up from last year, according to Henley Passport Index data 2023, providing visa-free access to 110 destinations. It is considered a desirable passport as it gives its holders a high degree of mobility across various destinations.
Turkey Citizenship by Investment
The Turkish government launched the citizenship by investment program in January 2017 to boost foreign direct investment and improve the country’s real estate sector. Under this program, applicants can choose their contribution to the Turkish economy, and obtain dual and irrevocable citizenship and passport without having to reside in the country or renounce their current nationality.
How to Get Turkish Citizenship by Investment
Turkey provides a quick path to obtaining a second passport within 6 to 8 months through property investments starting at $400,000, which needs to be held for 3 years. The program has a simple application process that does not require the investor to declare any assets or income earned in other countries, nor does it require their physical presence. The country provides a wide range of modern apartments and luxury seafront villas at highly competitive prices, whether it is purchasing property as an alternative residence or as a solid investment with a high return on investment potential. Investors can profit from rental income and resell the property after three years. There isn’t a fixed time for a person to stay in Turkey before or after completing the citizenship by investment. Furthermore, applicants are not required to learn the local Turkish language.
Economic Citizenship turkey Application Process
To acquire a Turkish passport by investment, applicants must sign a service agreement with an authorized representative, which will provide advice and assistance with property selection in Turkey and transfer title deeds. Additional guidance will be offered to help the client open a Turkish bank account, and obtain a tax ID, health insurance, and approved property valuation. Once the qualifying investment is made, a Certificate of Conformity from the Ministry of Environment and Urbanization will be issued. The authorized agent will advise the client on the documents required for the residence or citizenship applications. At this stage government application fees will be due. The residence permit application will be submitted to the government on behalf of the applicant, and residence permits will be issued within 30 days. At this stage, the authorized agent will submit the applicant’s citizenship application to the Directorate General of Civil Registration and Citizenship Affairs to review the file. Then, the government issues the approval letter, and a Turkish ID card and passport will be issued and delivered to the client. Balance of fees then will be due.
Benefits of Second Citizenship in turkey
Turkish citizenship by investment gives individuals and investors the right to live, work, and study in the country freely, and generate income from real estate property. Turkish passport holders can benefit from free medical services, education and university reimbursement plans, and pension programs. Foreign assets and income should not be declared.
Foreign investors aiming to obtain Turkish citizenship can take advantage of immense opportunities in various economic sectors and from the flexible investment atmosphere and thriving economy, low cost of taxes, world-class infrastructure, and the ideal geographical location.
Turkish passport holders can easily apply for a Schengen visa if they have sufficient documentation. In addition, many other countries have bilateral agreements with the country that allow visa-free travel, including Hong Kong, Singapore, Japan, Mexico, South Korea, and nearly all of Latin America.
Turkey Passport Price Increase
Once the Turkish government announced the citizenship by investment program in 2017, it estimated that the entry fee would be at least $1 million. But after realizing that the amount set was a little excessive, the government reduced the required investment to $250,000 in mid-2019. However, in June 2022, the government announced that the minimum real estate investment required for Turkey’s citizenship by investment program will increase to $400,000 because the number of applicants willing to acquire Turkish citizenship is increasing.
What is the Total Cost of Citizenship in turkey for an Individual?
The total investment required to acquire Turkish citizenship is a minimum of $409,020. This includes a real estate investment of $400,000, as well as 2% of the purchase price land registry fee ($8,000 if the property is $400,000), a $500 property value report, a $200 official transfer fee, a $100 visa-free per person, $20 residence permit fee per person, $100 insurance per person, and $100 application fee.
Common Questions about Turkish passport:
Investors looking to obtain second citizenship may have several concerns and would raise several questions before taking any investment risk.
How can I get citizenship by investment in Turkey?
The Turkish government is responsible for administering the program and processing all applications. The latter will be examined thoroughly and, if deemed necessary, may request the applicant to attend an interview. A due diligence checks will be done and will decline an application if the applicant makes a false statement or omits any relevant information in the application. The documentary requirements of the Turkey Citizenship by Investment Program are reasonable, and the procedures are straightforward. Once the application is approved, passports can be collected in Turkey. To qualify for Turkey citizenship by investment program, the main applicant should be at least 18 years old, must have never stayed illegally in Turkey, and should pay the taxes and costs for the process.
Do you get citizenship if you buy property in Turkey?
Applicants can obtain citizenship if they invest $400,000 in real estate in Turkey in several types of property, whether a villa, apartment or land. Besides, there is no need to take a pre-approval to buy properties since the estate is not typically overvalued.
How much does a Turkish passport cost?
The investment required to acquire a Turkish passport is $409,020.
Can I get a Turkish passport after 5 years?
It is estimated that the process will take 6 months from the submission of the application to the issuance of the passport, assuming there are no areas of concern with the application.
Which country is visa-free from Turkey
When you obtain your Turkish passport, you can travel to around 110 countries without the need for a visa, visa upon arrival, or an Electronic Travel Authorization.
Is UK to Turkey visa-free?
Turkish citizens require a visa to enter the UK. They can apply for Standard Tourist Visa which allows visa holders to visit the UK for up to 6 months. Options available are short term visa or longer term visa which may be valid up to 10 years.
How powerful is the Turkish passport?
The Turkish passport is ranked 52nd among global passports in 2023.
How many countries I can visit with a Turkish passport?
The total number of visa-free countries on Turkish passport is 110, as of 2023. While 72 of these countries grant visa-free entrance, 35 of them issue visas on arrival. For the remaining three countries, on the other hand, Turkish citizens are required to get electronic visas beforehand
Is a Turkish passport easy to get?
The Turkish passport can be completed within 6 months from the submission of the application to the issuance of the passport. However, under the real estate option, the time frame may vary depending on the project. Therefore, it is important to select a real estate project that can provide the necessary paperwork required from the developer for the citizenship application.
