Turkey has the world’s 17th-largest nominal GDP and 13th-largest GDP by PPP and is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995,
Turkey is also a part of the EU Customs Union.
Turkey is in negotiations for EU membership and is not a part of Schengen area. Turkey has been an applicant to accede to the EU since 1987, but since 2016, accession negotiations have stalled.
Citizenship by Investment
Turkish citizenship program was launched in 2017 and the government reduced the required investment by 50% in 2018
Foreign investors qualify for Golden visa or Citizenship in Turkey under a new citizenship by investment scheme. Residence permit is issued to foreigners who own real estate in Turkey or will establish a business or commercial connections in Turkey
As per the new regulations published in the Official Gazette , foreigners who meet any of the following conditions may be eligible for Turkish citizenship, subject to the proposal of the Ministry and the decision of the Council of Ministers. The following investments qualify for citizenship or residence in Turkey.
- USD 250,000 real estate property ownership in Turkey (cannot sell for 3 years)
- USD 500,000 venture capital or enterprise investment in Turkish businesses
- USD 500,000 in Turkish government bonds (refunded fully after 3 years)
- USD 500,000 bank deposit in a Turkish bank.
Turkish Citizenship is immediately possible for investment within 3-6 months after making the investment.
As of 2019, there have been close to 10,000 citizenships granted through investments. Top investors in the scheme include Iraq, Afghanistan, Saudi Arabia etc.
Dual citizenship is allowed in Turkey