Citizenship by investment is offered by many countries, and the passports acquired this way are often referred to as "golden".
Until recently, the Turkish "golden passport" was one of the cheapest among European countries, costing 250,000 dollars.
In 2022, the amount increased to 400,000 dollars in case of property purchase and to 500,000 dollars when opening a deposit, buying bonds or other types of investment.
Simultaneously, minimum property value limits have been introduced for acquiring residency — 50 and 75 thousand dollars, depending on the region, and some metropolitan cities and districts, for instance, Istanbul, were entirely closed for issuance of primary residency.
Later, in the autumn of 2023, these residency limits increased to 200,000 dollars.
Investment citizenship programme in Turkey started in 2017, and over the first three years, more than 20,000 foreigners have availed it.
Individuals from Iran, Syria, Ukraine, Russia, Belarus, and about a dozen other countries are among them.
Despite the increased amount, the flow of individuals wanting a Turkish passport remains steady.
And, if we realistically evaluate the Turkish authorities' forthcoming actions, it’s clear that the cost of the "golden passport" will only continue to rise.
Thus, for those pondering whether to acquire Turkish citizenship now or wait, we strongly advise to proceed with the application process — the amount may significantly increase tomorrow.
It's crucial to understand: if you start the citizenship application process now, any changes implemented after application submission will not affect you.
Experts believe the next hike is imminent — as early as next year, the amount could rise to at least 600,000 dollars.
Choosing Direction for Investments
The primary area of investment in Turkey is real estate.
This is understandable: in contrast to a bank deposit, whose return is unlikely to cover inflation, property value will certainly not decrease, but increase.
How much? Only in 2022, the average price increase for apartments and villas in Turkey was 164% — no bank deposit or bonds could yield a similar return.
Moreover, the amount of deposit, as well as business investments, is 100,000 dollars more — a deposit of at least 500,000 dollars is required, the unpleasant part being that the investor must do this in Turkish Lira, considering the volatility of the Lira, this can hardly be called a sound investment.
The same amount is required for gaining citizenship through investment into Turkish economy.
There are other reasons why foreigners choose property over business investments or securities:
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Moving to the country into your own home is possible, rather than spending money on rented apartments. The cost of utilities in the country is low, with electricity typically being the most significant expense: air conditioners cool apartments in the summer, heaters warm them in the winter.
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Citizenship can be obtained not only by the property purchaser, but also by his family members: spouse and underage children. If a child has health limitations, their age could be over 18 years.
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The investments are refundable, just like with deposits, shares and bonds — after three years, the owner can sell the flat or villa and remain a Turkish citizen. This also applies to his family members who obtained citizenship with him.
- You can purchase not only residential but also commercial property, for example, a hotel or office — something that will generate a steady income. Alternatively, you could rent out the flat, especially if you plan to live in Turkey only during the summer.
Owners of Turkish citizenship do not need to renounce citizenship of their own country, which allows enjoying the benefits of two passports.
Property selection
To obtain Turkish citizenship through property investment, one needs to be extremely careful when choosing the property: not every flat or villa that fits the price criteria will meet the other legal requirements.
Specifically, the chosen property must not have been previously used to obtain citizenship — while you can purchase it, you cannot become a holder of a Turkish passport.
Also, the respective (cadastral) value of the property, not the market value, is important. It is extremely hard for a foreigner without knowledge of the language and local laws to understand these nuances.
In Turkey's real estate market, it is uncommon for individuals to buy or sell property independently — both developers and private sellers prefer dealing with estate agents.
By choosing the Tolerance estate agency, you can be sure that your interests will be represented, hence, they will help you find the perfect investment considering your requirements.
You can invest in various types of property:
- in new-build properties (including those under construction), as well as flats on the secondary market;
- in commercial buildings and premises, land plots
Certain requirements apply to the investor himself: aged over 18 years, no outstanding criminal record in Turkey and past visa regime violations, including cases of deportation from Turkey, and no serious diseases such as tuberculosis, HIV, hepatitis.
Document Preparation
After purchasing a flat or villa, you can begin preparing the documents to apply for citizenship.
This includes the investor's passport and those of his family members, as well as proof of the absence of a criminal record. You will also need your children's birth certificates, your marriage certificate, confirmation that you are still married, and other important documents.
All these documents, apart from the passports, will need to be apostilled, translated into Turkish, and your notarised copies certified.
For handling the transaction, you'll also need to get a Turkish Tax Identification Number (TIN), open a bank account for settlement with the seller - Tolerance is there to help with all these matters.
Once the document package is ready, and the deed and TAPU are in hand, you can apply for a residence permit for investment and then citizenship.
Applying for citizenship
The application and full package of documents are submitted in person by the investor and his family members if they also want to become citizens of Turkey, or by power of attorney left with the agency representatives.
You need to apply at the provincial citizenship office. The office, in turn, sends the documents on to Ankara, where the final checks are carried out and, if all is good, a positive decision is made.
The investor and his family members are scrutinised during the check - they must not be on international databases of wanted persons, i.e. pose a national security threat.
Application consideration
The application for citizenship through investment is processed on an expedited basis, but the process is still not too fast and may take up to six months.
The fact is that the decree stating that the foreigner becomes a citizen of the Republic of Turkey is signed by the country's president - the bureaucratic chain from the clerk who accepted the document to the head of state is very long.
Receiving the passport
The internal passport (kimlik kartı) is handed over in person.
Prior passports were a booklet with a burgundy cover. Now these have been replaced by biometric passports, which are more modern and convenient.
A kimlik is a small plastic card with the owner's photo and information on it.
You cannot leave the country with such a passport, except for some countries; you will need to obtain a Turkish foreign passport.
Any Turkish citizen can get a foreign passport valid for up to 10 years.
The holder of a Turkish passport for investment does not have to live in the country permanently or visit it at any regular intervals.
They don't need to take a language proficiency test. Turkish citizenship allows entry to more than 110 countries without a visa or visa on arrival, as well as applying for US visas for medical treatment, business, and tourist trips using a simplified procedure.
Tolerance Company was the first in the market to have processed Turkish citizenship for its clients by way of investment, back in 2018, right after the citizenship law was passed.
At present, hundreds of the company's clients and their immediate families have obtained the Turkish passport with our assistance!
We will be happy to answer all your questions, contact us on Whatsapp +90 (532) 158 42 44
If you're looking to relocate permanently and enjoy a life by the sea, contact our specialists who can find the best options to suit your budget.
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