Turkey began issuing citizenship by investment in 2017. Foreigners who invested $1 million or more in the country's economy could obtain a Turkish passport. 70 foreigners applied for the program during the first year. Investors included citizens of Iran, Yemen, Iraq, Palestine, and China.
The number of investors increased when the Turkish government lowered the program's minimum investment to $250,000. From September 2018 to December 2020, 7,242 investors from 93 countries received Turkish citizenship.
The results of Turkey's citizenship program are published by the country's state media, citing the Ministry of Interior, Parliament, land registry, and real estate agencies.
How many investors received Turkish citizenship from 2017 to 2020
7,312 investors have been granted Turkish citizenship since the program was launched. The country’s government has issued about 35,000 passports to investors and their family members.
Demand for Turkey's citizenship program grows annually, even despite the crisis and the coronavirus pandemic. About 4,000 investors applied for Turkish citizenship between March and May 2020. Other countries with investment programs were more likely to record a decline in the number of participants at the beginning of the pandemic.
Investors from Iran ranked first in the number of passports received, followed by citizens of Afghanistan and Iraq in second and third. Turkey also approved applications to investors from the United States, Canada, Great Britain, Russia, and St. Kitts and Nevis.
Citizens of which countries most often received Turkish citizenship from 2017 to 2020
What option investors most often choose in order to obtain Turkish citizenship
Investors receive Turkish citizenship by investment of $250,000 or more in the country's economy. The state government offers participants of the program six investment options:
- Purchase real estate - from $250,000.
- Open a deposit in a Turkish bank - from $500,000.
- Buy securities - from $500,000.
- Buy government bonds - from $500,000.
- Opening a business with a capital of $500,000 or creating 50 workplaces.
- To buy shares of investment funds - from $500,000
Investments under the citizenship program are repayable. After three years, the investor can sell the purchased securities or real estate or close the deposit.
The most popular option is the purchase of the real estate. Prices of Turkish real estate are rising by an average of 5-20% per year, depending on the region. Since the beginning of the coronavirus pandemic, prices have increased by 15-30%, according to the Chamber of Realtors.
One-bedroom apartments in Provincetown range in price from $30,000 to $50,000, with prices for multi-bedroom villas starting at $100,000.
To meet the investment prerequisite, an investor can buy for $250,000 to choose from:
- Several inexpensive apartments in Kemer.
- A two-bedroom apartment in Istanbul of 80 m².
- A three-bedroom apartment in Antalya of 170 m².
- A villa by the sea in Alanya of 200 m².
Examples of real estate to buy under the Turkish citizenship program
Villa with three bedrooms in Belek near the beach. The cost - $ 400,000. Rental income - up to 7% per annum
Apartments with one or two bedrooms in Antalya. Price - from $ 350 000
Villa with private pool in Belek, 2 km from the Mediterranean Sea. Cost - from $ 350 000. Rental income - up to 6% per annum
Turkish citizens travel freely to 111 countries, including Japan, Hong Kong, and Singapore. Russians need a visa to enter these countries. Turkey is a candidate for accession to the European Union, so in the future, the list of visa-free destinations may expand.
An investor with a Turkish passport can get an E2 visa in the US. Turkey and the US have signed an agreement on issuing this type of visa. This visa is not available to Russians.
Immigrant Invest is a licensed agent of citizenship program in Turkey. If you want to get a Turkish passport and buy real estate in the country, seek advice from the experts of investment programs.