Turkey, a country that connects Europe and Asia, has become an attractive destination for investors seeking second citizenship. The Turkish government introduced a citizenship by investment (CBI) program in 2017 to encourage foreign investments in the country, offering a fast and efficient pathway to Turkish citizenship. This article explores the benefits, requirements, and application process for Turkey’s CBI program.
Benefits of Turkey Citizenship by Investment
- Visa-free travel: Turkish passport holders can travel visa-free or with visa on arrival to over 110 countries, including several countries in Asia, Africa, and Latin America.
- Strategic location: Turkey’s unique geographical position bridges Europe and Asia, offering investors access to significant markets and business opportunities in both continents.
- Growing economy: Turkey has a dynamic and growing economy, with diverse investment opportunities in real estate, tourism, agriculture, and manufacturing sectors.
- Quality of life: Turkey offers a high standard of living with affordable housing, excellent healthcare, and a rich cultural heritage.
- Family inclusion: The CBI program allows the main applicant to include their spouse, children under 18, and dependent parents over 65 in the application.
Requirements for Turkey Citizenship by Investment
To qualify for Turkey’s CBI program, investors must meet one of the following investment options:
- Real estate investment: Purchase a property worth at least $250,000 and hold it for a minimum of three years. The property’s value must be confirmed by a government-approved appraiser.
- Capital investment: Deposit at least $500,000 in a Turkish bank, purchase government bonds, or invest in shares of a Turkish company for a minimum of three years.
- Job creation: Establish a business that employs at least 50 Turkish citizens. The Ministry of Family, Labor, and Social Services must confirm the employment.
- Investment in a real estate investment trust (REIT) or venture capital investment fund (VCIF): Invest at least $500,000 in a REIT or VCIF for a minimum of three years.
Application Process for Turkey Citizenship by Investment
- Choose an investment option: The investor must decide which investment option suits their needs and budget.
- Prepare the necessary documentation: The applicant must gather all required documents, including passports, birth certificates, marriage certificates, and proof of a clean criminal record. Documents must be translated into Turkish and notarized.
- Complete the investment: The investor must complete their chosen investment and provide proof of the transaction.
- Submit the application: The applicant must submit the citizenship application, along with the required documents and proof of investment, to the Turkish consulate in their home country or the relevant government office in Turkey.
- Receive approval: After the application is reviewed and approved, the investor and their family members will be granted Turkish citizenship.
- Obtain a Turkish passport: Once the citizenship is granted, the investor can apply for a Turkish passport at the nearest consulate or passport office.
Turkey’s citizenship by investment program offers a unique opportunity for investors to obtain a second citizenship while contributing to the country’s economic growth. With benefits such as visa-free travel, a strategic location, and a growing economy, Turkey presents an attractive option for investors seeking to diversify their portfolio and enhance their global mobility.