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Burak Demirel is the Managing Director Private Clients of the Istanbul office at Henley & Partners.
Türkiye has made a remarkable ascent in the Henley Passport Index, climbing seven places since January to reach the 45th spot, with Turkish citizens enjoying visa-free access to 116 destinations. This rise in global mobility underscores the increasing attractiveness of Türkiye’s Citizenship by Investment Program, which offers a compelling opportunity for wealthy investors worldwide to expand their global reach, enhance their lifestyle, and gain access to a dynamic market. At the same time, wealthy Turkish investors are increasingly opting for investment migration programs to access opportunities in other parts of the world.
Türkiye’s Citizenship by Investment Program is among the top 10 countries that Henley & Partners has received applications for in 2024, ranking 8th globally. The interest of wealthy investors, especially from Asia and parts of Europe, continues to rise, with Türkiye their option of choice for a range of reasons, from business opportunities to better living standards and access to private healthcare services and education. Since attracting foreign investment is a vital factor in improving the local economy, Türkiye is expected to offer more incentives and opportunities to encourage new investors soon.
The Türkiye Citizenship by Investment Program is designed to attract high-caliber individuals and quality investments, offering several pathways to citizenship, primarily through real estate investment with a minimum value of USD 400,000. Alternatively, investors can make a capital investment of USD 500,000, deposit the same amount in a Turkish bank, commit a minimum USD 500,000 in government bonds, real estate investment fund share or venture capital investment fund share, or create 50 jobs for Turkish citizens. The application process is efficient, typically taking three to five months, and does not require applicants to reside in Türkiye. Additionally, the program allows for dual citizenship, enabling investors to retain their original nationality while enjoying the benefits of Turkish citizenship.
Investing in Türkiye offers a range of economic benefits. The country boasts a dynamic and diverse economy, ranking as the 17th largest in the world by GDP. Türkiye’s strategic location at the crossroads of Europe and Asia enhances trade and investment opportunities, serving as a gateway to key markets in both regions.
Despite global uncertainties, Türkiye has demonstrated resilience and adaptability with steady economic growth. The government has implemented a series of economic reforms aimed at improving the business environment, reducing bureaucracy, and fostering innovation. These efforts have attracted substantial foreign direct investment, contributing to the country’s economic stability and growth prospects.
One of the most attractive aspects of the Türkiye Citizenship by Investment Program is the opportunity to invest in the country’s thriving real estate sector. Türkiye offers a diverse range of properties, from luxurious villas on the Mediterranean coast to modern apartments in bustling cities such as Istanbul and Ankara. The Turkish real estate market has shown remarkable growth over the past decade, driven by strong demand from both domestic and international buyers. Property values have appreciated significantly, providing investors with excellent potential for capital gains. Additionally, the government offers various incentives for property investors, including tax breaks.
Investing in Turkish real estate not only secures a valuable asset but also opens the door to Turkish citizenship, offering enhanced global mobility and a range of lifestyle benefits.
Türkiye’s healthcare system is another compelling reason for investors to consider the Türkiye Citizenship by Investment Program. The country has made substantial investments in its healthcare infrastructure, resulting in a high standard of medical services. Türkiye is home to numerous state-of-the-art hospitals and clinics, many of which are internationally accredited. Healthcare in Türkiye is both accessible and affordable, with costs significantly lower than in many Western countries. This makes it an attractive destination for medical tourism, with patients from around the world seeking high-quality treatments at competitive prices. As Turkish citizens, investors and their families can enjoy comprehensive healthcare services, contributing to their overall well-being and quality of life.
Türkiye’s education system is another pillar of its appeal. The country offers a wide range of educational opportunities, from primary and secondary schools to universities and vocational institutions. Turkish universities are gaining international recognition for their academic excellence, with several institutions ranked among the top universities globally. Education in Türkiye is accessible and affordable, with a strong emphasis on science, technology, engineering, and mathematics (STEM) fields. The country also offers numerous international schools, providing high-quality education in various languages and curricula, catering to the needs of expatriate families.
By investing in Türkiye and obtaining citizenship, investors can ensure that their children have access to quality education, setting the foundation for their future success.
As Türkiye continues to improve its standing on the Henley Passport Index, Turkish citizens enjoy visa-free or visa-on-arrival access to a growing number of destinations. This increased mobility facilitates international travel for business, leisure, and education, offering greater flexibility and convenience for global investors. Moreover, Türkiye’s ongoing negotiations for visa-free travel to the European Union could further enhance the value of Turkish citizenship in future. This potential development underscores Türkiye's commitment to expanding its global connections and providing its citizens with unparalleled travel opportunities.
While Türkiye attracts wealthy investors from around the globe, there is a growing trend of affluent Turkish citizens using investment migration to access opportunities elsewhere. Turkish businesspeople and high-net-worth individuals are increasingly looking to diversify their domiciles, seeking residence and citizenship options through investment to gain access to new markets and ensure economic stability amid global uncertainties. This trend reflects a strategic move to leverage global mobility for business expansion and personal security, highlighting the broader appeal of investment migration programs.
Interest has increased steadily over the last five years. After a 20% increase in enquiries Henley & Partners received from Turkish investors in 2020, there was a striking increase of 147% in 2021, and this rate remained at the same high level in 2022. Last year was a record year, with enquiries by Turkish citizens increasing by 136%. In in terms of applications by Turkish investors, after an increase of 53% observed in 2022, additional growth of 39% was recorded last year, which was also the highest on record.
The residence programs receiving the most enquiries from Turkish citizens in 2024 are the Greece Golden Visa Program, the Latvia Residence by Investment Program, and the Portugal Golden Residence Permit Program, while the St. Lucia Citizenship by Investment Program was the citizenship program with the highest number of enquiries. There is also a great deal of interest in Italy, Spain, and Malta, which allows for the granting of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the country’s economic development.
Last year, the most popular programs among Turkish investors in terms of applications were the Antigua and Barbuda Citizenship by Investment Program and the Portugal Golden Residence Permit Program, followed by the St. Lucia Citizenship by Investment Program and the Greece Golden Visa Program.
Türkiye’s Citizenship by Investment Program offers a unique and compelling opportunity for wealthy investors to enhance their global mobility and secure a valuable second citizenship. With its dynamic economy, thriving real estate market, world-class healthcare system, and quality education institutions, Türkiye presents a well-rounded investment destination. As the country continues to climb the Henley Passport Index, the benefits of Turkish citizenship are only set to increase, making now the ideal time for discerning investors to explore this attractive program. Similarly, there are many investment migration options for affluent Turkish investors to expand their global footprints.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
