It is for a multitude of reasons that people from various countries pursue Turkish citizenship in 2024. Many are drawn to the prospect of living in a sunny seaside nation year-round, enjoying fresh, natural food. Others aim for the convenience of vacationing in Turkey with no travel restrictions. Some are interested in the tax planning benefits, business opportunities, and banking services that Turkey offers.
Regardless of your primary motivation, getting Turkish citizenship via investment in real estate or business is both easy and fast.
Dual citizenship in Turkey and beyond: what you should be aware of
First things first, Turkey permits dual citizenship. Turkish citizens who obtain a foreign nationality must inform Turkish officials thereof, typically at an overseas diplomatic mission. The notification process involves presenting a Turkish passport, military service card (for men), marriage certificate (if applicable), and 4 photos.
However, not all states recognize dual citizenship. You should check with your own country’s authorities about any potential dual citizenship issues. In practice, many states that officially don’t allow dual citizenship, often turn a blind eye.
Opportunities for investors and benefits for new citizens
Despite certain challenges the nation experiences at present, Turkey’s economy remains resilient, bolstered by a young, skilled workforce and the country’s strategic location bridging Asia and Europe. This makes it an ideal place to launch or expand a business.
The jurisdiction allows foreign investors to purchase any real estate of their choosing. With significant advancements in infrastructure in recent years, Turkey has become an increasingly appealing destination for relocation.
Turkish citizenship offers several appealing advantages:
- Family Inclusivity: Turkish passports are available for the entire applicant’s family.
- Efficient Process: The citizenship acquisition period in Turkey is practical.
- Investment Return: Investments may be recouped after 3 years, with citizenship retained.
- Education: Access to free, high-quality education is available.
- Economic Strength: Turkey boasts the world’s 17th largest economy.
- Residency Flexibility: Citizenship does not require residence in Turkey.
- Passport Renewal: Renewing a Turkish passport is a breeze.
- Property Investment: Real estate prices have been consistently rising.
- Financial Privacy: Income and assets need not be disclosed for citizenship applications.
- Travel Freedom: The Turkish passport allows visa-free entry to many countries.
- US Access: It facilitates obtaining the US non-immigrant E-2 visa.
Turkish CBI: investment routes available in 2024
Turkey offers citizenship through investment to foreign nationals under the laws in force at present. The investment threshold is currently set at USD 400,000. All citizenship applications must receive approval from the immigration authorities, and applicants are required to be law-abiding adults.
In this nation, you will find several investment avenues for citizenship acquisition:
- Real Estate: Invest a minimum of USD 400,000 in Turkish property, to be held for 3 years with approval from the Ministry of Environment and Urban Development.
- Corporate Investment: Contribute at least USD 500,000 to the charter capital of an approved Turkish company, as sanctioned by the Ministry of Industry and Economy.
- Job Creation: Establish a business in Turkey that generates a minimum of 50 jobs for Turkish citizens.
- Bank Deposit: Place a fixed-term deposit of at least USD 500,000 in a Turkish bank for 3 years.
- State Bonds: Buy state bonds worth USD 500,000 or more, retaining them for 3 years.
- Investment Funds: Invest a minimum of USD 500,000 in an approved investment or venture fund, maintaining ownership for 3 years.
- Private Pension Fund: Allocate at least USD 500,000 to a private pension fund for 3 years, subject to approval by the Insurance and Private Pension Regulation and Supervision Agency.
Initial citizenship application: where to find all the info
To apply for Turkish citizenship by investment, the applicant must complete the initial application form available on the corresponding government website and provide all necessary supporting documents for the selected investment option.
The form will require the applicant’s personal and contact information. By submitting it, the applicant consents to the Turkish authorities accessing their personal data.
Starting your journey: key documents for Turkish CBI
For their initial application for Turkish citizenship by investment, applicants must submit the following documents, irrespective of the chosen investment route:
- Passport Copy: A notarized translation of the foreign investor’s passport into Turkish.
- Residential Certificate or Turkish Turquoise Card: A notarized document verifying the applicant’s residential address, either abroad or in Turkey. Applying for a Turkish residence permit or turquoise card begins concurrently with the citizenship application, expediting the process.
- Letter of Consent: A notarized document wherein the applicant permits Turkish authorities to access their bank deposits, securities, and property records from the Trade and Land Registers. This consent also allows the use of bank statements and register extracts in processing the application.
- State Duty Payment Confirmation: Proof of payment for the state duty, which is TRY 15, by the citizenship applicant.
Based on your chosen investment option, you’ll have to submit additional documents for the Turkish citizenship application. Be sure to meticulously gather the ones that are necessary, as any omissions could result in the application being denied.
For more detailed information on the document requirements for each specific Citizenship by Investment (CBI) application option in Turkey, feel free to reach out to International Wealth. We’re here to guide you. Whether you’re considering a real estate purchase in the country to qualify for citizenship or looking to establish a business there, our top experts will gladly offer their support.
We will also introduce you to a trusted immigration agent in Turkey who will make sure that all paperwork is accurately completed, managing the submission of your citizenship application.
Once you and your family have obtained Turkish citizenship, our staff will help you become tax residents and relocate to a country that offers both warmth and prosperity, ensuring you enjoy a comfortable lifestyle.
Interested in getting Turkish citizenship or investing in other countries? Get in touch with International Wealth seasoned pros as we make things easy and fast. International Wealth is all about helping you fit in quickly and seamlessly, sorting out all the paperwork. Let’s work together to build the life you’ve always wanted!
