Turkey: Eurasian Powerhouse with Accessible Citizenship Program

Turkey, strategically positioned at the crossroads of Europe and Asia, offers one of the most accessible citizenship-by-investment programs among major economies. With a population exceeding 85 million and membership in the EU Customs Union, Turkey combines substantial domestic market with favorable access to European trade.

Living in Turkey

Turkey offers diverse living options from cosmopolitan Istanbul to Mediterranean coastal cities like Antalya and Bodrum. Turkish is the official language, though English is common in business and tourist areas. The country provides high-quality private healthcare at competitive prices, making it a medical tourism destination.

The cost of living is significantly lower than Western Europe while maintaining modern infrastructure and services. Istanbul offers world-class dining, culture, and international schools. The Aegean and Mediterranean coasts attract retirees and remote workers seeking quality lifestyle at affordable prices.

Climate varies dramatically from Mediterranean shores to continental highlands. Safety is generally good, with standard precautions in urban areas. The large expatriate community, particularly British and German, ensures support networks and familiar services.

Doing Business in Turkey

Corporate tax stands at 25% with various incentives for technology, export, and regional development. The Turkish Lira (TRY) has experienced significant volatility, affecting business planning and requiring careful currency management. Turkey is not an EU member but participates in the EU Customs Union for manufactured goods.

The country offers over 80 double tax treaties. Special economic zones and technology development regions provide tax incentives. The large domestic market supports businesses targeting Turkish consumers, while the customs union facilitates European trade.

Company Formation and Registration

Company registration through the Trade Registry typically takes 1-2 weeks. Key features include:

• Limited liability company (Ltd. Şti.) minimum capital: 50,000 TRY
• Joint stock company (A.Ş.) minimum capital: 50,000 TRY (250,000 TRY for certain activities)
• No local director requirement
• 100% foreign ownership permitted
• Nominee arrangements not allowed
• Public company registry
• UBO disclosure required

Annual requirements include audited financial statements and regular tax filings. Local bookkeeping in Turkish required.

Crypto License Opportunities

Turkey introduced comprehensive crypto regulation in 2024 through the Capital Markets Board (CMB/SPK). The framework requires:

• 100 million TRY minimum share capital
• Local physical office in Turkey
• CEO and compliance officers meeting fit and proper requirements
• Quarterly financial and compliance reporting
• FATF Travel Rule compliance

The framework covers exchanges, custody, wallet services, and transfer services. Cross-border services are restricted, focusing on the large domestic market.

Gambling License Framework

Gambling is effectively prohibited in Turkey. Private casinos were banned in 1998, and online gambling is illegal. Only state-operated sports betting (Spor Toto) and national lottery (İddaa) are permitted. There is no licensing framework for private gambling operators.

Citizenship by Investment

Turkey's Citizenship by Investment program, reformed in 2022, offers multiple pathways to Turkish citizenship:

Real Estate Investment: Minimum USD 400,000 in real estate (increased from USD 250,000 in 2022), held for a minimum of 3 years. Properties must be purchased from Turkish citizens or Turkish companies.

Bank Deposit: USD 500,000 fixed deposit in a Turkish bank for a minimum of 3 years.

Capital Investment: USD 500,000 investment in fixed capital contribution to a Turkish company.

Government Bonds: USD 500,000 in Turkish government bonds held for a minimum of 3 years.

Employment Creation: Establish a business employing at least 50 Turkish citizens.

Processing Time: 3-6 months is typical, among the fastest for citizenship programs globally.

Family Inclusion: Spouse and children under 18 are included at no additional investment cost.

Turkish citizenship provides:

• Visa-free or visa-on-arrival access to 110+ countries including Japan, Singapore, and most of South America
• Right to live and work in Turkey indefinitely
• Access to the E-2 Treaty with the United States (allowing US investor visa applications)
• Potential future EU membership benefits (ongoing accession process)
• No requirement to reside in Turkey after obtaining citizenship
• Dual citizenship permitted

Turkey does not publish names of naturalized citizens, providing privacy. The program has been popular with Middle Eastern, Central Asian, and Chinese investors seeking global mobility and access to Turkish markets.

Considerations

Currency volatility presents significant business risk, with the Turkish Lira experiencing substantial depreciation. Economic policy unpredictability affects long-term planning. The banking sector applies enhanced scrutiny to cryptocurrency and gaming-related businesses (despite gambling being prohibited).

Turkey's geopolitical position creates both opportunities and risks. Ongoing EU accession negotiations have stalled, but customs union membership provides trade benefits. The large domestic market offers significant opportunities for consumer-facing businesses.

Turkey suits entrepreneurs targeting the large domestic market, real estate investors seeking citizenship, businesses leveraging the EU customs union, and individuals seeking an E-2 treaty pathway to US investor visas.