The Turkey Citizenship by Investment (CBI) program has become one of the most popular and successful in the world since its inception in 2017. In exchange for a minimum real estate investment of USD 250,000, foreign investors can obtain a Turkish passport and citizenship within 3-4 months from the date of application. This provides one of the most affordable economic citizenships in the broader European zone, in a country which is in the process of full EU membership negotiations.
In this article, we will outline the various advantages of the Turkey CBI program and explain how it has become so successful. We will also take you through the qualification requirements and the step-by-step process for making your application.
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Turkey originally launched its CBI program in January 2017, with a minimum qualifying investment amount of USD 1 million. This exorbitant figure turned away many prospective applicants. The government soon realised that the program was seriously overpriced, and decided to reduce the minimum qualifying investment amount to USD 250,000 in mid-2019.
This quickly turned the program into one of the most attractive CBI programs in the world, and the number of applicants skyrocketed. Since the threshold was lowered, an average of 800 applicants a month are approved for economic citizenship in Turkey.
They have now naturalised over 20,000 people since the program started, and receive an average of USD 250 million a month from foreign investors. This truly makes it one of the most successful CBI programs of all time.
The Turkey CBI program has a lot going for it, which has helped catapult its popularity and success. Here are some of the major advantages that the program offers:
The Turkey CBI program does also come with a few downsides compared to its competitors:
In order to qualify for citizenship by investment in Turkey, you must first meet the following basic criteria:
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If you meet the above criteria, you can obtain citizenship in Turkey by making one of the following qualifying investments:
For most prospective investors, the real estate option is naturally the most attractive. It involves half the amount of capital commitment as the fixed capital contribution, and there is a much better prospective for earning a decent return on your investment in the form of rent income and capital appreciation. The final option of starting a company in Turkey involves a fair amount of complexity and is only worthwhile for those who are serious about running a genuine business in Turkey.
It is important to take note that Turkey has been considering raising its minimum investment threshold from USD 250,000 to USD 500,000, so it is worth taking advantage of the low rate while it is still available.
The application process is quite straightforward, with fewer steps and requirements than comparable citizenship by investment programs. The entire process usually only takes three to four months. There are no language requirements, physical presence requirements, or formal interviews. However, you will need to visit Turkey in person to complete the process. The exact steps are as follows:
The Turkey CBI program is well worth considering for those who are looking to expand their global reach with citizenship in a Eurasian hub. They have done well to place their program at an affordable price point, and have also made the application process as simple and efficient as it gets. It is one of the few CBI programs where you are almost guaranteed to make a return on your initial investment, thanks to the thriving real estate market in Istanbul.
While the Turkish passport is not the strongest around, it is decent enough with attractive visa-free options in the East. What’s more, Turkey may well be admitted into the EU in the coming years, in which case it offers the opportunity of a lifetime to obtain European citizenship at a massive discount. This might not last long, as Turkey is looking to increase the minimum investment requirement, so best to act quickly if Turkish economic citizenship is on your wish list.
Please note: Offshore Protection does not offer work visas services nor services related citizenship through ancestry. We only offer citizenship by investment and golden visa services. Read more for info on EU work visas and EU ancestry visas.
Citizenship By Investment & Golden Visa Programs
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*Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.
Disclaimer: Offshore Protection strives to keep information on this website updated, however, laws and circumstances are subject to change. All information on this website is for reference purposes only and does not constitute legal or tax advice. Contact Offshore Protection for specific advice regarding your situation.
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