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Obtaining Turkish citizenship by investment in 2024

Turkish citizenship is in demand among foreigners. The Turkish authorities are loyal to citizens from abroad who are planning to relocate to an eastern country, and offer several ways to obtain a Turkish passport. To use one or another basis, you will need to fulfill a number of conditions and requirements. For example, apply for Turkish citizenship for the purchase of real estate or confirm an officially registered marriage with a Turkish citizen.

One of the most reliable ways to guarantee becoming a Turkish citizen in 2024 is by participating in the citizenship by investment program. Financial investments are provided in various areas of the Turkish economy - from purchasing securities to opening your own business. But the most popular among foreign investors for several years has been Turkish citizenship for investment in real estate. What does Turkish citizenship by investment give, how to get a second passport? What are the requirements for obtaining citizenship through the purchase of real estate? Current answers to all questions are in the expert review from Altop Real Estate.

Benefits of a Turkish passport

What does Turkish citizenship give to foreigners and what are its advantages?

Participation in the government's citizenship by investment program is, first of all, an investment in yourself and your future.

Let's look at its main advantages:

Travel and tourism

Having a Turkish passport guarantees you visa-free entry into more than 110 countries. You can travel to countries on all continents, including South and North America, Europe, and Oceania, which are popular among tourists.

More precisely, Turkish citizenship allows you to cross the borders of 72 countries without a visa, in 35 countries you will need to apply for a visa upon arrival right at the airport, and in 3 countries the issuance of an electronic permit is provided.
Schengen visa and tourist visa to the USA

Turks have the opportunity to obtain an E-2 visa to the United States valid for 5 years, which can be extended, or a tourist visa for 10 years.
Prospects for joining the EU

Despite the fact that the Turkish government has been negotiating accession to the European Union for a long time, the prospect of traveling without visas to the Schengen zone is still real and feasible in the near future.
No sanctions

This advantage is especially relevant for Russians who are currently subject to sanctions from the European Union, Britain and the United States.
Double citizenship

Foreigners will not have to renounce their first citizenship. Türkiye does not impose such conditions on investors. However, before you make a decision, check whether the laws of your country allow you to have a second passport.
Quality medical care

The level of medicine in Turkey can compete in price and quality with leading Israeli clinics known throughout the world. It is this factor that contributes to the growing popularity of medical tourism in Turkey, where thousands of foreigners come every year to receive quality medical care at an affordable cost.
Education

Education received at Turkish universities is recognized in all European countries. In addition, having Turkish citizenship, you can apply for scholarships, grants, training and exchange internships abroad.
Turkish passports for the whole family

In the case of investment citizenship, in Turkey the application is submitted for all members of the investor’s family: spouse, minor children.
No strict rules regarding length of stay

The Turkish authorities do not impose strict requirements for foreigners who have received citizenship by investment. This is an additional advantage for property owners who do not need to live in Turkey permanently, which means they can rent out their property and receive passive income.
Confidentiality

The Republic of Turkey does not make public or transmit to third countries information about foreigners who have obtained citizenship.

Investment options

Participation in the Turkish Citizenship by Investment Program is regulated by Law No. 5091 on Turkish Citizenship. Over the past two years, certain changes have been made to the law. The amendments affected both the purchase of real estate and Turkish citizenship for a deposit in a Turkish bank.

Let's consider the current financial conditions for investors:

INVESTMENT OPTION	MINIMUM INVESTMENT THRESHOLD	GOVERNMENT AUTHORITY APPROVING THE INVESTMENT
Buying a property	400,000 USD	Ministry of Environment and Urban Development
Deposit in a Turkish bank	500,000 USD	Banking Regulation and Supervision Agency
Main capital	500,000 USD	Ministry of Industry and Economy
Opening a business with 50 jobs	-	Ministry of Family, Labor and Social Services
Real Estate Investment Trust/Venture Fund	500,000 USD	Capital Market Council
Government borrowing instruments	500,000 USD	Ministry of Finance
Private pension plan	500,000 USD	Agency for Insurance and Private Pension Regulation and Supervision

Conditions of the Turkish citizenship by investment program

From June 13, 2022, the threshold for financial investments was raised to $400,000–$500,000 instead of $200,000, or more precisely $250,000, and another investment option was added. The increase in the limit also affected the cost of housing in Turkey for obtaining citizenship.

Passport processing period: usually from 6 to 8 months.

According to the terms of the investment program, foreigners who have reached the age of 18 can participate in it. As we wrote earlier, the investor’s immediate family members receive passports along with them.

The Turkish authorities do not require foreigners to confirm the origin of funds, be it the amount for the purchase of real estate or a deposit in a bank. But a mandatory requirement for the applicant is the absence of violations of the law and visa rules.
In 2023, the General Directorate of Land Registry and Cadastre of the Republic of Turkey changed some of the rules for investors claiming citizenship based on the purchase of real estate.

Namely:

1. The purchase amount has not changed. However, you should be aware of the exchange rate: the price of real estate in TAPU is indicated in Turkish lira, which means the buyer must buy the property at a cost exceeding the stipulated threshold in US dollars.

2. A foreign investor has the right to purchase any real estate (from an apartment to a plot of land), including in a popular area of the country that is closed to primary residence permits, be it Antalya, Alanya, Istanbul or Mersin. For Russians and Ukrainians, objects located in the Black Sea region remain closed for purchase.

3. Foreigners who have purchased housing under construction are also allowed to participate in the citizenship by investment program. The only condition is that the developer must issue a TAPU to the buyer. As a rule, the certificate of ownership in this case has an encumbrance. It will be removed after the house is put into operation.

4. The return on investment period is 3 years. If you withdraw money earlier or resell the property, your status as a Turkish citizen will automatically be lost.

5. The terms of the program allow the purchase of several real estate properties on the primary market with the same type of property and under one sales contract. This means that under citizenship you can buy two apartments with a total cost of $400,000 within one residential complex and from one developer.

6. From 2023, one person can be the owner of real estate to participate in the Citizenship by Investment program. That is, regardless of the cost of the apartment, equity participation in the purchase does not give all owners the right to apply for a second passport.

7. One piece of real estate provides grounds for issuing a Turkish passport to a foreigner once. This excludes the re-participation of real estate in the program after its resale to another foreign citizen.

8. Real estate under citizenship can be purchased from both an individual and a legal entity who has been its owner for at least 3 years. It is important that the cadastral price corresponds to the market price.

9. If, after obtaining citizenship, the apartments are sold back to the same owners from whom they were purchased, the foreigner will lose his Turkish citizen status.

Process of obtaining Turkish citizenship

The procedure for obtaining Turkish citizenship by investment consists of several sequential steps.

Let's consider a step-by-step algorithm using the example of citizenship for the purchase of real estate, which is popular among foreigners:

Selecting suitable real estate

It is important to choose an object that is suitable in all respects for obtaining Turkish citizenship. We wrote in detail about the conditions that real estate must meet above.
Registration of purchase and sale transactions and payment for real estate

To buy property, a foreign citizen will only need a valid passport. After payment at the Cadastral Chamber, the TAPU is re-registered to the new owner.
Obtaining a Certificate of Fitness

A foreign citizen applies to the relevant institution with documents and requests a certificate of suitability, that is, the investment’s compliance with the requirements of the state program. For property buyers, this is the Ministry of Environment and Urban Development.
Preparation of documents for citizenship

Documents for obtaining Turkish citizenship can be divided into general and specialized, that is, those that are required depending on the investment option chosen by the foreigner.
A package of documents for obtaining investment citizenship based on the purchase of real estate is presented:
- A copy of the international passport with a translation into Turkish and certification by a notary.
- A copy of the Turkish residence permit, certified by a notary. The procedure for obtaining a residence permit starts simultaneously with the process of obtaining Turkish citizenship.
- A receipt for payment of the fee for the provision of public services.
- Certificate of fitness.
- A real estate appraisal report, which is issued only by licensed companies.
- Copies of the certificate of ownership and the act of registration of real estate in the Cadastral Chamber.
Important!

In the case of purchasing real estate, the basis for determining the cost is the exchange rate of the Turkish Central Bank on the date of execution of the purchase and sale transaction.
Registration of a residence permit

An Ikamet or Turkish residence permit is a prerequisite for obtaining Turkish investment citizenship. This is the legal basis for residence in Turkey while the application is being processed. As a rule, ikamet is issued within a period of 2 weeks to 3 months. Therefore, we recommend submitting an application immediately after receiving the TAPU.
Submitting documents for citizenship

The application for Turkish citizenship is submitted to the Census and Citizenship Department. The applicant for a second passport is checked by the Turkish Ministry of Internal Affairs and the national police. Final approval is issued by the Office of the President of the Republic of Turkey.

The application review period is about 6–8 months.
Receiving a passport

An investor can receive a completed passport in person in Turkey or the embassy of their state.

Let's summarize.

Turkish investment citizenship is issued in a fairly short time - up to 8 months. At the same time, a foreign citizen does not need to go through difficult interviews or take an exam on knowledge of the Turkish language. In addition to the investor, immediate family members receive a passport, and assets and income acquired in other countries are not subject to declaration.

The most profitable way to invest your financial assets is to buy real estate in Turkey at a price of $400,000. After purchasing the property, the owner has the right to rent out the property, and after 3 years - to resell it at a favorable price.

The data in the article is for informational purposes only and does not serve a commercial purpose.

Are you planning to buy a home in Turkey? Contact Altop Real Estate. Our licensed real estate agency in Turkey guarantees an individual approach to each client and comprehensive transaction support at all stages of purchasing apartments in Turkey.