By Bayat Group
Türkiye has granted approximately 40,000 passports through its Citizenship by Investment (CBI) program, attracting over $15 billion in foreign investments. Former Interior Minister Süleyman Soylu, in a recent interview with Turkish media, underscored the program’s role in driving foreign capital and strengthening Türkiye’s global economic ties. He also addressed criticisms, highlighting the initiative’s transformative impact on the nation’s economy.
Launched in 2017, Türkiye’s CBI program enables foreigners to obtain Turkish citizenship through significant investments. These include purchasing real estate worth at least $400,000 or investing in avenues such as creating 50 jobs, making fixed capital transfers, depositing funds in Turkish banks, purchasing government bonds, or committing to private pension systems. The minimum investment requirement for these options is $500,000, and investments must be held for at least three years.
The program’s appeal lies in its numerous benefits, including visa-free travel to over 110 countries, access to Türkiye’s healthcare and education systems, and opportunities in one of the world’s fastest-growing economies. Speaking to Duvar English, Soylu noted that the program not only generates immediate economic gains but also attracts skilled professionals and entrepreneurs, fostering long-term growth. He emphasized its positive impact on stabilizing the Turkish lira and boosting the construction and real estate sectors. Additionally, the program positions Türkiye as a strategic hub bridging Europe and Asia, offering investors proximity to key global markets.
Since its inception, the program has drawn applicants worldwide, with real estate investment being the most popular option. Many investors have purchased properties in Türkiye’s vibrant cities and picturesque coastal regions.
According to the Turkish media outlet Cumhuriyet, 384,519 houses were sold to foreigners between May 2012—when restrictions on foreign property purchases were lifted—and February 2024. The peak year was 2022, with 67,940 units sold, compared to 58,576 in 2021. However, sales to foreigners dropped sharply in 2023 to 35,000 units. The share of foreign buyers in total housing sales also declined, from 4.5 percent in 2022 to 2.9 percent in 2023.
This decline is attributed to rising property prices in dollar terms, earthquake risks, and higher thresholds for citizenship and residence permits. Many foreigners who secured citizenship after the three-year holding period are now selling their properties, often at significantly higher prices. Since 2019, Russians (39,172 houses), Iranians (35,573 houses), and Iraqis (31,319 houses) have been the leading foreign buyers. Between 2018 and 2021, 19,630 foreigners obtained citizenship through real estate purchases, involving 30,358 property transactions. This influx of foreign capital has not only bolstered the real estate market but also contributed significantly to the overall economy.
Despite its successes, the Turkish CBI program has faced allegations of misuse, with claims that individuals with criminal backgrounds or international warrants have sought Turkish citizenship. Soylu has strongly denied these allegations, asserting that Turkish law prohibits individuals with Interpol red notices or criminal records from obtaining citizenship. He highlighted the program’s rigorous vetting processes, which include comprehensive background checks to ensure integrity. Soylu assured the public that no criminal figures have been granted citizenship, reaffirming the program’s commitment to high standards and national security.
The achievements of Türkiye’s CBI program have far-reaching implications for the country’s economy and international standing. The $15 billion in investments has significantly boosted sectors such as real estate, construction, and tourism.
As Türkiye continues to address economic challenges, the CBI program remains a critical tool for attracting foreign investment and fostering growth. Its success highlights the importance of strategic initiatives in enhancing the country’s global economic position.
Moving forward, maintaining the program’s credibility will be essential. Rigorous vetting processes and adherence to high standards are crucial to preventing misuse and ensuring long-term success. By attracting genuine investors while safeguarding national security, Türkiye’s economic citizenship program can sustain its momentum and contribute to enduring economic prosperity.
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