Turkey has the world’s most popular Citizenships by Investment Program(CIP) with over 9000 people having been naturalised since its inception in 2017.  This has been driven by the ease and flexibility of the scheme, the speed at which citizenship can be acquired, and the extensive benefits that becoming a Turkish citizen offers to those who qualify.

The recent changes Changes in Citizenship by Investment Law in Turkey (which come into effect on the 12^th of June 2022) have increased the capital requirement from 250K USD to 400K USD if applicants decide to invest in Turkish real estate when meeting the capital requirements of the program.

This is still a far cry from the program’s initial 1 million USD requirement but still represents a 160% increase from the previous threshold.

This investment can be in one of several asset classes, but the most popular option is for applicants to invest in Turkish real estate. This has the lowest cost, allowing access to the many benefits Turkish citizenship provides without the need for a donation or an investment in a risky asset class.

Why Choose Turkey

Turkey is a popular destination for tourists due to its rich cultural history, incredible landmarks, ease of access and historical significance. With the advent of the Turkish CIP, many international travellers wanting to obtain a second passport could now become Turkish citizens; allowing them the many benefits that this citizenship provides.

Turkey is an excellent choice for anybody wishing to obtain a ‘golden visa’. It is one of the strongest and best options with benefits far exceeding what other countries can offer in terms of benefits and costs.

Turkish citizens enjoy a world-class medical system, a mature and robust banking environment, excellent and inexpensive educational opportunities, high standards of living, a warm climate, well-developed infrastructure, ease of international access and visa-free travel to more than 115 different countries.

Benefits of Turkish Citizenship by Investment

Turkish CIP is a popular choice because of the benefits that can be accessed for a 400k USD investment. Aside from Turkey being a wonderful place to live, the ease and scope of the CIP program have led to its increasing popularity as a destination for citizenship by investment.

Turkish Citizenship by Investment offers the following benefits:

• Convenience – Investors do not have to surrender their original citizenship as Turkey permits dual-nationality. In addition, there is no residency requirement for naturalised citizens to obtain or maintain their status. Also, the naturalisation process is not dependent on applicants completing any assessments regarding language proficiency or cultural awareness.
• Time – The Turkish CIP is comparatively quick with applicants expecting to obtain their passports within 3-6 months of their application. This, along with there being no requirement to be physically present, dramatically reduces the friction that can be a nightmare in programs of this nature.
• Family Flexibility – Spouses, any children under 18 years old and disabled children of any age are eligible for citizenship with a single investment. Once granted, citizenship is valid for life and is transferrable to all descendants. Turkey also has generous rules regarding inheritance and taxation.
• Visa-Free Travel – The Turkish passport is one of the strongest and most respected in the world allowing for visa-free travel to more than 115 different countries including Japan, Singapore, and Hong Kong.
• Lifestyle – Turkey has an excellent climate, and a high standard of living with comparatively low costs in a safe and secure environment.

Changes in Citizenship by Investment Law in Turkey

Turkey’s state gazette recently announced a change to the requirements that significantly increased the minimum value of the investment that is required to qualify for the program.

From the 13^th of June 2022, the threshold will move from 250K USD to 400K USD regarding real estate. This decision was taken at a cabinet meeting on the 12^th of April and was officially published in the second week of May of this year.

Those wishing to enter the Turkish CIP before the threshold is officially increased in mid-June are advised to move as quickly as they can as delays now will mean that they are required to invest substantially more to meet the new 400K USD real estate investment requirement.

The program requires the real estate investment to be finalized before an application is submitted so there’s no time to lose as this can take a matter of weeks in and of itself.

Different Options for Turkish Citizenship by Investment and their Requirements

Aside from real estate, there are several options available should applicants wish to participate in the program.

To qualify for the Turkish CIP, applicants need to meet the following criteria:

• They must be over the age of 18 at the date of application
• To be classified as a dependent you must be below the age of 18 years unless disabled.
• Applicants must hold a valid passport
• Applicants must not have a criminal record of any description
• The investment criteria must be met

The most popular choice for applicants to the Turkish CIP is to invest in real estate as this offers all the benefits of Turkish citizenship paired with good returns with low risk. The real estate needs to be held for 3 years before it can be sold but does not require further investment after these requirements have been satisfied.

It is important to bear in mind that once a piece of real estate has been purchased within this scheme it cannot be sold on to another applicant.

Other options to participate in the Turkish CIP include:

1. 500k USD Bank Deposit – Any currency may be deposited into a Turkish bank to a minimum value of 500K USD. This must be held for 3 years and attracts interest during that time.
2. Government Bonds – Applicants may purchase government bonds for a minimum of 500K USD for 3 years.
3. Real Estate Investment Funds – Applicants have the option to invest in an investment fund specialising in real estate to a value of no less than 500K USD. Investment may not be withdrawn for 3 years.
4. Capital Investment – Participants can invest 500K USD in any sector approved by the Ministry of Industry and Technology.
5. Job Creation – A minimum of 50 local new jobs created.

Conclusion

There are many options for high-net-worth individuals when it comes to which country they decide is the best fit for themselves, their families and their money.

Recent changes in Citizenship by Investment law in Turkey mean that its ease of use, swift processing period and extensive benefits are available to anybody who meets the participation criteria.

Turkey should feature at the top of anybody’s list who wishes to acquire an additional passport to further their business interests or as a safe haven for themselves or their families. Those considering any CIP would be well served by adding Turkey to the list when deciding where to invest.