Turkey: residency, citizenship, tax and living

Turkey lets you become a citizen by making an eligible investment in real estate, government bonds, qualifying investment funds, or a business. You can also place a deposit in a local bank and keep it there for three years. The process requires you to be a resident of Turkey when applying for citizenship, but it doesn’t require a minimum presence in the country.

The minimum investment for Turkish citizenship is a real estate investment of USD 400,000. Other eligible investment options, including bank deposits, government bonds, investment funds, and businesses, require you to invest at least USD 500,000. If you create a company that generates at least 50 jobs, however, the minimum investment requirement is waived.

The processing time for a CBI program application in Turkey is 4–8 months, which is the shortest time to get Turkish citizenship. The assessment only applies to well-prepared and managed applications. Any issues with your documents, misunderstanding of the application process, or criminal history issues flagged during due diligence can significantly prolong the process.

Turkey taxes its residents on their worldwide income at rates ranging from 15% to 40%. However, the country offers a 20-year tax holiday on foreign-sourced income to new residents. The exemption is only available to individuals who have not had residence income tax liability in the country in the three years preceding their first tax year under the regime.