The Turkish Citizenship by Investment Program (TCBI) was launched by the Turkish government back in 2017, and has since been met with great interest from global investors. The Turkish passport enables visa-free travel to 110 countries, is valid for 10 years and renewable for a lifetime.
With respect to the other benefits of the TCBI, there is no residential obligation for the investors and no requirement to speak Turkish. The entire process can be finished remotely with a Power of Attorney.
Turkey also allows multiple citizenships, so it is not required to renounce existing ones. As for military service, the main applicants above 22 years old are not required to do military service in Turkey, and it is possible to be exempted from serving in military by paying a fee of approximately $5,000.
Additionally, all family members of the investor can obtain Turkish citizenship as well.
Why choose Turkey for citizenship by investment?
Turkey is a very beautiful country, perfectly nestled between the cross points of Europe and Asia, boasts harmony of various rich cultures, and has one of the finest cuisines in the world.
Turkey offers excellent advantages providing the best climate for all kinds of activities, having some of the best beaches in Europe as well as being home to rich cultural landmarks such as the first civilization in the world (Göbeklitepe), and being a bridge between Europe and Asia.
Istanbul is amongst one of the coolest cities in the world and one of the biggest in Europe. Istanbul is renowned for its amazing historical heritage, wonderful food, and countless opportunities for all ages.
Turkey is a democratic and secular muslim country with civil law, and a continental European legal system in place. Traditionally, Turkish people are known for their welcoming manner. With many new state-of-the-art hospitals, high schools and universities, Turkey offers its visitors and residents a high standard of life.
Turkey has numerous great universities providing excellent education and most importantly, diplomas are internationally admissible. Most of the universities use the ECTS (European Credits Transfer System), which means it is acceptable to ensure mutual recognition by the relevant institutions. The education is free and reimbursement plans are included.
No declaration of health is required while obtaining citizenship. Turkey provides full and free medical assistance for its citizens including all family members (the spouse and children) so this means citizens do not have to worry about high medical fees. Turkey also offers free pension programs so there is no need to worry about the after-work life.
From a tax point of view, there is no taxation on foreign income or assets, thus making investments in Turkey a great opportunity for investors.
Investment options for Turkey’s citizenship by investment program
In accordance with new regulations, investors who meet one of the below investment requirements are eligible to apply for and obtain Turkish citizenship.
The first option is property investment. This investment amount must be at least $400,000 with a condition to keep the property for 3 years. In June 2022, it was announced by the Turkish Government that the minimum investment amount increased from $250,000 to $400,000 for this investment option.
Another option is depositing cash into a Turkish bank. The minimum amount for this investment option is $500,000 and the investment amount must be kept in the bank account for at least 3 years. The funds must be converted and deposited into the bank account in Turkish Lira (TRY).
A new Time Deposit Product called “YUVAM Account” has recently come into effect. Accordingly, the deposit and participation fund holders who converted their foreign currency deposit accounts and participation funds into Turkish Lira Time Deposit accounts would be able to benefit from such incentive. YUVAM is a special Turkish Lira Time Deposit account that provides the account holders with protection of the value of their funds against the exchange rate volatility and offers an extra yield, with the condition to meet the required criteria.
The third option is to invest a fixed capital minimum of $500,000. The investment must be approved by the Turkish Ministry of Industry and Technology.
A different route to Turkish CBI is to purchase Turkish Government Bonds and Bills (minimum $500,000) and hold them for at least 3 years. The Ministry of Treasury and Finance of Turkey is authorized to confirm this investment.
The next option is to invest with a minimum amount of $500,000 into a Turkish real estate investment trust or to purchase a share of a Turkish Venture Capital Investment Fund. Another option is recruiting 50 employees in Turkey, to be confirmed by the Turkish Ministry of Labor and Social Security.
The last option that investors may choose is to deposit a minimum of $500,000 in funds determined by the Turkish Insurance and Private Pension Regulation and Supervision Agency. The funds must be kept there for at least 3 years and the investment must be confirmed by the Insurance and Private Pension Regulation and Supervision Agency.
The program allows the investors (main applicants) as well as their family members, spouses and children below 18 years old, to apply and obtain Turkish citizenship by proceeding with one of the above investment options once the required criteria are duly met.
The application process for the Turkish CBI program
In relation to the application process, it is initially required to obtain a Turkish Tax ID number and open a Turkish bank account. These tasks can be finalized without the investors' physical presence in Turkey with a power of attorney.
This would then be followed by making the required investment. In the meantime, the investor and family members prepare the required documentation and make these duly-attested by the pertinent authorities.
Once the investment is finalized, it is then required to apply for a short-term Turkish residence permit. After obtaining the residence permit, the next step is submitting citizenship applications for all applicants/family members. Upon approval of the applications, once the citizenships are acquired, the applicants can apply for passports in the Turkish consulates abroad or Civil Registry Offices in Turkey, according to their preference.
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