invest in turkey 



his article will assist understanding Turkey’s Citizenship via Investment Program, specifically with regard to turkey real estate. This article is not intended as specific legal advice and each investment application should be reviewed by an attorney.
Immigration Investment Programs have become very popular as a source of foreign investment in real estate in countries from Canada to Greece, Grenada to Moldova. Some programs focus on investment for residency purposes (ex. Portugal, Greece) and others for citizenship (ex. Caribbean nations, Cyprus). Turkey’s investment immigration program focuses on citizenship and will likely particularly attract those citizens from emerging economies looking for a passport that allows them to travel more easily that their current passport. As of 2018, Turkish nationals enjoy visa free or visa-on-arrival status to over 100 countries or territories including Singapore, Japan, Ukraine, Brazil, Korea, Mexico and many countries in Africa, the Caribbean and Latin America. Turkey’s program is also likely to be popular with many Arab nationals who were already investing significantly in Turkish real estate over the last several years.

Turkey’s citizenship regulations as of January 2017 allow several categories of investors to pursue Turkish citizenship, including capital investments, government debt instruments, investing in a business that employs 50 Turkish nationals, venture capital investments, etc. In September 2018, the threshold amounts required were significantly lowered, and with regard to real estate,  investments of $250,000 USD now qualify. Clearly, investment in Istanbul property .
has captured the most interest internationally as the threshold amount is lower than the vast majority of other investment citizenship programs.
To invest in turkey with $250,000 to qualify, several restrictions apply. First, the purchase must have occurred after the change in the regulations (see specifics below). Additionally the property must not be sold by applicant for at least three years. Note the following additional restrictions for real estate investments:

  • If the real estate is subject to a mortgage, the remaining part shall be taken into consideration by deducting the mortgage fee in determining the value.
  • The value of an property for sale in Istanbul in the official deed cannot be lower than the amount listed in the valuation report.
  • Applicant must show official receipts (by bank) showing the transfer of sales fee.
  • The real estate must be registered in the name of the applicant (foreign real person, may include spouse or minor children). 
  • The real estate must not have been purchased by applicant prior to 12.01.2017 for either program. If prior to 09.18.2018, the old regulations and thresholds apply.

    • The process of citizenship-by-investment is governed by the Foreign Investor Citizenship Application Special Joint Office (aka FICO). FICO is a special new government agency under the Ministry of Interior that joins representatives from the Populations Registry Directorate, Migration Directorate and Land Registry/Cadastre Directorate. FICO is currently set up in Istanbul and Ankara and will be rolled out in other locations around Turkey soon. FICO offices are set up to have desks with representatives of each of the Directorates to facilitate processing of cases from start to finish.

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