About 35,000 foreigners have obtained a second passport from Turkey through the citizenship by investment program between the period from 2017 to 2020. In total More than 9,000 foreign investors have been enrolled in the program as main applicants; the rest issued passports went to their family members. Despite the Covid-19 pandemic and global lockdowns, the year of 2020 was also very productive for this program – just in three months, from March to May, around 4000 foreign investors applied for Turkish citizenship by investment program.
At the crossroads of Europe and Asia, Turkey is a magnificent story of success. For the past decades, the country has become one of the world’s major economies and deservedly is a member of the G20.
Turkey has become one of the favorite destinations for foreign investors since September 2018, when authorities drastically lowered the investment threshold for its Citizenship by Investment (CBI) Program – from US $1 million to just US $250,000.
The CBI program was initially launched back in January 2017 to raise much-needed foreign investment, but until the price lowering, it was not much popular among investors.
After reforming the program, investors from the Middle East and the rest of Asia, especially from Iran, have rushed to purchase realty in Turkey.
Who Is Eligible?
This program allows foreign nationals who are at least 18 years old with a clean criminal record and good health to get Turkish economic citizenship and thus obtain a second passport from Turkey. The citizenship by investment application process takes from 2 to 6 months, and it includes some due diligence checks.
Investors can include family members (spouse and children under the age of 18 years old or disabled children of any age) as dependents in the Turkish CBI application. Citizenship is transferable to future generations. Investor’s children above 18 years old can get permanent residence status in Turkey. The country allows dual citizenship, which means that CBI applicants do not have to renounce their original nationality.
Citizenship by investment program applicants even do not need to travel to Turkey or pass any interview or language tests. There is no requirement of any special education or work experience. Remarkably, Turkish economic citizens may not disclose their wealth or income generated outside Turkey.
Moreover, CBI applicants do not need to establish residence by physical presence in the country and there is no restriction on applicants’ country of origin.
Benefits of Turkish Citizenship
The Turkish passport allows visa-free access to 114 countries around the globe, including Japan, Malaysia, Thailand, Philippines, Singapore, most of the Balkan and Central Asian states, and nearly all Caribbean and Latin American countries.
Notably, a Turkish passport holder is eligible to apply for an E-2 investor visa in the USA.
Turkish citizens are getting long-term, multiple-entry visas to the EU, the US, Canada, the UK, and Australia with easiness.
Turkey is an excellent place for relocation; like the climate, there is wonderful all the year-long, with moderate seasonal changes. The main religion in Turkey is Islam, which corresponds to the cultural needs of many Muslim investors, although, legally, the country remains secular.
Investors who opt for investing in Turkish realty can count on the potential of high Return on Investment (ROI) by renting out the real estate.
Turkish nationals enjoy full free medical assistance for life and access to one of the best healthcare facilities in the world.
Economic citizens can be included in the Turkish pension system, and they will have the same access to superb educational facilities as ordinary citizens.
The country has a very favorable tax system, which, along with possibilities for business expansion throughout the region, attracts thousands of foreign investors.
In order to qualify for Turkish citizenship by investment program and obtain a second passport, investors need to fulfill at least one of the five investment options:
- Investment of at least US $250,000 in a real estate;
- Deposit of at least US $500,000 in one of the Turkish banks;
- Purchase of at least US $500,000 worth government bonds with a possibility to receive interest as income;
- Investment of at least US $500,000 in fixed capital
- Establish a business that will create at least 50 jobs in Turkey.
Investment should be confirmed by a certificate issued by the competent government authority, and investors are obliged to retain an investment for at least 3 years.
Due to its strategic location on the Anatolian peninsula, bridging the West and the East, along with the North and the South, Turkey is a hub for many Middle Eastern and North African countries. The country has an area of more than 783 thousand sq.km., which is a home for more than 84 million people. The capital city Ankara has a population of more than 4.5 million, while more than 15 million people live in another major and the only transcontinental city in the world – Istanbul. Most of the population speaks Turkish, but Kurdish and Arabic are also met in some communities. The total nominal GDP of Turkey is more than US $813 billion, thus making GDP per capita one of the highest in the region.
Turkey is a member of the UN and an active player in the international arena. The country, with the aspirations to join the EU, is also a member of NATO. It is anticipated that in nearest future, Turkish citizens will be able to travel visa-free to the European Schengen area, and this will give an additional boost to the Turkish citizenship by investment program.
So far, the program has spurred more than US $200 million into the Turkish economy. In a three-year period, investors from Iran make the majority within the program’s beneficiaries – 1690 applications. The second-largest group of investors is from Afghanistan – 994 applications; followed by Iraqis with 920 applications and Yemen with 768 applications. But it must be mentioned that investors from Western countries, such as the USA, Canada, the UK, and Russia are also interested in obtaining Turkish citizenship and second passports.
Bayat Migration Services representative office in Istanbul is able to satisfy the needs of any Turkish economic citizenship seeker, starting from preparing papers and going to select most valuable real estate(s) and providing professional legal aid on every step of the application. For more detailed information and booking a free consultation, you can visit www.bayatgroup.com and fill out the consultation request form.