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Turkey

Citizenship by investment

In January 2017, the Government of Turkey published in the TC Resmi Gazzete (Official Gazzete of Turkey) an amendment of the Regulation on the Implementation of Turkish Citizenship Law.

The amendment established a citizenship scheme, under which foreign nationals, and their dependents, who contribute economically to the country, may become Turkish citizens. Economic contributions must be oriented to stimulate the real estate market, bring in foreign currencies and create jobs.

investment


Investment in Bonds or Bank deposit

You may become a Turkish citizen if you make a deposit of US$500,000 in a bank operating in Turkey or you purchase Turkish treasury bonds or any type of government loan instruments with a value of US$500,000. You must commit to keep the investment for at least 3 years.

Requirements


- If you invest in a bank deposit, confirmation by the Banking Regulation and Supervision Agency that you have made a deposit of US$500,000 in a Turkish bank.
- If you invest in government loan instruments, confirmation by the Undersecretariat of the Treasury that you have invested US$500,000.

Restricted Nationalities


No nationality is officially restricted

dual citizenship


Dual citizenship is recognized in Turkey. You are not required to renounce your previous nationality to become a citizen of Turkey.


Documents Required


  • Original and photocopy of passport
  • Four passport-size photos
  • Medical Certificate
  • Original Police Clearance Certificate
  • Original or Certified copy of Birth Certificate (if applicable)
  • Original or Certified copy of Marriage Certificate (if applicable)
  • Titles of Financial assets purchased
  • Bank Statement
  • Original Bank Reference Letter (Not older than 6 month)
  • Statement of Source of Funds
  • dual citizenship Yes
  • Family members included Yes
  • land ownership Yes
  • Physical residence required No
  • Personal visit required No
  • Language skills required No
  • Interview required No
  • Investment Single $500,000
  • Investment Family 4 $500,000
  • Minimum annual income -
  • Time to citizenship
  • Time to permanent residency
  • Visa-free countries 105
  • Financing available No

Country details

Turkey
TRY
90
Ankara
Asia
Turkish
77804122
The Republic of Turkey is a transcontinental country located at the crossroads between Europe and Asia, extending across the Anatolian and Thracian peninsulas into the Balkans area. It borders Georgia to the northeast, Armenia to the east, Iran and Azerbaijan and Russian territorial waters in the Black Sea to the north, to the northwest with Bulgaria and Greece, to the west with the Greek islands of the Aegean sea, to the south with Cypriot waters, the Mediterranean Sea and Syria, and to the southeast with Iraq.

Due to its strategic position, located between Europe and Asia as well as between three seas, Turkey is a historical crossroads between Eastern and Western cultures and civilizations. Its territory has been home to several great civilizations such as the Persian Empire, Ancient Greece, the Roman Empire, the Byzantine Empire and the Ottoman Empire, among others.

The country is inhabited by 80 million people. Its capital is Ankara, although its most populated city, as well as financial, cultural and commercial center, is Istanbul. Its official language is Turkish and its official currency is the Turkish Lira (TRY).

Visa Free Travel

With your new passport from Turkey you'll be able to access 105 countries visa free
>

Taxes

To be a tax resident in Turkey, an individual must have their legal residency in Turkey or stay at least 6 months per year in the country. Persons who stay more than 6 months due to a temporary assignment, may be considered as non-residents.

Residents are subject to tax on their worldwide income, while non-residents pay taxes on their Turkish-source income.
Personal income is taxed at progressive rates up to 35% on income exceeding TRY110,000.

Capital gains are subject to personal income tax. This excludes gains from the sale of real property held for more than 5 years. Certain gains derived from the sale of shares and capital market instruments may be tax exempt.

Dividends received from local entities are usually 50% tax-exempt; those from non-resident entities are fully taxable. A minimum tax-exempt threshold may apply.

Interest income is taxed between 0% and 18% depending on its nature. Rental income is considered taxable income, but an exemption may apply subject to certain conditions.

Turkey has enacted controlled foreign companies (CFC) rules. This means that profits retained in foreign entities owned and/or deemed to be controlled by tax residents, may be attributable if certain conditions are met.

Real property tax is levied at rates that range from 0.1% to 0.3%, depending on the type of property. Both buyers and sellers of real property are subject to a transfer tax of 4% (2% for each party).
Gifts are taxed at progressive rates from 10% to 30% and inheritances between 1% and 10%.

There is no wealth tax in Turkey.

V.A.T. is levied at a 18% rate. Reduced rates of 8% and 1% may apply for certain goods and services.

With regard to corporate taxation, resident entities are subject to a 20% income tax on their worldwide income. To learn more about the Turkish corporate legal framework, taxes and tax treaties, check out incorporations.io/turkey.

This should not be construed as tax advice. Flag Theory | Passports.IO has access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.

  • Property tax Yes
  • Transfer tax Yes
  • Inheritance tax Yes
  • Net worth tax No
  • CFC law Yes
  • Tax residency days 183
  • Personal income tax rate 35%
  • Capital Gains tax rate 35%
  • Investment income tax rate 17.5%
  • Territorial taxation No

Procedures

"Flag Theory | Passports.IO and our attorneys in Turkey will guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.

First, we will undertake a due diligence check on you to ensure that you are eligible.

If required, we will provide you access to our network of advisors in Turkey, in order to find the investment opportunity that best suits your needs. We may introduce you to banks in order to open a bank account and transfer your funds.

Before applying for citizenship, you will also need to obtain a short term residence permit as per to Article 31/1(j) of the Law on Foreigners and International Protection.

Generally in order to make a short-term residence permit application, foreigners should at first enter into Turkey with a valid visa or by using visa exemptions.

Following valid entry into Turkey, foreigners who wish to extend their stay in Turkey may apply for a ""short-term residence permit”. Once in Turkey, they can submit an online application and an appointment date for the application shall be reserved with the Directorate of Immigration. The applicant foreigner should be present in Turkey on the reserved application date.

For the regular short-term residence permit application process, the waiting period for an appointment/interview date in many popular districts (such as Istanbul, Izmir, Ankara) is quite long (8 to 24 weeks). However, for such special short-term applications (by way of investment), the waiting period for an appointment date can be shorter (within one or two weeks after making an online application) and said appointment date can be arranged to suit the applicant's availability. The residence permits granted within the scope of subparagraph (j) in Article 31, shall be issued for up to five (5) years (but are generally applied for one year).

Once you have made the capital investment, we will prepare all the documentation required to apply for citizenship and handle all paperwork with the Ministry of Economy.

Once we have confirmation from the Ministry of Economy, we will submit your citizenship application to the Ministry of Interior.

The application should be processed in a maximum period of 3 months. After your application is approved, you will receive your certificate of naturalization. Then, you may apply for a Turkish passport.

For further information on Turkish Citizenship by Investment, contact us for a free private consultation."

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