The Turkish government has made some moves to boost investment in the economy and according to new regulations, foreigners can become Turkish citizens;
- if they own property worth $250,000 for three years, down from $1 million previously, or
- if they hold $500,000 of Turkish government bonds for three years, down from $3 million previously.
It is expected that the reduction of the minimum limit to invest for Turkish citizenship shall result in the doubling of property sales. Foreign investors purchased properties worth $4.6 billion in 2017, with the majority from Iraq, Saudi Arabia, Kuwait and Russia. With the introduction of these incentives to become Turkish citizen this figure can reach $10 billion.
Owning real estate is not the only way leading to Turkish citizenship. An foreign investor can also make a bank deposit of $500,000 (for at least 3 years) or buy fixed income assets (eg. government bonds) worth $500,000 (to be kept for a min of 3 years) to obtain a Turkish passport.
How Valuable is a Turkish Passport?
Despite what people may think Turkish passport is actually quite strong when it comes international travel. Let's first start with the disadvantages. You still require a visa to travel to Schengen region or EU. But you can still travel to Serbia, Bosnia, Macedonia, Montenegro, Moldova, Ukraine and Georgia without a visa. Also, you would need a visa if you want to go to USA, Canada, Australia or New Zealand.
But apart from these there is a long list of countries where you can travel visa-free with a Turkish passport. For example you can travel to almost every single country in Central America and South America with a Turkish passport without a visa. Moreover, in Asia, Thailand, Indonesia, Malaysia, Myanmar (e-visa), Cambodia (visa on arrival), Philippines, South Korea and Japan are among the countries where you can also travel visa-free.
If you are planning to travel to the Caribbean then Turkish citizenship will be very handy because you can also travel to several Caribbean countries without a visa. Some of the countries that don't require a visa on a Turkish passport are Jamaica, Bahamas, Barbados, Dominican Republic, and Trinidad&Tobago.
Russia will soon join this list of countries where people who obtained Turkish citizenship can travel visa-free.