Changes to the Turkish passport by investment program: increasing the minimum investment amount

This information is reported by the media, citing the General Directorate of Migration Management of Turkey. There is talk of increasing the minimum investment amount by 1.5 times: from $400,000 to $600,000. Usually, changes in the conditions of citizenship-by-investment programs do not apply retroactively. This means that until the end of December 2023, investors can still apply for a Turkish passport by purchasing real estate worth at least $400,000.

In October 2023, Turkey tightened the conditions of another investment program: the minimum property value for obtaining a residence permit increased from $75,000 to $200,000. It is still possible to obtain Turkish citizenship under the previous conditions. The minimum investment amount in real estate is $400,000, whereas $500,000 is the minimum threshold for investments in Turkish business, opening a deposit, purchasing government bonds, or shares in investment funds.

With a Turkish passport, investors can travel visa-free to 113 countries worldwide and obtain long-term visas to Schengen Agreement countries and the USA. The procedure for obtaining a Turkish passport usually takes 6 to 8 months.

If you were planning to obtain a second passport in Turkey under the old conditions, we invite you to discuss the details with the experts at Mercury Group.