Turkey Country Profile

Passport Ranking
Passport Score
Visa-free Countries
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Capital City

Largest City
Turkish lira

Turkish, Kurdish
84.7 million

Life Expectancy
76.2 years
GDP (nominal)
$853.5 billion

Cost of Living
English Proficiency
Dirt-cheap (1/7)
Very comfortable (1/5)
Safe (3/7)
Polluted (4/5)
Low (4/5)

Taxation Type: Residence-based

Sovereign Research's take:

At Sovereign Research, we are avid students of history. And it's hard to find a country on the planet where every stone is imbued with more history than in Turkey. 

Istanbul in particular, is a magnificent city that served as a capital to three mighty empires – the Roman, Byzantine and the Ottoman Empire. (Yet, it is NOT the capital of Turkey today.)

Many people also enjoy Turkish culture, coffee, food, and the gorgeous views of the Aegean Sea.

We would definitely recommend visiting the country. It also doesn't hurt that Turkey is extremely cheap today, especially considering how developed it is.

And we like Turkey for another reason, too: It is home to a Citizenship By Investment (CBI) program that allows you to become Turkish in return for a $400,000 investment. (Until April of 2022, the threshold was even lower, at only $250,000).

For that amount, you are free to purchase any property you want (or a combination of properties) in order to qualify for citizenship. Compare that to the Caribbean CBIs, where you are allowed to invest in special government-approved projects only – and the latter tend to be overpriced.

Sure, a Turkish passport is a subpar travel document, but the country itself compensates for it generously – it’s livable, inexpensive, and boasts a mild Mediterranean climate. 

Also, a Turkish passport serves well as a political diversification tool for Westerners, as Turkey pursues a very independent foreign policy.

Several of our subscribers have successfully become Turkish citizens through this program. And they did it cheaper than anyone else in the world, thanks to the deep CBI discounts we negotiated for our Total Access members.

(If you are considering participating in any CBI program, you will definitely do yourself a favor by joining Total Access. The discount you will receive will match or exceed the price you’ll pay for the membership.)

But there are downsides in Turkey too.

President Erdogan is rather authoritarian, and has no qualms about silencing his opponents.

Inflation also runs high in the country. That makes things cheap for people spending their dollars and euros, but impoverishes the locals. At some point, this could lead to serious unrest.

Also, we wouldn't keep any serious money in Turkish banks.

And since Turkey is predominantly a Muslim country, albeit on the liberal side, you will need to learn to abide by social and official codes and mores. (Istanbul is quite liberal in this regard, however.).

Service Providers available in Turkey in Sovereign Research's Rolodex:

  • Immigration (residency, citizenship)
  • Tax advice (attorneys and/or accountants)
  • Corporate services (company formation, etc.)
  • Real Estate (agents, lawyers)
  • Banking contact
  • Citizenship by Investment
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