Citizenship by investment
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.
Real Estate investmentYou 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 maintain ownership for at least 3 years, or your citizenship may be revoked.
- To determine the amount of the real property, an immovable valuation report should be prepared, and should be accepted by the Capital Market Board in accordance with valuation standards by a valuation expert who has a valid license.
- Based on the market value stipulated in the immovable valuation report, 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 required 3-year period has elapsed, your citizenship will be revoked.
- Funds must be legitimate to proceed with investment.
No nationality is officially restricted
Dual citizenship is recognized in Turkey. You are not required to renounce your previous nationality to become a citizen of Turkey.
- 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 $400,000
- Investment Family 4 $400,000
- Minimum annual income -
- Time to citizenship 3
- Time to permanent residency
- Visa-free countries 114
- Financing available No
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
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. We have 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