- Who can get Turkish citizenship by investment?
A foreigner who has not been convicted, has not violated Turkish immigration laws and has fulfilled the conditions of the program can obtain Turkish citizenship.
Citizens of Armenia, Cuba, Nigeria, North Korea and Syria cannot participate in the program.
Turkish citizenship is granted to the spouse of the investor and children under 18 years of age. Spouses’ parents and adult children can get residence permits in Turkey. The payment for a residence permit is $5,000 per person.
If the adult children and parents of the investor have their own sources of income, they cannot be included in the application. To obtain citizenship, they participate in the program as individual main applicants and fulfill the investment conditions.
- How to get a Turkish citizenship by investment
You can obtain Turkish citizenship within three to six months. Among foreigners, Turkish citizenship by investment is in demand. This is how up to half of all applicants receive a Turkish passport. Over the past two years, over 35 thousand people have received Turkish passports in this way. The applicant can choose any of six investment options.
- Purchase of real estate worth $400,000. This is the easiest and most popular investment option when applying. You can buy any property: apartment, house, commercial /industrial premises and land.
It is not necessary to buy one object, you can buy several apartments with a total cost of over $400,000. The only condition: no more than two months should elapse between transactions.
- A deposit in a bank of $500,000 or more. You can save money in any currency accepted by the Turkish bank. The average interest on deposits in Turkish lira in 2020 is from 6.75 to 15.5%, in dollars – from 0.9 to 1.5%.
- Purchase of national securities from $500,000: government bonds and bills, as well as shares of investment funds specializing in real estate or venture capital investments.
- Purchase of government bonds in the amount of $500,000 with an obligation to preserve assets for three years.
- Purchase of shares of investment funds for $500,000, specializing in real estate or venture capital investments, with an obligation to preserve assets for three years.
- Open a business with a capital of $500,000 or create at least 50 jobs.
Investments in Turkish citizenship are returnable. Three years after obtaining citizenship, you can sell the purchased papers or real estate or close the deposit
- Property prices in Turkey: market overview
The most popular option to obtain Turkish investment citizenship is to buy a property. Unlike some of these programs, foreigners do not need to obtain permits to buy real estate.
There are many real estate properties in Turkey for every taste: inexpensive apartments, apartments in modern residential complexes with their own infrastructure, penthouses, mansions, villas by the sea, commercial premises. Most often, investors buy housing in Istanbul, Antalya and Ankara.
Purchased Turkish real estate can be a profitable investment. Real estate in Istanbul doubles in nominal value within five to ten years. The rise in house prices in the country usually ranges from 5 to 20% per year.
The real rise in prices, taking into account high inflation, is more modest – from 2 to 6.5% per annum. From 2015 to 2019, prices even fell slightly. Rent will bring another 5 to 8% per annum.
Turkish real estate is one of the cheapest in Asia. A square meter costs an average of $450 to $800. Housing is very liquid – usually properties are sold in a couple of months.
The demand for housing amid Turkey’s economic difficulties is largely supported by foreigners. The devaluation of the Turkish Lira plays into their hands – there are many properties on the market at attractive prices.
- Other ways to obtain Turkish citizenship
In addition to investing in the Turkish economy, there are several other ways to obtain Turkish citizenship:
- Marriage – after three years of marriage.
- Birth – suitable for those who have at least one parent who is a Turkish citizen.
- Employment – after five years of work under a contract.
- Naturalization – after five years of living in Turkey. An important condition: during this time, you cannot leave the country for a total of more than six months. To apply, you will also need to prove knowledge of the Turkish language, have a job or prove a sufficient level of income. The easiest way to get an initial tourist residence permit is to buy any property. Another way is to get a permanent residence permit by purchasing real estate worth $100,000. A permanent residence permit will be given for two years, then it can be extended for another three years.