Turkey’s economy recognized as a regional power while its location has given it geopolitical and strategic importance throughout history. Turkey access to 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa worth $25 trillion of 1.7 billion consumer market. Turkey has the world’s 13th largest GDP by PPP and 17th largest nominal GDP. The country is among the founding members of the OECD and the G-20.
The EU – Turkey Customs Union in 1995 led to an extensive liberalization of tariff rates, and forms one of the most important pillars of Turkey’s foreign trade policy. Turkey offers corporate Income Tax reduced from 33 percent to 20 percent (22 percent for 2018, 2019 and 2020). There are estimated 58,400 companies with international capital in 2017
Turkey officially announced citizenship by investment program in Sep 2018 to encourage foreign investment and boost growth in real estate sector and to avert Lira crisis.
Turkey is the CBI country with a trillion dollar economy, a major trading hub of asia and europe, and its GDP projected to reach $3 trillion by 2023. The country is also the 17th largest economy in the world.
Why Turkey?
- Turkey is the only CBI country with $2.2 trillion GDP
- Turkey is at cross roads of of Asia and Europe important hub for transport and trade
- Air connections to almost anywhere in the world.
- Attractive country for Arab and middle east investors
- Cheap and best citizenship by investment scheme.
- Permanent residence status in Turkey through property investment.
- No residence requirements. No military service. No language tests.
- Lowest property prices due to depreciation of Turkish Lira.
- EU Candidate country status
- Turkish nationals eligible to apply for E-1/E-2 visas to enter US.
- Warm climate with mild winters.
Exceptional Citizenship
The Government of Turkey published amended citizenship regulations reducing the investment amounts to foster foreign direct investment in official gazette dated 18 Sep 2018. According to the new amendments, foreigners buying real estate or invest in any of the following options will be eligible for turkish citizenship by investment. The New Turkish Citizenship Rules Encourage Foreign Investment.
Legal Background
Article 12 of the Law No. 5901 promulgated on July 28, 2016 grants exceptional acquisition of citizenship for investments ,can legally acquire Turkish citizenship based on the resolution of the President of the Republic of Türkiye under the following conditions:
- Those who obtain a residence permit further to (j) of the first paragraph of Article 31 of the Law No. 6458, by investing within the scope and amount determined by the President
- Foreigners holding the Turquoise Card (residence)
On May 13, 2022, the Regulation Amending the Regulation on the Implementation of the Law on Turkish Citizenship was published in Turkey’s Official Gazette increasing the minimum investment sums.
Eligible Investments
The following investment categories are eligible for direct citizenship for investing in Turkey.
- Real Estate: Buy real estate atleast US$400,000 not sold for 3 years (buying land not allowed)
- Bank Deposit: Deposit atleast US$500,000 in Turkish banks (3 years)
- Government bonds or securities: Buy US$500,000 Turkish government bonds locked for 3 years
- Venture capital funds: Buy US$500,000 worth of VC fund share
- Job creation: Employ atleast 50 people.
Real Estate
Turkey has booming real estate market thanks to CBI scheme. Turkey property prices are currently low due to lira depreciation. The most popular places for foreigners buying property in Turkey is Istanbul, Izmir, Ankara. The per metre property prices at most expensive location reach $5500 per square meter. The Turkish CBI scheme is popular with investors from mainly Arab countries such as Iraq, Afghanistan, Saudi Arabia. To qualify for citizenship, you must buy a property $400,000 in Turkey (residential or commercial)
Note: Turkey has blocked foreigners buying land for the purpose of citizenship. New regulation applies from Dec 2023.
Additional costs
- Land registry fee and stamp duty: 4% (2% paid by buyer and 2% seller)
- Legal costs: $2000 (approx)
- Health insurance: $700
- VAT 18% – Exempted for first time buyers.
Best Locations
The best locations to buy property depends on property appreciation and rental returns. The most popular places are
- Istanbul – 30% appreciation (downtown) with ROI 4%-8%
- Cities – Antalya, Alanya, Bodrum, Mersin, Northern Cyprus (20-30% appreciation with 5-6%)
Please refer to list of properties eligible for citizenship with guaranteed buyback and rental returns.
Property VAT
VAT is exempted foreigners for their first time property buyers in Turkey for citizenship purpose, provided that they pay in foreign currency and do not sell their property within one year after receiving title deed. They should not have residence permit or Turkish citizenship at the time of applying. Under normal rules, residential units with a net area of more than 150 sqm and all other properties in Turkey are subject to 18% VAT.
Best Properties
We have available real estate properties in Istanbul, Ankara and many other regions that qualify for citizenship.
- Minimum Investment – US$ 400,000
- 1% Booking deposit.
- Diverse range of Residential, or Commercial properties.
- Buyback guarantee (refundable investment after 3 years with 5%-7% returns)
- Great appreciation and ROI.
- Capital gain – 70-80%
- First payment – 50% and rest in instalments.
- Open to all country nationals.
Golden Visa – If you invest $250,000 property, you will qualify for Golden visa (residence permit) in Turkey. The investment will not be eligible for citizenship by investment.
Investors get to receive pre title deed (Kat irtifaki) is issued for ongoing construction projects without occupancy permit. The Final title deed (Kat Mülkiyeti ) is provided to the owner of the flat after building and occupancy approved.
Citizenship Steps
- Eligibility Certificate – Apply to the General Directorate of Land Registry and Cadaster of the Ministry of Environment and Urbanization for the certificate of eligibility.
- Residence permit – Apply to the Provincial Directorate of Immigration Administration of the settlement for residence permit
- Filing – The Provincial Census and Citizenship Directorate issues the citizenship file and sends it to NVIGM (Ministry of Interior, Citizenship Affairs).
- Investigation – An archive investigation is conducted on whether there are any impediments with respect to national security and public order.
- Minister’s Decision – The application will be submitted to the Office of the Minister to be sent to the President’s Office if the archive investigation concludes positively.
- President’ Approval – Then it is sent to the Office of the President to obtain the President’s decision.
- Decision – Turkish citizenship will be granted if the President rules for the acquisition of Turkish citizenship.
Brochure
Free download – Download pdf
E-2 Treaty
Turkey has E-1 and E-2 treaty signed with United States. As a result Turkish citizens can apply for E-1/E-2 investor visa to United States. USCIS may require additional documentation to show that the applicant has been domiciled in the treaty country indicated in the application for a continuous period of at least 3 years at any point before applying for E-1 or E-2 classification.
Turkish Passport
Foreign Investors qualify for fast track Turkish citizenship and passport in 3 months. As of 2023, Turkish passport has visa free travel to 116 visa free destinations and ranks 49th in world passport rankings according to Henley.
You can download full list of countries with visa waivers available for Turkish passport in pdf format
Dual Citizenship
Turkey allows dual citizenship.
Download
Download – Brochure pdf
FAQs
Can i buy more than one property for citizenship?
Yes, you can provided the total property value appraised equals $400,000.
Can i buy land as a foreigner?
Legislation has banned foreigners from buying land or freehold properties for the purpose of citizenship by investment. If you are not interested in citizenship, then yes.
Who are eligible to buy Turkey properties?
All nationalities can buy property in Turkey except North Korea, Armenia, Nigeria, Cuba, Yemen, and Syria.
Can legal entities buy residential or commercial real estate?
Legal entities cannot invest in properties for citizenship. This is because property must be registered in the personal name of main applicant in order to apply for citizenship.
Turkish companies with foreign capital, on the other hand, should first file an application at the Provincial Directorate of Planning and Coordination (PDPC) at the local governor’s office where the real estate is located. Once granted a positive response from PDPC, they should then apply to the Land Registry Directorate.
Can i apply for citizenship without visiting Turkey?
Yes you can authorize power of attorney to your lawyer to handle all work. However you need to visit atleast once for fingerprinting and signing documents to complete the passport process. The POA can be issued at consulates abroad. Due to Covid-19, Citizenship can also be registered at consulates abroad, all process in Turkey is completed by the lawyer.
Are there any quotas for Turkish citizenship for investment scheme?
No limitations or quotas imposed at present.
Do you need to open bank account for investment in Turkey?
It is recommended to open a bank account in your name to avoid delays in payments coming from abroad
Is Bitcoin accepted?
Yes, Bitcoin and cryptocurrencies are widely used in Turkey
What is the time frame for a passport?
Please allow 3-4 months
Property purchase – 1 month
Residence permit – 2 months
Citizenship – 1 month
Passport – 1 month
What is the legal background of the Turkey citizenship scheme?
The Citizenship regulations were published in official gazette on Sep 18, 2018 to grant exceptional citizenship to foreigners for investments.
How many years must i hold the property before selling?
If you apply for citizenship, you must hold your property for 3 years as per the existing rules.
Are there any restrictions on foreigners buying property?
Foreign nationals do not need to have a residence permit as a pre-condition to acquire real estate in Turkey.
A natural person of foreign origin may acquire real estate and limited rights anywhere in Turkey of up to 30 hectares. The Cabinet of Ministers may grant larger areas if deemed appropriate, Natural persons of foreign origin may not acquire and lease real estate within prohibited military zones or military security zones. Total acquisition by natural persons of foreign origin may not exceed ten percent of the total district area where private property is allowed
What are the conditions for legal entities or companies to invest in real estate?
In Turkey, only trading companies established according to the laws of their respective countries and having legal personality may acquire real estate and limited rights in rem as foreign legal persons. Legal persons other than such trading companies (foundations, associations etc.), on the other hand, may not acquire real estate and may not have rights in rem.
Acquisition of real estate by trading companies established in foreign countries according to the laws of their respective countries and having legal personality, on the other hand, may be granted in exceptional cases and is deemed possible only when stipulated under the provisions of international conventions or special laws.
Companies established in Turkey as a legal entity are considered under the category of foreign-owned companies in accordance with the following conditions:
- Foreign investors hold fifty percent or more of the shares, or
- Foreign investors are entitled to appoint and dismiss the majority of the board of directors
These companies may acquire property and limited rights in rem in order to engage in activities set forth in their articles of association. For this purpose, companies are required to apply first to the governor’s office where the property is located.
Can i vote becoming a Turkish citizen?
Yes, you will be given equal opportunities with turkish citizens including right to vote and holding government offices for investors through TCBI scheme.
Can i buy properties in Northern Cyprus?
Yes, you can buy properties in Northern Turkish Republic of Cyprus. and still qualify for Turkish citizenship. We have wide variety of properties available.
Where can i lookup property details at online registry?
Inquiries about properties may be made online at parselsorgu.tkgm.gov.tr, where specific details of the city, district, quarter/village, map section, and plot may be used to look up the property. Basic information on the real estate property, including its current status, is thus accessible online from anywhere in the world.
Is property transfers allowed by inheritance?
What documents are needed for property investment?
a. The property’s Title Deed or details of village/quarter, section, parcel, building, independent unit,
b. Identity card or passport (together with the translated copy thereof where required). Submission of the same is compulsory in order to identify the nationality of the foreigner, c. Property appraisal report issued by any of the organizations authorized by the Board of Capital Markets (SPK) for property assessment at http://www.spk.gov.tr/) .
d. ”Real Estate Market Value Document” of the property from the related Municipality, e. Compulsory earthquake insurance policy for buildings (residences, workplaces… etc.),
f. One photograph of the seller and two photographs of the buyer (taken in the last 6 months, at a size of 6×4),
g. Certified interpreter if there is a party who fails to speak Turkish. Turkish translations of passports and foreign country identity cards with an alphabet other than the Roman alphabet may be requested by the Directorate of Land Registry if required; however, Turkish translation will not be requested for passports or national identity cards issued in the Roman alphabet.
h. If an action is to be carried out with a power of attorney (Poa) issued abroad, the translation and the original or approved copy of the power of attorney.
What is the procedure to get PoA abroad?
If the procedure is to be conducted by a third person authorized by means of a power of attorney issued abroad, the power of attorney must include the authorization relating to the procedure to take place. Besides, the power of attorney shall meet the following conditions:
- Issued by Turkish consulates at their discretion over real estate
- Issued by competent authorities entitled to issue power of attorneys abroad
- Issued in the language of the country where it is issued
- Includes photo (with a clear seal and signature over the photo)
- Includes the apostil, if issued in a country that is a party to the Hague Convention
- Should have certification of the signature of the official signing the power of attorney by the relevant authority and the signature and seal of such authority should be certified by the Turkish Consulate if the power of attorney is issued in a country that is not a party to the Hague Convention
The application should also provide notarized and certified Turkish translation of the power of attorney that meets the required criteria.
How are properties appraised?
The sum of receipts evidencing payments must have a value equal to USD 400,000 according to the USD selling exchange rate of the Central Bank of Turkey on the date prior to the date of deposit. The amounts listed in the appraisal report and the official bill may not be less than the sum of values in the receipt.
How is foreign exchange handled?
If you pay in Turkish Lira, selling exchange rate of the Central Bank of Turkey on the date prior to the date of payment shall be considered to calculate USD equivalent of the receipt amount
Can foreign persons be the property sellers?
Properties sold or subject to a sale promise must be registered in the name of Turkish citizens. Furthermore, they should not be any properties transferred by a foreign real person after 12 January 2017. (Including self, spouse and children of the foreign person who acquires it)
How do property investors get residence permit?
Foreign investors are given short-term residence permit, foreigners who own real estate in Turkey or intend to establish a business or business connections in Turkey. It is issued for a maximum of two years as a principle. A residence permit is invalidated if it is not used within six months. Long term residence cards are issued for foreigners who lived in Turkey for atleast 8 years.
What happens if i sell the property before 3 years?
You may lose your citizenship and residence card. Remember if the main applicant loses his citizenship/residence rights, all family members also lose the rights.
Can i purchase shares or equity in properties?
Yes, but the value must me minimum $400,000.
Can i also get ID card?
Yes, Every foreigner investing in property, can receive a residence permit for 1 year (every year renewed with Tapu) until you sell your property.
Can i get citizenship if i buy property on loan?
The net down payment of the loan amount shall be considered. The down payment should be minimum USD 400,000 also for legally mortgaged sales
Where can i get appraisal report?
A property appraisal report representing the market value (present market value/present value) is required. The appraisal report must be based on the value on the date of the report for buildings which are actually completed on the ground, and the value to occur upon completion of building for properties which have not been completed or the construction of which is ongoing and for which a construction servitude was established.
The appraisal report shall be obtained from the appraisal organizations posted on the web page of the Board of Capital Markets (SPK) (http://www.spk.gov.tr/SiteApps/SirketIle tisim/List/gds). It is valid for three months beginning from the date of issue. It shall be considered applicable until the transaction is completed from the date it is given.
Where are the most popular locations for foreigners buying property in Turkey?
The most popular locations are Istanbul, Ankara, Bursa and other coastal areas.
Who are the foreigners buying properties in Turkey?
The top list of foreign nationals buying real estate in Turkey are Iraq, Iran, Russia, Afghanistan.
Can i apply for Turkish citizenship with contract of sale?
Yes, An application can be made with a promise that the property would be transferred and released in three years through a notarized contract if minimum USD 400,000 or equivalent amount was paid as down payment for any properties with established commonhold or construction servitude on or after 07 December 2018.
What type of properties can be bought for citizenship?
It may be a residence, workplace, land, field, yard through notarized promise of sale, the property must have an established commonhold or construction servitude.
What is certificate of conformity?
The directorate of land registry, who processes the commitment foreseen in the regulations according to the related Directive and its practical communiques submits all documents to the General Directorate of Land Registry and Cadaster or the related regional directorate.
The General Directorate/Regional Directorate inspects the documents of the transaction, issues a Certificate of Conformity, and sends it to the General Directorate of the Immigration Administration and the General Directorate of Census and Citizenship Affairs by official means, and to the related person by e-mail.
Foreigners who obtain the certificate of conformity shall initially apply to the Provincial Directorate of Immigration Administration for a residence permit and then to the Provincial Directorate of Census and Citizenship for citizenship.