Turkey’s Golden Visa is one of the quickest citizenship by investment programs in Europe. You can become a Turkish citizen in as little as six months after purchasing real estate worth at least $250,000. Previously, the minimum investment was set at $1 million, but saw a drastic reduction in 2018.
Turkey Golden Visa Criteria
To be eligible for a Turkey Golden Visa, you must meet the following requirements:
- You must be an adult.
- You must invest at least $250,000 in real estate (or $500,000 in other investment options).
- You (or any family members joining you) must have no criminal convictions.
- You must commit to maintaining your investment for at least three years.
- The funds you are using for your investment must have been obtained legally.
Generally, most Golden Visa applicants are not familiar with tax, finance, or immigration laws abroad, so they hire experts to help them before committing to an investment. La Vida – Golden Visas has an entire team of advisors with years of experience in foreign investments who can guide you along the process to maximize your chances of success.
Turkey Golden Visa Investment Options
The investment options for a Turkish Golden Visa are:
|Real estate||Minimum $250,000|
|Government bonds (held for at least three years)||Minimum $500,000|
|Bank deposit (held for at least three years)||Minimum $500,000|
|Capital investment (held for at least three years)||Minimum $500,000|
|Real estate or venture capital investment fund (held for at least three years)||Minimum $500,000|
|Establish a company that will hire at least 50 new employees||–|
How Quickly Can I Get Turkey Citizenship by Investment?
You can get Turkey citizenship (and a Turkish passport) three to six months after you make your investment. Before that, it may take another three to four months to finalize your investment, but it is still a fairly quick process (especially, considering the fact you do not need to live in Turkey for any amount of time before obtaining a passport).
Turkey Golden Visa Benefits
The benefits of a Golden Visa for Turkey are:
- You can quickly and easily obtain a Turkish passport.
- Turkey is an economically strategic country, located between Europe and Asia.
- Turkey has several immigration facilitation agreements with the EU and US:
- You can apply for the E2 Investment Visa, and receive a US Green Card.
- You can apply for the Turkish Businessperson Visa in the UK, and obtain British permanent residence.
- It is fairly easy to apply for a work and investment visa in the EU, through the Ankara Agreement, signed between Turkey and the European Economic Community.
- With a Turkish passport, you can travel visa-free to more than 110 countries.
- Your family members can also live in Turkey obtain and Turkish passports.
- Turkey is a beautiful country, with countless historical and cultural sites.
- Turkey offers a great quality of healthcare and higher education.
Application Process for Turkey Golden Visa
The application process for a Turkey Golden Visa is divided into four parts:
- Consult with professionals regarding your investment.
- Apply for a Certificate of Eligibility.
- Apply for a residence permit and finalize your investment.
- Apply for Turkish citizenship.
Step 1 – Consult With Professionals
Before you settle on an investment option, you should consult with professionals for legal advice. The team of experts at La Vida – Golden Visas can advise you on Turkish tax laws as well as help you pick the right investment for you and your family.
Step 2 – Apply for a Certificate of Eligibility
Before you can invest in Turkey and apply for a Golden Visa, you must apply for a Certificate of Eligibility. The institution responsible for issuing your Certificate of Eligibility depends on your investment type:
|Investment||Institution to issue Certificate of Eligibility|
|Purchasing real estate||Turkish Land Registry and Cadaster of the Ministry of Environment and Urbanization|
|Investment in government bonds||Turkish Ministry of Treasury and Finance|
|Bank deposit||Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency|
|Capital investment||Incentive Application and Foreign Capital of the Turkish Ministry of Industry and Technology|
|Purchasing real estate or venture capital investment fund||Department of the Brokerage Activities of the Capital Markets Board of Turkey|
|Establishing an enterprise that will hire at least 50 new employees||General Directorate of International Labor of the Ministry of Family, Labor and Social Services|
Step 3 – Apply for a Residence Permit and Finalize Your Investment
Once you have your Certificate of Eligibility, you have to apply for a residence permit at the Turkish Provincial Directorate of Immigration Administration. You will receive a permanent residence permit as soon as you apply for it.
The residence permit allows you to remain in Turkey until you settle your investment and receive Turkish citizenship.
Typically, you have to submit the application for a residence permit in Turkey, at the local Immigration Administration office. However, if you wish to do it remotely, La Vida Golden Visas can help you find a legal representative in Turkey to handle the application on your behalf.
Step 4 – Apply for Turkish Citizenship
As soon as you finalize your investment, you can apply for Turkish citizenship:
- You must submit an application to the Provincial Census and Citizenship Directorate. They will issue your citizenship file and send it to the Directorate General of Civil Registration and Citizenship Affairs (NVIGM).
- The NVIGM will then conduct an investigation to see whether you have breached any laws and to ensure you respect national security and public order.
- The NVIGM will forward your application to the Office of the Minister.
- If the investigation is positive, the Minister’s Office will forward your application to the President’s Office, who makes the final decision regarding your citizenship application.
Turkey Golden Visa Document Checklist
The documents you are required to submit with your Turkish Golden Visa application include the following:
- Passport. If you are applying as a family, submit the passports of each family member.
- Turkish Tax Number. You have to obtain a tax number in Turkey (at a local Tax Office) before you can open a bank account and apply for citizenship.
- Proof you have never stayed in Turkey illegally.
- Police certificate. You need a document from the police authorities in your country, proving you do not have a criminal background. This applies to any family members who are applying alongside you.
- Proof of investment. Depending on your investment type, you should submit the necessary documents and certificates proving you have made or are committed to making your investment.
- Birth certificates of all applicants.
- Passport-size pictures of all applicants.
- Marriage certificate. If you are married, submit a valid marriage certificate.
- Divorce certificate. If you are divorced, you must submit a certificate of divorce.
- Death certificate. If you are a widower, you should submit a death certificate.
- Health insurance. You must obtain health insurance, valid in Turkey, for yourself and your family members.
- Any additional documents requested by the NVIGM.
Turkey Dual Citizenship
Under Turkish law, you are allowed to maintain dual citizenship. You do not need to renounce your current nationality to obtain a Turkish passport. However, remember that your current country of nationality must also permit dual citizenship.
Tax Implications of a Turkey Golden Visa
Personal income tax – If your annual income is higher than 650,000, the personal income tax rate in Turkey is set at 40%.
Corporate income tax – In 2021, the corporate income tax rate on business profits in Turkey was set at 25%. In 2022, it is expected to be set at 23%.
Value-added tax (VAT) – VAT rates in Turkey are set at 1%, 8%, and 18%.
Property tax – The real estate tax in Turkey (if you own a building, apartment, or land) ranges at a rate between 0.1% and 0.6%.
Turkey Golden Visa as Gateway to the USA
Turkey is among the 78 countries whose citizens can apply for the American E2 Investment Visa. The allure of the E2 Visa is that it has no annual quota and a lower investment requirement than the EB5 Visa.
To apply for an E2 Visa, you have to invest between $100,000 to $200,000 in an American business (existing or new) and create employment opportunities. In contrast, to apply for an EB5 Visa you must invest at least $900,000.
So, many investors who are not eligible for the E2 Visa choose to invest $250,000 in Turkey, obtain a Turkish passport, and then invest a further $200,000 in the US to obtain residency in the US. it is more affordable than applying directly for an EB5 visa and does not run the risk of being refused due to an annual quota.