Turkish Passport By Investment 2020

$250,000 Turkish Citizenship By Investment

Looking for the most affordable second passport in the world in 2020? The Turkish Golden Passport Programme ticks all the boxes, from it’s the investment requirement to the speed of application. Find out more about how you can obtain a Turkish passport for you and your family within 2 months, or contact us for more information.

The Turkish Golden Passport at a glance

Launched in 2017, the investment requirement for obtaining a Turkish Passport By Investment were reduce to only $250,000 in 2018. The initial investment requirement was set at $1 million, however this requirement was radically lowered based on the lacking market response.

Yet when the required property investment threshold was lowered to $250,000, market demand exploded. Industry insiders believe that this bargain pricing will not last for long, and expect that the Turkish government will again be raising the investment requirement to $500,000 during 2020.

By July 2019, a leading industry publication reported that almost 1,000 golden Turkish passport applications had been processed, with an additional 2,000 currently being processed

While initial applications came from countries such as Russia, China, and Canada, demand from Syria, Iran, Iraq, Vietnam, South African and Hong Kong has been surging as well in recent months. 

Why choose Turkey?

 FAST-TRACK CITIZENSHIP: The Turkish investment passport offers one of the world’s fastest fast-track application processes. Obtain your Turkish passport in as little as 2 months.

GAIN UK RESIDENCY: Gain UK residency by opening a business as a Turkish citizen under the Turkish Businessperson Visa Programme.

 SAFE, DEMOCRATIC COUNTRY: Set your family up for a new life in a beautiful, foreigner friendly country. Turkey is home to nearly 800,000 expats and over 50,000 international companies. The Turquoise Coast, and destinations such as Antalya and Bodrum, in particular, has long been favourite travel destinations for international travellers and those seeking second homes in a Mediterranean climate.

ULTIMATE PLAN B: Obtaining a second passport for you and your family is the ultimate hedge against socio-economic and political risks in your native country. It therefore is no surprise that investors from South Africa, China, Hong Kong, Iraq, Lebanon, Ukraine and Iran are all leaping at the opportunity to invest in Turkey.

 NO MINIMUM STAY REQUIREMENTS: Unlike with many of the other European Golden Visa Programmes, Turkey does not enforce any annual minimum stay requirements, making it an excellent choice as a life back-up plan.

NO WEALTH DECLARATION: There is no requirement to declare your foreign assets and income in order to apply for Turkish citizenship by investment.

INVESTMENT REPATRIATION: Unlike in many other second citizenship countries, Turkish investment properties only have to be held for a period of 3 years. After this period, you can sell your property while still maintaining your citizenship. 

VISA FREE TRAVEL: The Turkish passport is widely rates as one of the Top 30 passports in the world, offering the bearer access to 148 countries around the world.

STRATEGIC LOCATION: Situated on the cusp of Europe and Asia, Turkey is an excellent location for setting up a satellite office, or for those doing business remotely with clients in Europe or South Africa. 

DUAL CITIZENSHIP RECOGNISED: Turkey recognises dual citizenship, so you don’t need to give up any benefits in your native country to become a Turkish citizen.

NO MILITARY CONSCRIPTION: Recipients of Turkish citizenship by investment are exempt from participation in military service.

 SUN-DRENCHED LIFESTYLE: Turkey enjoys a sunny, temperate climate all year round.

RICH CULTURAL DIVERSITY: Turkey is a Eurasian country with a truly cosmopolitan flair, especially in its bigger cities such as Istanbul.

INVESTMENT FLEXIBILITY: Choose to buy a single piece of real estate, or compile a portfolio of residential and commercial properties to suit your needs.

MEDICAL CARE: Enjoy full free access to medical care for life, family members included.

HIGH GROWTH POTENTIAL: Turkey’s consistent popularity as a travel destination supports above-average return on investment in terms of rental returns. In areas such as Antalya, for example, the right property purchase can also lead to significant capital growth.

LEAVE A GLOBAL LEGACY: Citizenship is transferrable to your children and their children.

POTENTIAL FUTURE EU ACCESS: While dialogue on this matter is still ongoing, Turkey obtaining visa-free travel rights to the EU in future cannot be ruled out. This would make obtaining an EU passport now, for an investment of only $250,0000, and excellent investment in your future global mobility.

Investment options for obtaining Turkish citizenship 2019/2020

As of October 2019, third country nationals have the following options in terms of meeting the investment requirement for Turkish citizenship:

  1. REAL ESTATE: A qualifying real estate investment of no less than $250,000 (USD) will qualify you and your family for Turkish Citizenship. The investment has to be maintained for a period of no less than 3 years. You can buy either residential or commercial property, as well as land, subject to certain conditions. You also have the option to buy multiple properties, as long as the total value is no less than $250,000 (USD), and provided that the title deed transfer process for all the properties is initiated as a single request.

  1. CASH DEPOSIT: A cash deposit of no less than $500,000 (USD) with a Turkish bank, maintained for a period of no less than 3 years, can also qualify you for Turkish citizenship in 2019/2020.

  1. CAPITAL INVESTMENT: Subject to approval by the Ministry of Industry and Technology, a fixed capital investment of $500,000 (USD) can be used as the basis for applying for Turkish investment citizenship.

  1. GOVERNMENT BONDS OR BILLS: Subject to approval by the Turkish ministry of Treasury and Finance, an investment of no less than $500,000 (USD), held for a period of 3 years or more, can also serve as the basis for a Turkish citizenship application.

  1. FUND OR TRUST BASED INVESTMENTS: Subject to the relevant governmental approvals, an investment into qualifying Turkish investment trusts (real estate focused), or the purchase of shares in a qualifying venture capital fund could also serve as the basis for your citizenship application.

The majority of applicants opt for the real estate investment based option based on the simplicity and speed associated with the application process.

What additional costs can I expect?

Taxes and professional services fees are two of the most significant additional costs associated with obtaining Turkish citizenship by investment:

  • In Turkey, the transfer tax on property sales is 4% of the value of the property, which on a $250,000 deal would equate to $10,000. The government has been known to reduce this rate to 3% with a view to stimulate the market.

  • Where the property seller is a business, a VAT charge of 18% is generally applicable, unless:

    • The buyer is not residing in Turkey at the time of purchase

    • The property is either a residential or office building or unit

    • The real estate is being sold on an off-plan basis, for the first time, direct from the real estate developer that owns the development project.

In practice, therefore, this charge can be avoided with relative ease. Where the seller is a real person, VAT is not applicable either.

  • The professional service fees associated with your citizenship application will be in the region of $25,000 for a single applicant, and up to approximately $30,000 for a family of four.

The application process at a glance

The application process for obtaining a Turkish passport by investment is fairly streamlined, however there are significant nuances and potential pitfalls to be avoided. It is therefore always advisable to work with a specialised investment migration firm when submitting your Turkish citizenship application. They will be able to help you identify high quality properties with high capital growth potential, whether you are looking to purchase a high-end second home, villa, or a blended portfolio of properties.

Step 1: Open a Turkish bank account in the primary citizenship applicant’s name.

Step 2: Make the qualifying investment required to apply for citizenship, e.g. by purchasing real estate worth $250,000 or more. It is important to note that eligibility is determined based on government approved valuation – NOT on the purchase price of the property, and the probability for their being a variance between valuation and sales price can be quite high.

Step 3: Apply for your residency permit. You can continue living outside of Turkey for as long as you choose to.

Step 4: Once your residency application has been approved, you can proceed to apply for citizenship immediately. You will not be required to be physically present in Turkey during the period, and no in-person interview is required for this application to be made.

Turkish passport: Visa free countries 2019/2020

As of October 2019, Turkish passport holders enjoy visa free access to 148 countries, including Bosnia and Herzegovina, Georgia, Serbia, Montenegro, Ukraine, Kosovo, Hong Kong, Japan, Lebanon, Malaysia, Oman, Qatar, Singapore, Argentina, Brazil, Chile, Colombia, Kenya, Mauritius, Morocco, South Africa, Uruguay and Peru, to name but a few.