Formal requirements
Foreign natural persons may acquire ‘exceptional Turkish citizenship’ provided that they:
Have short-term residence permit or hold Turquoise Card,
Make an investment as determined by the relevant regulation, and
Apply for citizenship through investment in the place of above-mentioned short-term residence.
Turkey allows multiple citizenship. Accordingly, Turkish citizens may have more than one citizenship at the same time.
Economic requirements
Purchasing real estate worth at least USD 400,000.00 or equivalent amount as Turkish Lira or other foreign currency.
There is no limitation on the number of real estates that may be purchased through sale or subject to promise to sell contracts. However, the total value of real estates shall meet the required amount as specified above.
There is no legal obstacle that restricts foreign persons from renting the real estate purchased and no restrictive regulation in terms of rental prices market conditions should be taken into consideration as a basis.
Other investment opportunities
Exceptional citizenship in Turkey may also be acquired by other investments as below:
At least USD 500.000 or equivalent fixed capital investment,
Creating employment for at least 50 people (Having a participation share in the capital or being an investor is required),
At least USD 500.000 or equivalent deposited to banks operating in Turkey,
At least USD 500.000 or equivalent purchase of government bonds,
At least USD 500.000 or equivalent investment in real estate or venture capital investment funds, or
At least USD 500.000 or equivalent in funds deposited in personal retirement system.
The investment should be approved by the corresponding ministry as well. Other documentation such as passport/ID, marriage certificate, certificate of birth, etc., would also be required for application.
Minimum stay requirements
No minimum or maximum.
Ongoing requirements
Regarding Real Estate: The land registry entries are annotated to the effect that the real estate will not be sold for 3 years.
Regarding other investment opportunities
Similar requirements to maintain the relevant investment for a determined period may apply:
Amount deposited to a bank in Turkey shall not be withdrawn for 3 years, government bonds, real estate investment funds, venture capital investment funds, or personal retirement system funds shall be held for 3 years.
Ability to bring in family
Permit extended to the whole family (applicant’s foreign spouse, foreign minor children, or foreign dependent children).
Language requirements
Not applicable.
Tax implications or related issues
For those who reside in Turkey continuously for less than 6 months in a year, VAT exemption may be applied for the initial delivery by the constructor after construction of residences and workplaces.
Other benefits/considerations
No minimum or maximum stay in Turkey required
Contact information
Name: Syed Kazim Ali / Att. Simge Kilic
Firm: Herdem Attorneys at Law
Email address: info@herdem.av.tr / skazim.ali@herdem.av.tr / simge.kilic@herdem.av.tr