Turkish Citizenship By Investment: The World’s Most Popular CBI Program Set To Become More Expensive In 2025…
Launched in January of 2017, the Turkish Citizenship By Investment (CBI) program was an outlier program – and not for positive reasons:
For starters, it was one of the few programs of its kind not to offer visa-free access to the Schengen Area (a feature that has featured very prominently in the marketing and advertising for the Caribbean CBI programs, amongst others). Nor is it an EU accession candidate country.
And to compound this, upon launch, the program was priced a whopping $1 million.
Consequently, it didn’t garner much initial interested – until the Turkish government reduced the minimum property investment amount to just $250,000 in 2018. Then, applications volumes exploded. In the period 2018-2023, over 35,000 foreign nationals have become Turkish citizens via the program (also making it THE most popular CBI program in the world).
And while the program’s minimum investment was subsequently increased to $400,000 in 2022, it is still competitively priced. Hence it continues enjoying significant popularity as a Plan B option going into 2025.
Another key benefit is that there is no government donation requirement (unlike in Malta).
And in addition, the minimum capital lock-up period is a meagre 3 years, making the program a no-brainer for Russians, Chinese, Ukrainians, Americans, South Africans, Australians, and more recently even Germans – looking for an “uncorrelated” back-up plan.
In addition, the country offers a highly quality of life at reasonably affordable prices. (Since the pandemic, however, inflation has led to a significant increase in prices of goods, services and accommodation in the country.)
Add to that a relatively quick, streamlined application process (now around 7-8 months), and it’s not surprise that the program is an international best-seller.
Let’s get into the program details below…
KEY COUNTRY FACTS & STATS
Turkish Passport Power: Visa-free travel access to 115* destinations, including Argentina, Japan, Malaysia, Panama, Serbia, South Africa and Uruguay (*Including eTA and visa-on-arrival countries)
EU Candidate Country: No
Formal Citizenship By Investment Program: Yes
Population: 84.98 million (2022)
Capital: Ankara
Local Time: (UTC+3)
Military Conscription – Male CBI Applicants: No (if you are older than 22)
Dual Citizenship Recognized: Yes
Currency: Turkish lira (TRY)
Tax System: Residency based
US E2 Treaty Signatory Country: Yes
This page frequently gets found for Google searches like Turkish Citizenship By Investment, Turkish CBI, Turkish Passport By Investment, etc.
WANT A STRONGER PASSPORT THAN THAT OF TURKEY?
Be sure to check out the Serbian Citizenship By Exception Program as well.
BENEFITS OF GETTING TURKISH CITIZENSHIP BY INVESTMENT
Why choose Turkey as part of your Plan B passport portfolio?
Exceptionally Attractive Lifestyle Destination
Boasting stunning scenery, a vibrant culture fusing East and West, as well as safety and exceptional affordability, Turkey (and especially Istanbul) ticks a lot of boxes.
Enjoy Visa-Free Access To 115 Countries Worldwide
While the Turkish passport does NOT give you visa-free access to the Schengen Area, it does offer visa-free access – or a visa on arrival – for 115 countries worldwide.
Short Minimum Capital Lockup Period (Just 3 Years)
Unlike in the Caribbean, you only need to hang on to your Turkish CBI property investment for a minimum of 3 years. This significantly reduces opportunity costs.
Excellent International Flight Connectivity
Numerous international airlines operate direct flights to Istanbul International Airport, including British Airways and American Airlines.
Excellent Political Hedge Jurisdiction
If the USA’s foreign policy direction is making you nervous, then Turkey – which enjoys great relations with Russia – can be a great “uncorrelated ” option.
Exceptionally Fast Application Process
Unlike in the Caribbean, where CBI applications can take up to 12 months, you can obtain your Turkish citizenship and passport in 6-8 months.
Turkish CBI Investment Options (2025)
Turkey’s Citizenship by Investment Program (TCIP) offers a dynamic range of investment opportunities, catering to diverse financial goals and risk appetites. Whether you’re looking to invest in thriving real estate markets, diversify your portfolio with government bonds, or inject capital into high-growth sectors, Turkey provides a wealth of options designed to meet your needs. Below, we break down the most attractive investment pathways to help you make an informed decision on securing a second passport.
Real Estate: $400,000
| Overview | Pros | Cons And Considerations |
|---|---|---|
|
For many Turkish CBI applicants, Turkish real estate is an obvious choice. You can buy residential, commercial, or even tourism-related properties, providing both security and the potential for meaningful returns (circa 5%). Properties must be held for at least three years, allowing you to capitalize on capital appreciation and rental yields – especially in popular tourism destinations like Istanbul, Bodrum and Antalya. |
High Potential Returns: Turkey’s property market has been bolstered by significant demand, driven by both domestic and international buyers.
Flexibility: You can purchase multiple properties, provided their combined value meets the $400,000 minimum threshold. Minimal Restrictions: Unlike many other programs, Turkey does not limit you to pre-approved developments; you can invest in any property on the open market that meets the valuation criteria. |
A key risk to guard against is paying too much for your property (prices for CBI related properties tend to be heavily inflated, price-wise).
Market conditions can also fluctuate, and additional costs like property taxes, maintenance, and management fees may affect your overall returns. |
Enterprise Investment (Can Be Your Own): $500,000
| Overview | Pros | Cons And Considerations |
|---|---|---|
|
This option allows you to invest a minimum of $500,000 in a Turkish company or venture, with a commitment period of three years. It’s a great route if you are interested in actively participating in Turkey’s economic growth, particularly in sectors like technology, manufacturing, or real estate development (and a bad option if you don’t). |
Economic Growth Participation: Take part in Turkey’s robust economic expansion and sectoral growth.
Diversification: Spread your investments across different sectors to balance risk and optimize returns. Government Incentives: Turkey offers various incentives and support programs for investors, especially in priority sectors. |
Market conditions can also fluctuate, and additional costs like property taxes, maintenance, and management fees may affect your overall returns. |
Bank Deposit: $500,000
| Overview | Pros | Cons And Considerations |
|---|---|---|
|
Secure your investment by depositing at least $500,000 in a Turkish bank. Your deposit must remain for a minimum of three years, offering a straightforward, low-risk option.
|
Stability: Your principal is secured in a regulated financial environment.
Interest Earnings: Benefit from interest on your deposit while meeting the citizenship requirements. Currency Hedge: Diversify your currency exposure by holding assets in Turkish lira or other available currencies. |
While secure, bank deposits may offer lower returns than other investment options, and there may be currency risks due to fluctuations in the Turkish lira. |
Government Bonds: $500,000
| Overview | Pros | Cons And Considerations |
|---|---|---|
|
A minimum investment of $500,000 in government bonds, held for three years, provides another secure option to acquire Turkish citizenship. These bonds are backed by the Turkish government, ensuring a reasonably high level of security.
|
Low Risk: Government-backed bonds provide a secure investment option with guaranteed returns.
Fixed Income: Enjoy predictable interest payments, ideal for conservative investors. Diverse Investment Choices: Options range across various maturities and bond types, tailored to your financial strategy. |
Returns may be modest compared to other options, so opportunity cost is a key consideration for this option. There is also still a risk of currency devaluation. |
Venture Capital Fund / Private Pension System: $500,000
| Overview | Pros | Cons And Considerations |
|---|---|---|
|
Invest at least $500,000 in a Turkish venture capital investment fund or contribute to a private pension system, with a minimum holding period of three years. This route is ideal for those looking to maximize growth potential over the long term, however it’s not what the majority of Turkish CBI applicants are looking for…
|
Portfolio Diversification: Gain exposure to innovative sectors like tech startups, green energy, or healthcare.
Long-Term Potential: Participate in high-growth opportunities that can deliver significant returns over time. |
Higher volatility and market risk compared to more traditional investment options.
Additionally, fees for management and fund participation can affect overall returns. |
Turkish Citizenship By Investment vs
Serbian Citizenship By Exception
| Key Program Aspects | Turkish Citizenship By Investment (CBI) Program | Serbian Discretionary Citizenship By Investment Program |
|---|---|---|
| Minimum Capital Requirement | $400,000+ | Highly discretionary minimum requirements (if serving as the basis for qualification at all) |
| Application Approving Entity | Applicable Ministry (differs based on type of investment) | Serbian Government, President, or Prime Minister |
| Current Application Process Duration | 7-8 months | 3-4 months |
| Local Language Proficiency Requirement | No | No |
| Minimum In-Country Presence Requirements | No | No |
| Non-Refundable Citizenship By Donation Option | No | Get in touch to learn more. |
| Full Citizenship Conferred | Yes | Yes |
| Names of new CBI citizens publicly published by host government | No | No |
| Dual Citizenship Status Recognized By Turkey? | Yes | Yes (Although only for Citizenship By Exception – NOT for regular naturalization applicants). |
Caveat Emptor…
If you’re going to be buying property in Turkey, you need to start channeling your inner Turk (i.e. get ready to haggle, and to play the sales negotiations like a competitive game).
Working with a trusted local real estate advisor is highly recommended to ensure you don’t get fleeced. The best value to be had in cities like Istanbul, Antalya, and Bodrum, does NOT come dressed up with slick English-language brochureware and websites.
And where new luxury property developments, priced at just over $400,000, are advertised in such a polished, digestible format, you should expect them to be far outside of high-demand central areas – and typically overpriced.
Buying a secondhand, “do-er upper” property in the right location can help you mitigate against the risk of overpaying, but again, you’d do well from consulting with a local area expert. Of course, foreign property renovation projects come with their own challenges, and especially if you will be overseeing the process remotely…
It’s worth noting that foreign ownership cannot exceed 10% of the total area of a particular district (ilçe). If foreign ownership in a particular district has already reached 10%, you may be restricted from buying property in that neighborhood.
Consult with a knowledgeable local area expert in this regard, and visit the official website of the General Directorate of Land Registry and Cadastre for more information and resources on this topic.
It is also worth considering the fact that Istanbul does experience the occasional earthquake. Statistically speaking, there are “safer” and “higher-risk” neighborhoods, and this aspect should factor into your overall due diligence process. (All property owners are required to take out earthquake insurance, but this type of risk cover tends to be very affordable.)
When it comes to the actual sales negotiations, the devil is also in the details.
For example: Stamp duty charges on your property will come in at around 4%. This is typically split between the buyer and seller – but not in every instance. And if it was not agreed to, you could find yourself being presented with a bill for the full cost…
It’s also worth noting that there are no capital gains in Turkey if you hang on to your property for more than 5 years. But if you were to sell after 3 years (i.e. once you’ve met the Turkish CBI program requirements), you will have to factor this in.
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Secure your Turkish Citizenship By Investment before the price increases and the rules get stricter in 2025. Properties priced from $400,000. Contact us to get started today.
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