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Turkey

Citizenship by investment

On 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 foreign currencies and create jobs.

investment


Real Estate investment

You may become a Turkish citizen if you purchase one or more properties in Turkey for a minimum total amount of US$250,000. You must keep the ownership for at least 3 years, otherwise your citizenship may be revoked.

Requirements


- To determine the amount of the real property, there should be prepared an immovable valuation report which should be accepted by the Capital Market Board in accordance with valuation standards by valuation expert who has a valid license.
- Based on the value in the immovable valuation report that shows the market value, the value of immovable/immovables in US dollars is calculated on the effective selling rate of the Central Bank of Turkey at the date of transaction.
- You must commit that the immovable property which you have purchased for purpose of obtaining Turkish citizenship will not be sold for 3 years.
- If you sell the property before the 3-year period required, your citizenship will be revoked.
- Funds shall be legitimate to proceed with investment.

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)
  • Title Deeds or Proof of Registration of Real Estate
  • Real estate sales and purchase agreement
  • Proof of Payment of Real Estate
  • 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 $250,000
  • Investment Family 4 $250,000
  • 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 in the crossroads between Europe and Asia, that extends across the Anatolian and Thracian peninsula in the Balkans area. It borders to the northeast with Georgia, to the east with Armenia, Iran and Azerbaijan, to the north with the Russian territorial waters in the Black Sea, to the northwest with Bulgaria and Greece, to the west with the Greek islands of the Aegean sea, to the south with the 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 has been 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, Roman Empire, 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
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Taxes

To be a tax resident in Turkey, an individual must have its 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 TRY 110,000.

Capital gains are subject to personal income tax, except 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 is 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 rules. This means that profits retained in foreign entities owned deemed to be controlled by tax residents, may be attributable if certain conditions are met.

Real property tax is levied at rates that ranges from 0.1% to 0.3%, depending on the type of property. Both buyer and seller of real property are subject to a transfer tax at 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 to 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 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, pain free as possible.

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

If required, we will provide you access to our network of developers and real estate agents in Turkey, in order to find the property(s) that best suits your needs. We may introduce you to banks in order to open a bank account and transfer your funds.

Once you have purchased the property, we will prepare all the documentation required to apply for the citizenship and handle all paperwork with the Ministry of Environment and Urbanism. We will send you the application forms, and provide assistance to complete the questionnaires.

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

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

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

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