Turkey: Citizenship by Investment that can pay off (CBI)

In recent years, citizenship by investment has developed a reputation as a “convenient” product for people who want to pay and move on. The pitch is simple: contribute to a state fund—and receive a passport, with little clarity about what, exactly, you are buying.

Turkey works differently. Here, the model is not just about non-refundable contributions or an abstract “mobility fee.”

Since the launch of the Turkish Citizenship by Investment (CBI) program in 2017, Turkey has issued passports to more than 50,000 foreign applicants. No other CBI program in the world has shown a comparable scale of approvals. This momentum is not only the result of marketing—it reflects structural features of the market itself.

The program’s main investment channel is real estate. Turkey’s real estate market is known for strong liquidity, transparent transaction data, and active deal flow. All of this takes place within a G20 economy with GDP of over $1.1 trillion.

That’s why, when purchasing property in Istanbul to obtain Turkish citizenship, you are not really “making a contribution.” You are making an acquisition—and from there, the logic of an investment portfolio takes over.

Why Turkey’s CBI program became a leader

The program’s start in 2017 came with an entry threshold of about $1 million, so interest was limited. In 2018, the government reduced the minimum requirement to $250,000, and applications surged. In 2022, the threshold was raised to $400,000, but demand did not disappear: the program continues to be processed faster and at larger volumes than most comparable direct citizenship solutions.

The mechanics are straightforward. An investor buys a property that meets the program conditions for at least $400,000, holds the property for 3 years, and then receives full Turkish citizenship for the main applicant, their spouse/partner, and dependent children under 18.

Government fees are relatively modest. The application fee is around 5,000 Turkish lira—small compared to the overall investment. Processing typically takes 6–8 months. For foreign buyers purchasing for the first time and paying the purchase price in a foreign currency, VAT exemption applies.

Another advantage is the absence of a residency requirement. Before status is granted—and during the period afterward—the investor does not need to actually live in Turkey. It’s enough to make 1–2 trips to Istanbul for biometrics. The passport is issued without any obligation to stay overnight in the country.

At the same time, many investors who truly understand Istanbul’s nuances reach an unexpected conclusion: real estate can be appealing not only as a “passport tool.”

Istanbul real estate: the numbers behind the pay-off logic

As of Q1 2026, the average gross rental yield across Turkey is 7.32%. In premium neighborhoods, results can be higher—especially when you factor in asset price appreciation.

Price growth in Istanbul averaged roughly 30% per year in nominal terms until mid-2025. In some areas, growth reached 35–45% over the same period. At the same time, rents in central locations increased as well—within certain segments, rent growth could reach 200% over the last two years.

Part of the acceleration can be explained by changes in rental regulations. In July 2024, the 25%-per-year cap on rent increases—previously used to limit landlords when shifting toward market rates—was removed. Now, Istanbul landlords set prices based on current demand and conditions, and demand in the best areas of the city remains extremely strong.

Istanbul is a megacity of around 17 million people that welcomed more than 17 million tourists in 2024. The population continues to grow, and high-quality housing supply in central zones is limited—there is genuinely little land available for new construction there.

Which Istanbul districts offer the best risk–return mix

Not all real estate in Istanbul performs equally well. The gap between an “average” CBI investment story and a strong one usually comes down to where exactly you buy.

Levent and Maslak are Istanbul’s main business hub on the European side. Here you’ll find Turkey’s largest financial institutions, international companies, and professional services. In 2024, office rents in Levent reached about $42 per sq. m per month (the city’s peak), while in Maslak it was around $30. Office vacancy in this corridor fell to 10.9% in Q1 2024—the lowest level since 2021. For residential property, a similar logic applies: apartments that are well located and priced correctly are typically rented out within 1–3 weeks year-round.

Şişli connects the Levent business corridor with Taksim and the city’s cultural core. Nişantaşı within Şişli was valued at roughly €4,500 per sq. m in 2025 (plus about 10% year-on-year). Rentals are often set in USD, and tenants tend to view the address as part of their lifestyle. In this segment, short-term rentals (e.g., Airbnb) are especially strong thanks to proximity to a premium retail strip and a steady base of affluent local residents.

Kadıköy (the Asian side) has become one of the most attractive addresses in the last decade. Average monthly rent there is about 53,000 Turkish lira, the second-highest figure among all Istanbul districts. Sub-areas like Moda and Fenerbahçe are among the most in-demand rental zones. Demand is driven by lifestyle factors, proximity to the Bosphorus, and transport accessibility (including via Marmaray). Even during seasonal slowdowns, vacancy remains low.

It’s important to understand this: the investor is not choosing a “district for a passport.” They are choosing a portfolio scenario where the passport is the accompanying outcome.

A citizenship that can feel “almost free”—when the math is right

This is the part of the Turkey program that is rarely explained in simple terms: it requires math, not marketing promises.

Consider a scenario: buying Istanbul real estate for $400,000 in an area with steady demand. With a conservative gross rental yield of 5%, the property produces about $20,000 per year—or roughly $60,000 over the three-year holding period. If you also factor in asset appreciation—say 10% per year when translated with USD assumptions—then the potential increase in property value over the same three years could be around $130,000.

In the third year, the investor sells the property. If the asset has truly appreciated and rental income was received, the total result may cover (and in successful cases, exceed) what “buying a passport” usually costs in donor-style CBI programs. Government fees are, in essence, a rounding adjustment. Legal costs are also typically not enough to break the overall calculation. In the best scenarios—when strategy and property management are done correctly—net citizenship costs may approach zero.

This is not a slogan. It’s arithmetic applied to Istanbul’s market and a 3-year holding horizon.

The key condition is the right asset. Most investors coming from abroad do not see the difference between a successful asset in Levent and a peripheral development that can remain half-empty for a long time. This becomes clear to those who have observed market cycles, understand where structural demand is supported, and can distinguish projects with strong management from development cases with delivery risk.

That’s where legal and advisory support typically becomes less of an “option” and more a source of real value.

What you get in the end: a passport, access, and international mobility

A Turkish passport enables visa-free entry or entry on arrival to more than 110 countries. Turkey is a NATO member and also an E-2 participating country for the United States (a dedicated route for CBI investors is available after three years of residency in Turkey). By the size of its economy, Turkey ranks 17th in the world. The country’s airports connect major global hubs directly.

Turkey is livable by international standards: private education, modern clinics, Mediterranean and Aegean coastlines, and a cost level that allows foreign income to “work” more efficiently than in many other G20 countries.

And for investors who truly spend time in the city, Istanbul is one of those megacities that rarely disappoints: layered history, a strong food culture, and visual diversity that is hard to find in cities of a comparable scale.

For families, there’s an additional point: citizenship can be granted for children born after naturalization. A decision made today shapes the family’s documentation position for years to come.

The role of a consultant: why the process needs ongoing control

Over the years, Turkey’s program has become more procedurally demanding. For example, biometrics now requires the personal presence of the main applicant and the spouse/partner. In 2024, government oversight of property valuations was introduced. The rules have also been updated multiple times regarding which properties qualify, how the purchase must be structured, and which documents prove due diligence.

Ketenci & Ketenci is an international law firm based in Istanbul, specializing in the Turkish Citizenship by Investment program and cross-border investment migration.

Since the program launched in 2017, the firm has supported and represented more than 1,000 investors and their families from the CIS, the Middle East, Asia, Europe, and North America—through the entire journey: from asset checks and deal structuring to legal representation and passport issuance.

The firm’s approach is based on the belief that “citizenship decisions” and “asset selection decisions” cannot be separated. Any advisory support is built around regulatory compliance, the investment logic of the asset, and the client’s long-term positioning—not just how to pass the application process. In a market where choosing the wrong property can create real financial consequences, this distinction is critical.

Choose support that understands the market

Investors who get the most value from Turkey’s CBI program typically treat real estate selection with the same seriousness as the citizenship decision itself—because in practice, it’s the same decision.

Identifying the right asset in the right district, structuring the transaction correctly in terms of title and ownership documents, and planning for ongoing ownership—this is what separates an investment that truly “works” from a scenario that only formally meets the requirements.

To learn more, contact Ketenci & Ketenci through the firm’s website.

If you’re considering Turkey’s Citizenship by Investment (CBI), it’s crucial to look beyond the price tag and understand how the selected asset may function within an investment portfolio—through liquidity and a clearer path to value. At Digital Nomad, we help you assess the program requirements, choose the right approach for your goals, and build a strategy that feels truly grounded. Learn more: https://digital-nomad.gr/en/goldenvisa.

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