Golden Visa – Turkey Golden Visa

1. What is a Golden Visa?


A Golden Visa is a type of residency permit that allows individuals to live and work in a foreign country in exchange for a significant investment in that country. It is typically used as an incentive for wealthy individuals to invest in countries and contribute to their economies, while also gaining the benefits of residency in that country. Golden Visas are most commonly offered by European countries, such as Portugal, Spain, and Greece, but they are also available in other countries such as the United States and Canada.

2. What are the benefits of obtaining a Golden Visa?


Some potential benefits of obtaining a Golden Visa include:

1. Residency status in a foreign country: The main benefit of a Golden Visa is that it allows the holder to reside legally in the country where they obtain it. This can provide opportunities for personal, professional, and educational growth.

2. Freedom of movement within the Schengen Area: Many Golden Visas are issued by countries in the Schengen Area, allowing visa holders to travel freely within this region without additional visa requirements.

3. Path to citizenship: In some cases, a Golden Visa can also be a pathway to obtaining permanent residency or even citizenship in the issuing country. This can offer greater long-term security and options for international travel.

4. Tax advantages: Some Golden Visas may come with tax incentives, such as lower income tax rates for residents or favorable tax treatment for business investments.

5. Business and investment opportunities: Many Golden Visa programs require applicants to make certain investments in the issuing country’s economy, which can potentially create business and investment opportunities for them.

6. Education access: Holding a Golden Visa may also make it easier for children of visa holders to attend schools and universities in the issuing country, opening up educational opportunities that may not be available in their home country.

7. Family reunification: Depending on the specific program, some Golden Visas allow family members (such as spouses and children) to join the primary visa holder in their new country of residence.

8. Lifestyle benefits: Living in a new country can provide an opportunity for individuals and families to experience different cultures, languages, and ways of life, enriching their overall quality of life.

3. Who is eligible for a Golden Visa?


Each country has its own specific requirements for eligibility for a Golden Visa. However, some common criteria may include having a certain level of income or wealth, investing in the country’s economy or real estate market, and maintaining a good character and clean criminal record.

Some countries also offer Golden Visas for entrepreneurs, skilled workers, and investors who can contribute to their innovation and economic development. Additionally, some countries offer special programs for retirees or individuals looking to relocate their business to the country.

It is important to research the specific requirements and criteria for eligibility in each country that offers a Golden Visa program.

4. Can I apply for a Golden Visa if I am not from Turkey?

No, the Golden Visa program is only open to individuals who are citizens of Turkey.

5. How long does it take to obtain a Golden Visa in Turkey?


The process to obtain a Golden Visa in Turkey can take anywhere from 3-6 months, depending on the efficiency of the application and any additional requirements that need to be met. It is recommended to consult with a lawyer experienced in Golden Visa applications to ensure a smooth and timely process.

6. What are the requirements for obtaining a Golden Visa in Turkey?


The Golden Visa program in Turkey is known as the Citizenship by Investment Program (CIP). The main requirements for obtaining a Golden Visa in Turkey are:

1. Property purchase: The applicant must purchase at least $250,000 worth of real estate in Turkey.

2. Investment in business: The applicant must invest at least $500,000 in a Turkish business or create at least 50 jobs.

3. Bank deposit: The applicant must make a bank deposit of at least $500,000 in a Turkish bank for three years.

4. Government bonds: The applicant can also invest $500,000 or more in government-issued bonds with the condition of not selling them for three years.

5. No criminal record: The applicant and their family members should have no criminal record.

6. Health insurance: The applicant and their family members should have valid health insurance that covers Turkey.

7. Residence requirement: After obtaining the initial residence permit, the applicant must reside in Turkey for an average of 183 days per year for three years before applying for citizenship.

8. Ability to support oneself financially: The applicant must have sufficient funds to support themselves and their family without needing employment or assistance from the Turkish government.

9. Proof of source of funds: The applicant must provide proof of how they obtained the required investment funds, such as bank statements or business documents.

10. Language requirement: Applicants are not required to have a basic knowledge of Turkish; however, they may be asked to attend an interview with an immigration officer where they will be tested on their understanding of Turkish culture and society.

7. Can I work in Turkey with a Golden Visa?

The Golden Visa does not grant you the right to work in Turkey. It is designed for individuals who wish to invest and reside in the country, but it does not provide a work permit. If you wish to work in Turkey, you will need to obtain a separate work visa or permit from the Turkish government.

8. Is there an age requirement for obtaining a Golden Visa in Turkey?


Yes, applicants must be at least 18 years old to apply for a Golden Visa in Turkey.

9. Can I bring my family with me on my Golden Visa?


Yes, you can bring your immediate family members (spouse/partner and children under 18) with you on your Golden Visa. They will also be eligible to apply for their own Golden Visas under the main applicant’s investment.

10. What type of investments qualify for a Turkish Golden Visa?


According to the Turkish government, the following types of investments qualify for a Turkish Golden Visa:
1. Real estate investment: Investing at least $250,000 in real estate such as residential or commercial properties.
2. Capital investment: Investing at least $500,000 in a fixed capital such as starting a business or buying shares in an existing company.
3. Government bonds: Buying at least $500,000 worth of government bonds and keeping them for at least three years.
4. Bank deposit: Depositing at least $500,000 in a Turkish bank account and holding it for three years.
5. Job creation: Creating 50 jobs in Turkey or hiring 10 Turkish citizens at your company.
6. Venture capital investment: Investing at least $500,000 in a venture capital fund that invests in Turkey.
7. Energy projects: Making a minimum $500,000 contribution to an energy project approved by the Ministry of Industry and Technology.
8. Public debt instruments: Investing at least $500,000 in public debt instruments such as equities issued by the Treasury.

It is important to note that the specific requirements and eligibility criteria may vary from case to case and it is best to consult with a professional immigration advisor or lawyer for specific information on qualifying investments for a Turkish Golden Visa.

11. Are there any restrictions on purchasing property under the Turkish Golden Visa program?


No, there are no restrictions on foreign citizens purchasing property under the Turkish Golden Visa program. However, applicants must meet all other eligibility requirements, such as having a clean criminal record and sufficient financial resources. Additionally, non-Turkish citizens can only purchase up to 30 hectares of land in Turkey without prior approval from the Turkish military authorities.

12. How much money do I need to invest to be eligible for a Turkish Golden Visa?


There is no specific amount of money required to invest in order to be eligible for a Turkish Golden Visa. The program allows for various types of investments, including real estate, capital investments, and setting up a business in Turkey. The minimum investment amount varies depending on the type of investment chosen. For example, the minimum real estate investment required is USD250,000. It is recommended to consult with a legal professional for a detailed understanding of the investment requirements and process.

13. How long is the validity period of the Turkish Golden Visa?


The Turkish Golden Visa is valid for an initial period of one year and can be renewed annually as long as the applicant continues to meet the requirements.

14. Is it possible to renew my Turkish Golden Visa after its expiration?


Yes, it is possible to renew your Turkish Golden Visa after its expiration. You will need to submit a new application and meet the eligibility criteria for renewal. The renewal process may vary slightly from the initial application process, so it would be best to consult with a professional immigration lawyer for guidance.

15.Am I allowed to travel outside Turkey with my Turkish Golden Visa?


Yes, you are allowed to travel outside Turkey with your Turkish Golden Visa. The visa allows you multiple entries into Turkey for a period of up to five years, which means you are free to leave and re-enter the country as many times as you wish during that time. However, keep in mind that the total amount of time spent outside of Turkey cannot exceed 180 days within any given year. Also, make sure to check the visa requirements for the country you plan to visit as they may vary for Turkish citizens or residents.

16.Are there any limitations on how many times I can enter and exit Turkey with my Turkish Golden Visa?


There are no limitations on how many times you can enter and exit Turkey with a Turkish Golden Visa. As long as your visa is valid, you can freely travel in and out of the country multiple times. However, it is important to note that the maximum stay allowed per visit with a tourist visa is 90 days within a 180-day period. For longer stays, you may need to apply for a residence permit.

17.Can I apply for citizenship in Turkey through the Turkish Golden Visa program?

Yes, the Turkish Golden Visa program offers a path to citizenship for foreign investors. After holding a residence permit for at least 5 years, investors can apply for Turkish citizenship and obtain a Turkish passport. This process typically takes around 3-6 months.

18.How does the healthcare system work for holders of a Turkish Golden Visa?

Holders of a Turkish Golden Visa have access to the same healthcare system as Turkish citizens. This includes government-run hospitals and clinics as well as private healthcare facilities.

To access healthcare services, Golden Visa holders will usually need to register with the Social Security Institution (SGK) and pay monthly contributions based on their income level.

Alternatively, holders of Golden Visas can also opt for private health insurance in Turkey which may offer more comprehensive coverage. There are many international health insurance companies operating in Turkey that offer tailored plans for visa holders.

Overall, the healthcare system in Turkey is considered to be of high quality and affordable compared to other developed countries. It is recommended that Golden Visa holders research and familiarize themselves with the different options available to them for healthcare coverage.

19.What are the tax implications of holding a Turkish Golden Visa?


As a language model AI, I don’t have personal experience or knowledge but here are some possible implications:

1. Residence Permit Fee: As a holder of the Turkish Golden Visa, you will be required to pay an annual residence permit fee. The amount varies depending on the duration of your residence permit.

2. Tax Residency: Holding a Turkish Golden Visa can potentially make you eligible for tax residency in Turkey. This means you may be subject to Turkish income tax on your global income.

3. Taxable Income: If you become a tax resident in Turkey, all of your income – both domestic and foreign – will be assessed for Turkish income tax purposes.

4. Double Taxation Agreements: Turkey has signed double taxation agreements with many countries to avoid double taxation for individuals who have taxable income in more than one country. These agreements usually provide relief from paying taxes twice on the same income.

5. Foreign Sourced Income: If you become a tax resident in Turkey, any foreign-sourced income may also be subject to Turkish taxation. This includes rental income or capital gains from properties located outside of Turkey.

6. Investment Income: Any investment income earned in Turkey, such as dividends or interest, may also be subject to taxation.

7. Inheritance and Gift Taxes: As a Golden Visa holder, if you inherit property or receive gifts from family members located outside of Turkey, it may also be subject to inheritance or gift taxes.

8. Wealth Tax: Non-residents who own real estate in Turkey are subject to wealth tax at a rate of 0.2%. However, this is waived for non-residents who hold the Turkish Golden Visa.

It’s important to note that the tax implications may vary depending on individual circumstances and should be discussed with a financial advisor or tax professional before obtaining a Turkish Golden Visa.

20.How can I find out more information about applying for a Turkish G

To find more information about applying for a Turkish G visa, you can visit the official website of the Turkish Embassy or Consulate in your country. You can also contact them directly by phone or email to ask any specific questions you may have. Additionally, there are many online resources and forums that provide helpful tips and information about the Turkish visa application process. It is also recommended to consult with a travel agent or immigration lawyer who specializes in Turkish visas for personalized guidance and assistance.