Benefits of Turkish Citizenship
The latest amendment of the Turkish Citizenship Program has given a broader access to investors to become Turkish Citizens. Until recently investment levels required were a minimum of $1,000,000 US. However, this has now been reduced to either a $250,000 US investment into Turkish Real Estate or Alternatively a $500,000 US investment into a Turkish Bank. Both of these investments must be held for a minimum of 3 years.
These recent changes have made the Turkish Citizenship by investment program one of the most sought after due to the benefits that it offers and reduction in investment levels. Compared to other programs, this program offers extreme value for money. Turkey – the bridge between the east and the west has a rich cultural history, a vast and varied landscape and is a very popular tourist destination due to its extensive coastline and desirable climate. Its main city of Istanbul is vibrant, exciting and full of history. It is therefore an attractive place for investors and their family to live as there is an abundance of opportunity for employment, a strong education system and the ability to live a great lifestyle.
Can be obtained as little as 3 months
One of the biggest benefits of the Turkish Citizenship by Investment Program is that applicants are able to receive their Turkish passport in as little as 3 months if they pursue the investment into the bank option. For the Turkish real estate option, it is a little longer, but still Turkey citizenship can be achieved in as little as 6 months.
Open to all nationalities
In addition to these benefits, the Turkish citizenship by investment program is open to all nationalities. Currently the only restriction is on Syrian nationals who are only able to pursue this citizenship through the bank deposit. This means for certain nationalities from countries such as Iran, Pakistan and Afghanistan this opens the doors for a second citizenship and dual nationality that few other countries offer.
No requirement to physically reside
Turkey do not require citizens to relinquish their current citizenship status meaning they can still receive all the benefits of being a Turkish citizen without having to give up their current nationality. In addition, another key benefit is that to achieve this citizenship there is no requirement to physically reside in the country. Other than the main applicant having to travel to Turkey once or twice as part of the application process there is no other requirement for the applicants to visit or reside there.
Visa free to 111 countries
Turkey currently has visa free or e-visa status to 111 countries and this is like to grow in the future. These countries include Singapore, Japan as well as other key countries in Asia, Africa and South America. Currently a Schengen visa is required to visit one of the Schengen countries, but these are not difficult to achieve and can be issued for up to 10 years. This makes the Turkish passport a very attractive one for business travelers.
Capital gains on their property
One of the most appealing aspects of this program is that the investment is not contributed or donated to the Government, instead it is invested and has the ability to earn interest in the case of the bank deposit, or rental yield in the real estate investment option. After 3 years, investors can either choose to hold their investment or if they prefer they can sell or withdraw their investment. In the case of investment in the Turkish real estate market, there is a good chance that the investor will also make capital gains on their property.
No inheritance tax
In terms of taxation, another great benefit for investors into this program is that there is no inheritance tax in Turkey and you are not required to declare your international earnings to the Turkish Government. This means your business and financial activity outside of Turkey will not be taxed once you become a Turkish citizen, only your income generated in Turkey.