There is a lot of information online concerning the Turkey citizenship by investment program. Most of the information is written by lawyers and agents who stand to gain fat commissions by selling you new developments that are overpriced. Typically, they earn 6%-10% commissions.
Chinese agents are the worst of them all. They ask for commissions of 15%-20%.
So it is in their interest to claim that citizenship can be obtained in “90 days” or “3 months”. But is it true?
Table of Contents
How do you qualify for the the Citizenship by Investment programme in Turkey?
- You deposit $500,000 in Turkish Liras in a Turkish bank for three years.
- You invest $400,000 in Turkish real estate and must keep it for at least three years. It can be new apartments, second hand apartments, or a combination of a few small apartments.
Step 1 – Obtaining the Certificate of Conformity
Generally, the first step is to give Power of Attorney (POA) to reputable lawyers because the devil is in the detail. For example, when you purchase a property, you must get a certified transfer confirmation from the bank and have the exact title deed information on it, as well as precise legal lingo.
All the information concerning the real estate transaction(s) or bank deposit are then sent to a sworn expert/appraiser who must appraise the value of the investment. For real estate, typically you might want to invest a little more than the $400,000 in case the appraiser were to have a slightly lower estimate, or in case the Turkish Lira were to depreciate in the meantime. Build a margin of safety.
This Certificate of Conformity takes about one month to process.
Step 2 – Obtaining Residency
You will be asked for Apostilles, or Turkish consulate certified copies of:
- The passports of you and your family
- The birth certificates
- A marriage certificate with family registry or non-marriage certificate for non-married applicants
- Criminal background check from country of current citizenship
You will have started gathering these documents early on to not waste time. These documents, along with an application form and the Certificate of Conformity, are then sent to the immigration office for a special residency visa. This is the only part of the process that requires you to be physically present in Turkey for a few days. 2-3 weeks later you and your family receive your residency cards.
Step 3 – The actual Citizenship Application
At this point your lawyer will apply for citizenship. Your application will bounce from government office to government office, due diligence will be done on you and your family. In the end, the president himself signs your application.
Yes, president Recep Erdogan personally signs all Turkey citizenship by investment applications. I double checked with my lawyers, and they confirmed it. I thought it’s a pretty cool fact 🙂
This process takes about 6-8 months. You are then issued with a naturalization certificate, and can apply for your passport.
The Citizenship by Investment programme in Turkey is a great option
Compared to all the other programmes such as the ones in the Caribbean, the paperwork is much less intense. Also, if you play your cards well, you can actually earn a profit by making a good investment.
What are the traps to avoid in the Turkey Citizenship by Investment programme?
- Don’t believe the 3 month timeline. Expect 7-8 months.
- DO NOT buy in a new building advertised to foreigners. The vast majority that are being marketed to foreigners are vastly overpriced. Almost everyone will try to orient you towards them, with nonsense rental return claims, capital gains projections, and rental guarantees. Such agents make commissions of 6%-10% when they sell you such units. In such cases, the product is not the apartment itself, but you.
Personally, I believe there are pockets of good value to be found in secondary market real estate in central Istanbul. Real estate a few streets down from prime areas can be had for about $1500 per m2, which is very interesting. If you buy such units, and get them renovated, you can get gross yields of 5%-6%.
On the other hand, the new apartments being sold by citizenship agents will rarely get you yields above 2.5%, even if they promise you more.
For a much more realistic view of what you should expect when investing in Istanbul real estate for the Turkish citizenship, watch this video below.
More information on Istanbul and Izmir realtor Keith if you are interested in the real estate option.
The deposit option is also very interesting due to central bank guarantees
If you want quick, easy, and affordable the bank deposit solution is potentially right for you:
- Deposit $500,000 into a special Turkish bank account. The money gets converted into Turkish Liras.
- You get 30%+ in yearly interest in Liras.
- If after the three year holding period the total amount of the initial deposit + interest received is less than $500,000 due to Lira devaluation then the Turkish Central Bank special guarantee kicks in and gives you enough money to cover the gap so that you get your $500,000 back.
- On top of this there is a guaranteed USD interest of about 5%-6%. At current rates you’d get about $85,000 in interest
Why am I saying affordable? Because this way the citizenship won’t cost you much at all. You should be getting $585,000 back as a minimum, and potentially more more if the Lira does not depreciate too much.
What are the risks:
- The bank going bust is not much of a risk as this special program is guaranteed by the Central Bank. This makes a big difference.
- Could the Central Bank go bust? Yes, but highly unlikely
- Capital controls or foreign exchange controls by the time the three years are over and you’d struggle to get your money out. This is not impossible.
But, much lower transaction fees and complexity than the real estate option. Also, the timeline is quicker. You should get your citizenship in about 6 months.
Exact fee breakdown of the citizenship by investment program in Turkey
You, your spouse, and children under the age of 18 qualify. Objectively, the fees are minimal.
| Service | Fee |
| Insurance Fee | +-300 TRY |
| Residence Permit Fee and Visa Fee | +- 5000 TRY |
| Nationality Fee | 200 TRY per person |
| Letter of Conformity Fee | 3000-4000 TRY |
| Turkish ID Fee | 100 TRY per person |
| Turkish Passport Fee | +-5,000 TRY per person |
To this you’ll have to add legal fees.
Why should you get Turkish citizenship?
Why not? An additional citizenship offers you more freedom, more investment opportunities, and a great plan B. Moreover, it is passed down the generations.
Turkey is a great nation of 80 million people, at the crossroads of Asia and Europe, and has always been at the center of it all. Its passport is not bad at all. It offers visa free travel to most of Latin America, much of Africa, the Middle East, Korea, Japan, South East Asia and most non-EU European countries.
Conclusion
The Turkey Citizenship by Investment programme is quite unique in the sense that it does not ask for a donation, and it does not force you to make bad investments. It’s entirely your decision to make. If you are savvy and numbers focused, you can find good investments with proper help on the ground.
I met Keith in Istanbul. He is from Nova Scotia and has been involved in Istanbul real estate for many years now. His specialty is the secondary market in downtown Istanbul, as well as renovating old apartments. You can find out more about him and his services here.
If you are rather interested in the deposit option get in touch with Yüksel by using the form above or sending her an email: yuksel@thewanderinginvestor.com. Make sure to add your WhatsApp number.
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Other articles on Turkey:
- Making a real estate investment in Izmir? A value play within Turkey
- My Apartment Renovation in Istanbul – Case Study with numbers
- Why is the Turkish Citizenship by Investment Program misunderstood?
- Making a Real Estate Investment in Istanbul, Turkey – Overview and what to watch out for
- I bought an apartment in Istanbul
- How to buy Real Estate in Istanbul for the Turkish Passport
- Turkish Citizenship Bank Deposit option – Central Bank guarantee explained
Available services in Turkey:
Other ways to get Golden Visas and Citizenships by Investment:
- High ROI Real Estate for investing in the Greece Golden Visa
- Fastest way to get Permanent Residency in Malta
- Be careful when you buy a passport in the Caribbean
- Best Deal for the Citizenship by Investment in Turkey
- How to obtain Vanuatu Citizenship by Investment
- Saint Lucia Citizenship by Investment
- St Kitts & Nevis Citizenship by Investment
- Citizenship by Investment in Egypt
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If you want to discuss your internationalization and diversification plans, book a consulting session or send me an email.
Thank you for the article. Very helpful. What if I have an adult children? Can they still apply for residency and if so what is the process?
Hello Kathryn, adult children cannot be included in your citizenship application unfortunately.
Old properties may have several types of legal issues, unless the lawyer approves it, it is better to stick with new builds. Rightly priced properties can be found in New builds too. Besides, for CBI, old property after renovation will cost above $300000 for CBI.
Please, give your expert comments.
Always make sure that your lawyer approves the purchase, whether new build or secondary market. If he does, you’ll be fine. You can also find fully renovated secondary market properties to not have to spend more.
Hello Keith, thanks for the info. What is the age limit for siblings, and will the program cover the siblings regardless number? I got 4 children, eldest is 17
As many children as you have. They must be UNDER 18 years old.
Thanks for the useful information. I have invested in 2 properties each in different muncipality and my lawyer has applied for Certificate of Conformity in Feb 2022. It’s been 4.5 months and I still didn’t get CoC. Is it normal to take this long ?
Unfortunately there have been long delays as the Turkish citizenship by investment programme boomed between January and June of this year. There is a glut of applications from that period. Going forward for people who invest 400k the timelines will become normal again once the backlog has be addressed.
Very good info. How can I get in touch with the lawyer you use in Istanbul, that charges the flat $5,000 fee?