Turkey offers Citizenship by Investment, the program allows applicants to choose from several different types of economic contributions to Turkish society and to develop the country’s economy. There are no residency requirements to obtain Turkish citizenship as an investor. This means you can obtain a Turkish passport six months after investing without ever living in Turkey. However, you may need to enter Turkey to oversee your investment. For example, if you are purchasing real estate, you will have to go and check the property or compare different options.
You can apply for a Turkey Investment Visa if you fulfill the following eligibility criteria:
To qualify for citizenship, the main applicant should fulfill one of the following investment requirements:
The main applicant may include their spouse, dependent children below the age of 18, and children of any age who are living with disabilities in their application.
Option 1 – $250,000 Property
Option 2 – $500,000 Cash Investment
Options 3 – A Company Set-up
Option to set up a business and create jobs for at least 50 Turkish employees, confirmed by the Ministry of Labor and Social Security
The applicant may also apply for a residence permit. There is no minimum investment amount required, you just have to prove that you own a property or you are running a business and that you have sufficient financial means to live in the country. Once you get your residence permit, your dependents (spouse and dependent children) may apply for a family visa. This permit is issued for a maximum of two years, extendable, provided that you are still running the business or owning a property, have stayed in the country at least 184 days per year, have been a tax resident, and have enough income to support yourself and your dependents.
After 8 years of legal residency, you may apply for a long-term residence permit, which will allow you to live in the country indefinitely. To be eligible:
Applicants may also apply for citizenship after 5 years of legal residency with a total interruption of fewer than six months. To be eligible:
In addition, you must attend an interview to prove your ability to speak Turkish.
Residence Permit Requirements
Turkey offers many advantages to foreign investors, such as:
The requirements and qualifications required to obtain Turkish residency or citizenship are listed above in the ”About Turkey Citizenship and Residency” section.
Step 1: Choose a Qualifying Investment – You should talk to your advisors to determine which investment is best for you, depending on your finances, family structure, and your goals.
Step 2: Obtain a Certificate of Eligibility – Depending on your investment, there are different authorities responsible for issuing a certificate of eligibility. For example, you must approach the Turkish General Directorate of Land Registry and the Cadaster of the Ministry of Environment and Urbanization for investment in real estate.
Step 3: Open a Turkish Bank Account – You have to open a bank account in Turkey, where you must deposit your money. Your advisor and legal representatives can help you set up the account.
Step 4: Apply for a Turkish Residence Permit – Once your investment is approved, you can apply for a residence permit at the Turkish Provincial Directorate of Immigration Administration. The residence permit is issued immediately after, and you can use it to live in Turkey while finalizing your investment and applying for citizenship.
Step 5: Make your Investment – You have to finalize your investment and collect all required documents, certificates, translations, etc., for the citizenship application.
Step 6: Apply for Turkey Citizenship – As soon as you have made your investment, you can submit your application for Turkish citizenship at the Provincial Directorate of Census and Citizenship. This application is usually resolved within four months.
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Privacy World can also help you with incorporating your company in Turkey, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.
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Dual citizenship is recognized in Turkey. You are not required to renounce your previous nationality to become a citizen of Turkey.
Yes, you can include your spouse, dependent children below the age of 18, and children of any age who are living with disabilities in your application.
It takes 3 to 6 months from the time your application is submitted.
No, once you have held onto your investment for the minimum period of 3 years you will become a Turkish citizen for life as well as your spouse and children.
There is no language test required through citizenship by investment.
There is no interview required through citizenship by investment program.
Turkey has no restrictions on who can apply for the program. Syrian nationals are restricted from buying real estate.
Turkey has signed double taxation with most nations in the developed world. If you have already paid the relevant taxes on income earned outside of Turkey, then you are unlikely to be taxed again by the Turkish government even if it was earned in a country that has not signed a double taxation treaty with Turkey.
Turkey taxes its residents on their worldwide income, whereas non-residents are taxed on Turkish-source earnings only. Income tax is levied on taxable income at progressive rates after certain deductions and allowances.
Recipients of property through inheritance or donation are subject to inheritance and gift tax at rates ranging from 1% to 30%. Tax paid in a foreign country on inherited property is deducted from the tax calculated on the value of the asset. Inheritance and gift tax is payable over a period of three years, in biannual installments in May and November, except for lottery prizes, for which the related taxes are collected through withholdings at the time of payment.
There are no national wealth/worth taxes in Turkey.