Insights
Of all of the countries that offer citizenship by investment programs in 2023, Türkiye is the only one to offer easy and immediate access to not one, but two continents. Straddling the line between Europe and Asia, Türkiye has long acted as the gateway from the former into the latter, and offers excellent opportunities for those who are interested in obtaining citizenship that comes with a strong passport and fantastic investment opportunities.
Over the course of this article we plan to take an in-depth look at Türkiye – the paths to CBI that are offered, the amounts that you can expect to invest using the various options, and the benefits afforded to you by Turkish citizenship.
Türkiye is a relative newcomer to the CBI scene, having only offered the program since 2017. For comparison, Saint Kitts & Nevis – home to the world’s first CBI program – began offering theirs way back in 1982.
Upon launch, Türkiye’s CBI program had a high barrier to entry – a minimum investment threshold of USD $1 million – and there were not many takers initially. Since then, Türkiye has refined the program and ensured that it is much more in line with the options offered by other countries, making it a very attractive proposal indeed.
In 2019, the investment threshold for Türkiye’s CBI program was a relatively low $250,000. This led to a massive influx of investors keen to acquire a Turkish passport, with around 800 people being naturalized per month at the height of its popularity.
In recent years, Türkiye has raised the bar on the investment thresholds necessary to apply for citizenship by investment, and most paths to citizenship hover around the $400,000 mark.
With one foot in Europe and the other in Asia, Türkiye really is at a cultural and geographical crossroads like no other country on earth. It’s a fascinating melting pot, the aggregation of thousands of years of cross-cultural pollination that has spawned more than one empire and that has left a lasting impression not only within the immediate region, but also across Europe, Asia and Africa.
Türkiye is a NATO and G20 member, making it a major geopolitical power and a well-respected voice in global affairs. It’s also a candidate for EU membership, which – if achieved – will make its passport that much more attractive to prospective CBI candidates.
In addition, Türkiye is the world’s 16th-largest economy, and has one of the highest GDPs of any country offering a CBI program. All in all, it’s a very attractive proposition for anybody wishing to acquire a second citizenship.
As a Turkish citizen, you’ll be privy to a whole host of benefits. Let’s take a more detailed look at those benefits below.
Though not quite the strongest CBI passport on the market, the Turkish passport is nevertheless a very attractive one. Holders can expect visa-free (or visa-on-arrival) access to 110 destinations including Hong Kong, Singapore and Japan.
In addition, although a Turkish passport does not offer visa-free access to the Schengen Zone, it does offer the ability to apply for a C2 Schengen visa, which allows holders to stay in the Zone for 180 days out of the year.
Turkish passport holders are able to easily apply for a US E2 business visa, which allows investors (and their families) to live and work in the USA.
Applicants to Türkiye’s CBI program can rest assured that the whole family can be included in their application (adult children notwithstanding). In addition, any children of yours born after you’ve acquired Turkish citizenship will similarly have it.
Türkiye’s CBI application process is fast and easy. You can have your new passport in hand as quickly as four months after you initially put pen to paper.
When applying for Turkish citizenship by investment, you’ll have a wealth of options to choose from – and so you can choose the one that best suits you and your family.
There are, in total, five investment options when applying to the Turkish CBI program. Let’s take a look at the various options on offer.
Real estate investment is a popular CBI option that many people take advantage of. The options on offer are cheap, plentiful and generally not as restrictive as those in other countries with CBI programs, where your options may be comparatively limited.
The real estate purchased may take any form you like (residential, commercial etc.) but is still subject to final government approval. It must also be worth at least $400,000. The property must be held for a minimum of 3 years.
One of the best things about the real estate option is that, at present, you’re likely to see a great return on your investment. The Turkish real estate market has been booming for a while, and any property you buy will likely turn a nice profit when it comes time to sell it on.
In order to go the business route, you must create a business that’s worth at least $500,000 – or invest in a pre-existing one for the same amount.
If your business creates at least 50 jobs, it’s possible to bypass the $500,000 requirement. The 50 jobs created must be attested to by the Turkish Ministry of Family, Labour and Social Services.
In any case, the business (or shares in the business) may be sold after a period of three years.
You may also choose to simply invest capital into Türkiye in order to satisfy your CBI requirements. There are three different ways in which you can invest capital; let’s take a look at each of them individually.
One of the most straightforward capital investments is to simply place $500,000 into a Turkish bank account. Three years later, you can withdraw the funds. And that’s it.
One of the benefits of this approach is that you can earn interest on your funds while they remain in the bank over the three years. However, your return on this is likely to be comparatively low – around 0.5-2%.
This option is very similar to the bank deposit option; make a fixed capital investment of $500,000 for a minimum of three years. Your investment may be recouped at that time, and interest is earned throughout.
As with the other capital investment options, a minimum of $500,000 must be invested. The government bonds must be held for three years before they can be redeemed.
As we’ve seen, there are a large number of options for the prospective CBI applicant to Türkiye’s program. The question becomes, then: which option is best for you?
In almost all cases, the best option is going to be real estate investment. Not only is it the smallest amount of money that can be invested (and therefore the least impactful to your bottom line), but it offers what is statistically the best return on your investment.
With real estate, you can expect a ROI of between 55-75% -- far better than you’d likely see with any of the other options, including investing in government bonds or a bank deposit.
You could always create a business, which has a massive potential ROI. But this option is cumbersome, labour-intensive and is by no means guaranteed to strike gold. Why go that route when real estate is the much safer option and has a ROI that is much more stable?
Another strong reason for real estate investment is that it has the potential to make money for you during the mandatory three-year holding period. This is due to the fact that you can purchase a residential property and rent it out even during those three years, meaning that it can make money for you even while you’re holding it as one of the requirements of your CBI application.
As we’ve seen, Türkiye is one of the more attractive CBI options in the world right now, and stands to continue to increase in attractiveness – particularly if Türkiye is successful in its bid to gain entry to the EU, which will mean that its passport will offer access the Schengen Zone – thus increasing the strength of the Turkish passport immeasurably.
As if this wasn’t enough, the fact is that Turkish citizenship is comparatively easy to obtain, provided that you meet the requirements and have the funds necessary to meet the investment requirements. And with five separate ways to invest – none of which will end up costing you money in the long run – you’ll be sure to find something that both satisfies your CBI needs and doesn’t hurt your wallet.
As we’ve seen, Türkiye is one of the more attractive CBI options in the world right now, and stands to continue to increase in attractiveness – particularly if Türkiye is successful in its bid to gain entry to the EU, which will mean that its passport will offer access the Schengen Zone – thus increasing the strength of the Turkish passport immeasurably.
As if this wasn’t enough, the fact is that Turkish citizenship is comparatively easy to obtain, provided that you meet the requirements and have the funds necessary to meet the investment requirements. And with five separate ways to invest – none of which will end up costing you money in the long run – you’ll be sure to find something that both satisfies your CBI needs and doesn’t hurt your wallet.
As we’ve seen, Türkiye is one of the more attractive CBI options in the world right now, and stands to continue to increase in attractiveness – particularly if Türkiye is successful in its bid to gain entry to the EU, which will mean that its passport will offer access the Schengen Zone – thus increasing the strength of the Turkish passport immeasurably.
As if this wasn’t enough, the fact is that Turkish citizenship is comparatively easy to obtain, provided that you meet the requirements and have the funds necessary to meet the investment requirements. And with five separate ways to invest – none of which will end up costing you money in the long run – you’ll be sure to find something that both satisfies your CBI needs and doesn’t hurt your wallet.
Get in touch to discuss how we can help you with your citizenship or residency by investment goals. One of our investment migration experts will contact you to discuss your case. With over 16 years of combined experience our team has helped hundreds of families achieve freedom.
