When Turkish Citizenship by Investment was launched in January 2017, with an entry cost placed at a minimum of $1 million, there weren’t many takers.
Having realized they’d grossly overpriced their passport, the Turkish government decreased the investment sum to $250,000 This change came into effect in the middle of 2019 and made the Turkish passport one of the most prevalent in the RCBI (Residence and Citizenship by Investment) world.
Since the introduction, Turkey has naturalized an impressive 20,000 individuals, equating to $250 million of investment per month from foreign nationals. Annually, this accounts for $3 billion.
Due to the scheme’s popularity, Turkey has now raised the minimum investment to $400,000. Read on to learn more about how you can elevate your global status.
What is a Citizenship Investment Scheme and Why Turkey?
A Citizenship Investment Scheme is a program set up by a government to attract foreign investment. Those wishing to invest in a second passport can choose one of several pre-approved investments. The beauty of having two passports? You can gain visa-free access to numerous countries across the globe. Destinations vary from one scheme to the next.
The Turkey citizenship by investment scheme boasts many benefits. Not only is Turkey the world’s 16th and Europe’s 6th largest economy, it’s a regional economic powerhouse. In addition, this country boasts a great location, a young population, and an emerging market status. These reasons make it of particular interest to investors.
Other pros? Turkey is a member of NATO and the G20, as well as a candidate for EU membership, and boasts one of the highest GDP rates per capita to other locations offering citizenship by investment.
Further Benefits
Aside from being one of the easiest secondary passports to gain access to, Turkish citizenship by investment boasts numerous other advantages, including:
- Visa-Free Travel: This passport grants access to 110 countries, including Latin America and Japan.
- Pass it On: This passport can be passed on to your children. You and any dependents under the age of 18 will get citizenship.
- Access to Various Routes: Turkish citizenship boasts quick routes to the UK and USA, allowing one to live and work in either.
- Speedy Option: This passport is often issued within four months of application.
- Second Income: If you invest in real estate in Turkey, you can rent it or sell it when the market is right, thus generating a second income.
- Work in the USA: One Western country that embraces business from Turkey is the United States. This requires an E-2 investor visa.
- Relocate to England: As a Turkish national, you can work and live in the UK.
- There is no need to Declare Wealth: Turkey does not ask investors to declare all their global wealth to apply.
- Free Medical Care: As a Turkish citizen, you’re entitled to free public medical care for you and your family.
- Attractive Inheritance Law: The laws in Turkey fully protect your legal heirs, which means any property you own in this country will be passed down to your family.
How Do You Invest in Turkey?
There are several ways to apply for a Turkish passport, some of which we have listed below:
- Real Estate: Invest a minimum of $400,000 in property in Turkey.
- Capital Investment: Deposit a sum of $500,000 in a Turkish Bank account.
- Job Opportunities: Employ staff located in Turkey.
To give you further insight, we have delved deeper into each of the application processes:
Turkish Real Estate
If you’re looking to add to your real estate portfolio, there are plenty of property options to choose from in Turkey. If you’re wishing to secure a passport in this way, you will need to invest a minimum of $400,000 into your chosen property/s.
The best part? There are no zero restrictions in place, which means you can choose between an apartment, a house, or you can invest in land. Provided all purchases equate to $400,000, you can combine all three.
Capital Investment
The investment you will have to adhere to currently stands at $500,000. To qualify for this, you must deposit this amount into a Turkish bank account.
There are there options to choose from:
- Fixed deposit: $500,000 must be deposited into your chosen Turkish bank account and remain there for three years.
- Fixed capital investment: This investment requires approval from the Ministry of Industry and Technology.
- Government bond: Again, this must be approved by a government body, in this case, the Ministry of Treasury and Finance. The funds must stay in your Turkish bank account for a total of three years.
Job Opportunities
If you’ve an entrepreneur wishing to launch your own company, launching this in Turkey is one way to become the proud owner of a second passport. Alternatively, if you want to expand an existing business, outsourcing labor in Turkey is another way to secure your second passport. Why? You’re adding to their economy through creating jobs in the Turkish market.
The Bottom Line
Acquiring a second passport through Turkey’s Citizenship Investment program is easier than you may think. It’s also an extremely cost-effective option and one that boasts numerous benefits. Perhaps the most attractive? Gaining visa-free access to over 110 countries.
Provided you do your due diligence before applying for Turkish citizenship, and you have the necessary funds in place, there is no reason why you won’t be granted a second passport.
