Golden Visa vs. Turkish Citizenship by Investment

Immigration & CitizenshipInvestment & Real Estate
Written By Yigit C

Why Compare These Programs in 2025?

 

In recent years, high-net-worth individuals and mobile investors have sought second residency or citizenship as a means to protect their assets, expand global mobility, and access better opportunities. The two most talked-about pathways—Golden Visa programs and citizenship by investment schemes—are being scrutinized more than ever in 2025.

With the European Union placing tighter restrictions on Golden Visas, and Turkey continuing to offer an accessible citizenship path through real estate investment and capital infusion, it’s natural to ask:

Which option is better in 2025—for your freedom, for your finances, and for your family?

This guide offers a side-by-side comparison of the world’s most attractive programs, focusing especially on the declining EU Golden Visa trend and the rising global attention toward Turkish Citizenship by Investment (TCBI).

 

What Is a Golden Visa? (And What It Is Not)

 

A Golden Visa is a residency-by-investment program that allows foreign nationals to gain long-term residency in a country—typically an EU member—by investing a certain amount in real estate, government bonds, or national development funds.

✅ Common Features of Golden Visas:

  • No citizenship granted initially—only residency.

  • Often requires physical presence or stay over time.

  • Most programs allow family inclusion (spouse, children).

  • Path to permanent residency or citizenship may take 5–10 years.

🛑 What It Is Not:

  • It is not immediate citizenship.

  • It does not always lead to a passport.

  • It usually imposes residency renewal requirements.

🌍 Countries That Offer(ed) Golden Visas:

  • Portugal (partially suspended in 2023–2024)

  • Spain (under political review)

  • Greece (threshold doubled to €500,000 in many areas)

  • Italy and Malta (still operational but more complex)

 

What Is Turkish Citizenship by Investment (TCBI)?

 

Turkey’s Citizenship by Investment Program, launched in 2017 and updated in 2022, allows foreigners to acquire full Turkish citizenship within 3 to 6 months by investing in real estate or financial instruments.

✅ Investment Options (as of 2025):

  • Purchase real estate worth at least $400,000 USD.

  • Deposit $500,000 USD into a Turkish bank for 3 years.

  • Invest $500,000 USD in Turkish government bonds, funds, or fixed capital.

✅ Key Features:

  • Full citizenship granted to investor, spouse, and children under 18.

  • No residency or language requirement.

  • Access to E-2 Treaty Visa with the United States (for business investors).

  • Turkish passport issued within 6 months.

  • Free access to healthcare, education, and social services.

⚠️ Limitations:

  • Turkish passport provides visa-free or visa-on-arrival access to 110+ countries, but not Schengen Zone (yet).

  • Real estate must not be sold within the first 3 years.

 

Investment Thresholds Compared

 

Here’s how the minimum investment amounts stack up in 2025:

Program Minimum Investment Type Notes
Turkey (TCBI) $400,000 Real Estate Must be held for 3 years
Portugal (Golden Visa) €500,000 Real Estate / Fund No longer valid in Lisbon/Porto
Spain (Golden Visa) €500,000 Real Estate Must be renewed every 2 years
Greece (Golden Visa) €250,000–€800,000 Real Estate Threshold depends on region
Malta (Residency & Citizenship) €750,000+ Donation + Real Estate High cost, longer process

✅ Turkey remains the most cost-effective and fastest citizenship route when compared to long-term, expensive Golden Visa options in the EU.

 
Country & Program Processing Time Bureaucracy Level
Turkey (TCBI) 3–6 months ✅ Simple, centralized
Portugal 12–18 months ❌ Lengthy, region-dependent
Spain 3–6 months ⚠️ Moderate
Greece 3–9 months ⚠️ Increasingly complex
Malta 12–24 months ❌ Highly bureaucratic

✅ Turkey offers the fastest timeline to full citizenship, with no interviews or language tests required.

 

🌍 Freedom of Movement: What Can You Actually Access?

✈️ One of the main reasons for investing in a second passport or residence is to gain global mobility:

 
Country & Program Visa-Free Countries Schengen Access USA E-2 Visa Eligibility
Turkey ~114 ❌ (Schengen visa required) ✅ Yes
Portugal ~188 ✅ Yes ❌ No
Spain ~190 ✅ Yes ❌ No
Greece ~189 ✅ Yes ❌ No
Malta ~194 ✅ Yes ❌ No

✳️ If your goal is immediate access to the Schengen Area, Golden Visas may seem more appealing. However, for entrepreneurs or investors eyeing the U.S. market, Turkey’s E-2 Visa access makes it uniquely valuable.

 

Taxation, Transparency & Asset Disclosure

🧾 Do you have to declare your wealth?

 
Country Global Income Tax? Wealth Disclosure? Crypto Regulation
Turkey ❌ Only local income ❌ No mandatory asset report 🟡 Developing rules
Portugal ✅ Yes ✅ Yes ✅ Clear rules
Spain ✅ Yes ✅ Yes ✅ Strict reporting
Greece ✅ Yes ✅ Yes 🟡 Basic crypto rules
Malta ✅ Yes ✅ Yes ✅ Regulated crypto licensing

✅ Turkey is relatively investor-friendly in taxation, especially for those who don't plan to live full-time in the country.
❗ Golden Visa countries typically require global income disclosure if you become a tax resident.

 

Family Inclusion and Long-Term Benefits

When you invest in second citizenship or residency, you're rarely thinking just of yourself. Here's how each program treats your family:

 
Feature Turkey Portugal Spain Greece Malta
Spouse Included ✅ ✅ ✅ ✅ ✅
Children under 18 ✅ ✅ ✅ ✅ ✅
Dependent Parents 🟡 Limited ✅ ✅ ✅ ✅
Citizenship Passed to Kids ✅ Yes 🛑 After years 🛑 After years 🛑 After years ✅ Eventually

🟢 Turkey grants full citizenship immediately to the whole family, making it ideal for long-term planning.
🔴 Golden Visa countries often require many years of residency before permanent citizenship can be passed down to children.

 

Political Stability and Risk Factors

 

⚖️ Political climate, economic volatility, and immigration policy shifts are important to consider:

 
Country Risk of Program Change Political Volatility Public Attitude Toward Immigrants
Turkey 🟢 Stable 🟡 Moderate 🟢 Welcoming
Portugal 🔴 High 🟢 Stable 🟢 Friendly
Spain 🔴 High 🟡 Moderate 🟡 Neutral
Greece 🟡 Medium 🟡 Moderate 🟢 Welcoming
Malta 🔴 High 🟢 Stable 🟢 Friendly

🇹🇷 Turkey has maintained its investor citizenship program despite global criticism, signaling policy continuity.
Meanwhile, EU pressure has caused multiple Golden Visa programs to scale back or shut down.

 

Comparison Table: Golden Visa vs. Turkish Citizenship (2025 Overview)

🧭 A complete side-by-side breakdown of key criteria for international investors:

 
Criteria Turkey (TCBI) Portugal GV Spain GV Greece GV Malta CIP
Program Type Citizenship by Investment Residency by Investment Residency Residency Citizenship by Investment
Minimum Investment $400,000 (Real Estate) €500,000 €500,000 €500,000–800,000 €750,000+
Processing Time 3–6 months 12–18 months 6 months 6–9 months 12–24 months
Physical Stay Required ❌ No ✅ Yes (7 days/year) ✅ Yes (variable) ✅ Yes ✅ Yes
Schengen Access ❌ No ✅ Yes ✅ Yes ✅ Yes ✅ Yes
US E-2 Visa Eligibility ✅ Yes ❌ No ❌ No ❌ No ❌ No
Tax on Global Income ❌ No (if non-resident) ✅ Yes ✅ Yes ✅ Yes ✅ Yes
Family Included ✅ Yes ✅ Yes ✅ Yes ✅ Yes ✅ Yes
Fast Citizenship ✅ Immediate ❌ After 5 years ❌ After 10 years ❌ After 7 years ✅ Fast-track (with donation)
 

📊 Comparison Table: Golden Visa vs. Turkish Citizenship (2025 Overview)

🧭 A complete side-by-side breakdown of key criteria for international investors:

 
Criteria Turkey (TCBI) Portugal GV Spain GV Greece GV Malta CIP
Program Type Citizenship by Investment Residency by Investment Residency Residency Citizenship by Investment
Minimum Investment $400,000 (Real Estate) €500,000 €500,000 €500,000–800,000 €750,000+
Processing Time 3–6 months 12–18 months 6 months 6–9 months 12–24 months
Physical Stay Required ❌ No ✅ Yes (7 days/year) ✅ Yes (variable) ✅ Yes ✅ Yes
Schengen Access ❌ No ✅ Yes ✅ Yes ✅ Yes ✅ Yes
US E-2 Visa Eligibility ✅ Yes ❌ No ❌ No ❌ No ❌ No
Tax on Global Income ❌ No (if non-resident) ✅ Yes ✅ Yes ✅ Yes ✅ Yes
Family Included ✅ Yes ✅ Yes ✅ Yes ✅ Yes ✅ Yes
Fast Citizenship ✅ Immediate ❌ After 5 years ❌ After 10 years ❌ After 7 years ✅ Fast-track (with donation)
 

Which Program Is Right for You? (Investor Profiles)

👨‍💼 Entrepreneur Seeking U.S. Market Access:

Choose Turkey. The E-2 Visa advantage alone makes it highly valuable.

👪 Family-Oriented Investor Wanting Quick Results:

Turkey offers full family citizenship in under 6 months—no long wait.

🌍 European Lifestyle Seeker Prioritizing Schengen Travel:

Portugal and Spain may still work—if you’re willing to wait and deal with renewals.

🛡️ Wealth Protection Investor Seeking Privacy & Low Tax:

Turkey offers no wealth disclosure and favorable tax conditions for non-residents.

 

The Verdict in 2025

In a post-pandemic world, with rising geopolitical uncertainty and shifting immigration policies, investors need fast, predictable, and flexible options.

✅ Turkey's Citizenship by Investment program offers:

  • Speed

  • Full citizenship

  • Family inclusion

  • No physical stay requirement

  • U.S. E-2 visa eligibility

  • Reasonable cost

While Golden Visa programs across the EU are becoming less stable, more expensive, and slower, Turkey remains one of the last strongholds for fast-track, investor-friendly migration.

 

📣 Stay Informed and Plan Smart

Ready to secure a second passport for your family and expand your global reach? Our team can help you compare options, handle paperwork, and make the right legal choices with confidence.

🌐 www.ensariyigitcancakmak.av.tr
📧 info@ensariyigitcancakmak.av.tr
📞 +90 533 194 52 14

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Yigit C
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