Citizenship by Investment (CBI) in the Republic of Türkiye

In a previous article published in February 2024 ESW covered the basics of obtaining residency in the Republic of Turkey, with 28 different types of Turkish residency programs available to foreigners. Despite or in part due to severe Turkish lira inflation driving savers into real estate construction and hard assets, Turkey offers good affordability for USD/EUR paid retirees and digital nomads alike. The country has also proven welcoming of both Russians and Ukrainians leaving the Russo-Ukrainian War behind. Note also that citizens of Germany born to Turkish parents or with at least one Turkish grandparent should also read this article on the new German dual-citizenship law and look into obtaining a Turkish passport by descent.

In this piece our Cairo, Egypt-based MENA Editor Ahmed lists the documentation required to apply for the increasingly in-demand Citizenship by Investment (CBI) programs of this dynamic country. Stay tuned here for more details in the coming months about ESW and Turkey being added to our list of country residency and CBI assistance offers.

– James Smith

Editor-in-Chief and Publisher, ExitStrategy.World

March 4, 2024

Photo credit above: Turkish Passport

Uploaded to iStock by busracavus iStock photo ID: 1363302061

Before we discuss the specifics of the Turkish Citizenship by Investment program, it is important to understand what the term CBI stands for.

CBI, or Citizenship by Investment, is known by many names, including “economic citizenship” and “golden visa”. These are initiatives created by governments around the world to attract investment and significant cash flows into a country and stimulate economic growth by making investing in that country desirable.

Not all CBI programs are the same. While all programs require a clear criminal record, the eligibility criteria, thresholds, and benefits of citizenship or residency granted through CBI programs vary from country to country. Some countries offer immediate citizenship to investors and their families upon meeting certain investment levels into real estate or a national fund, while others grant residency permits with a pathway to citizenship after a specified period.

The benefits also vary, but generally include access to visa-free travel, increased business opportunities, tax advantages, and of course–-better quality of life and the ability to live out your life in the host country and pass on citizenship to your minor children.

There are multiple investment paths through which a foreigner can obtain citizenship through the Turkish CBI program.

Eligibility and Investment requirements

1) Real Estate Purchase

The foreigner invests in residential real estate in Turkey, with a value of at least $400,000 at the time of investment. This level of expenditure was set at $400k in 2022 and is increasing to $600,000 this year. The real estate investment must also be reviewed and approved by the Turkish government through the Ministry of Environment, Urbanization and Climate Change.

2) Bank Deposit

The foreigner deposits over $500,000 in a Turkish bank, however, the deposit must be held without withdrawal for over 3 years, there is not a lack of banks in Turkey, so this is generally an easy path if you have some cash and time to spare.

3) Government Bonds

The foreigner purchases Turkish government bonds that are worth $500,000, and he must also commit to holding them for a minimum of three years.

4) Job Creation

The foreigner creates a minimum of 50 jobs for Turks inside of Turkey, this expenditure must also be verified by the Ministry of Labor and the Ministry of Family and Social Services.

5) Private Pension System

The foreigner must commit to $500,000 into a private pension system for a minimum of three years.

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Now, the first phase was providing viable investment opportunities, as it was the Eligibility and Investment requirements, once you find a venture that suits your financial capability, you will have to go into the next phase, which is the Application and Documentation process

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Application & Documentation process

You should consult with a CBI program agent and/or a Turkish law firm to guide you in this phase, however, the process is rather simple.

After you hire a legal representative and give them the power of attorney, here is what you should do, besides following his advice and legal expertise.

1) Compilation of Documentation:

These include, but are not limited to:

Passport copies and identification documents

Proof of investment, such as property deeds, bank statements, or business incorporation documents

Criminal record checks and certificates of good conduct

Marriage and birth certificates (if applicable)

Passport-sized photographs

Paperwork for the applicants' power of attorney (if represented by a Turkish law firm)*

* = Check footnotes for further explanation

2) Submission of Application:

Once all required documentation is compiled, the application is submitted to the relevant Turkish authorities, which, depending on the investment path and the advice of your Turkish attorney, may be the Ministry of Interior or Directorate General of Migration Management. You may submit the documents yourself in person or through authorized representatives.

Due to the sensitive nature of CBI programs, which can be abused for severe financial crimes, like money laundering or other security risks, Turkish authorities meticulously review each application to ensure compliance with program requirements and regulatory standards. This process may involve background checks, verification of documents, and due diligence procedures. The time this process takes may vary depending on the application.

However, when you reach the final stage that is the Citizenship Grant, it is smooth sailing from here, as upon the successful review and approval of the application, the foreigner is granted Turkish citizenship and will be issued a Turkish passport and other relevant documents.

Footnotes:

Personal Identification Documents:

Applicants must provide clear copies of their passports, national identification cards, and other relevant identification documents. These documents serve to establish the applicant's identity and nationality.

Proof of Investment:

Depending on the chosen investment option, applicants must furnish evidence of their investment in the Turkish economy. This may include--

For real estate investment: Property purchase contracts, title deeds, valuation reports, and tax payment receipts.

For capital investment: Bank statements, investment certificates, and business registration documents.

For government bonds: Proof of bond purchase and relevant financial transactions.

Financial Documentation:

Applicants are required to demonstrate their financial standing and capability to undertake the investment. This may entail providing bank statements, income statements, tax returns, and other financial documents.

Background Checks and Certificates:

Turkish authorities mandate the submission of criminal record checks, certificates of good standing for applicant-owned businesses to be registered in Turkey, and clearance certificates from relevant authorities in the applicant's home country or countries of residence.

Family Documentation:

If applying with family members, applicants must include supporting documentation for each family member, such as marriage certificates, birth certificates for dependent children, and proof of familial relationships.

Passport-sized Photographs:

Recent passport-sized photographs of the applicant and accompanying family members are required for identity verification purposes.

Power of Attorney (if applicable).