How Much Does the Turkish Golden Visa Really Cost?

Table of Contents

• Introduction: Understanding the "Real Cost"
• Core Investment Thresholds
• Breakdown of Additional Costs and Fees
  • Property-Related Expenses (Real Estate Pathway)
  • General Administrative and Professional Fees (All Pathways)
• Understanding The Mandatory Currency Exchange Process
• Estimated Total Cost: A Sample Calculation
• Conclusion: Budgeting Beyond the Headline Figure

The total financial commitment for the Turkish Citizenship by Investment Program extends beyond the headline investment figure. To understand the "real cost," it's essential to account for the primary investment, mandatory government taxes, and various administrative and professional fees.

Core Investment Thresholds

As of August 2025, the Turkish government offers several investment pathways to citizenship, each with a specific minimum threshold. All investments must be held for a minimum of three years.

• Real Estate Acquisition: A minimum investment of USD 400,000 in one or more properties. This is the most popular route for investors.  
• Bank Deposit: A minimum deposit of USD 500,000 (or its equivalent in foreign currency) into a Turkish bank account.  
• Capital Investment: A minimum fixed capital contribution of USD 500,000 into a Turkish company.  
• Government Bonds: A minimum purchase of USD 500,000 in Turkish government bonds.  
• Investment Fund Shares: A minimum investment of USD 500,000 in real estate or venture capital investment fund shares.  
• Private Pension System: A minimum contribution of USD 500,000 into a private pension fund.

Additional Costs and Fees: There is No "All-In" Price

Beyond the principal investment, applicants must budget for a range of additional expenses that constitute a significant portion of the total cost. The following breakdown focuses primarily on the popular real estate option.

Property-Related Expenses (for the $400,000 Real Estate Pathway)

Title Deed Transfer Fee (TAPU Harcı): This is a mandatory tax levied at 4% of the property's declared value. By law, this fee is typically split, with the buyer and seller each paying 2%. However, in practice, the buyer may be expected to cover the full 4% depending on the sale agreement.

Value Added Tax (VAT): VAT is applicable only to the purchase of brand-new properties from a developer. Rates vary depending on the property type and location, ranging from 1% to 18%. A significant incentive exists for foreign buyers without permanent residence in Turkey, who may be eligible for a VAT exemption.

Property Appraisal Report Fee: A valuation report from an expert licensed by the Capital Market Board (SPK) is mandatory for all foreign property purchases. The cost for this report typically ranges from 5,500 TL to 11,729 TL (approximately $200 to $400 USD) for residential properties.

Real Estate Agent Commission: Licensed agents are entitled to a commission, usually 2% from the buyer and 2% from the seller. However, for new construction projects, developers often cover the buyer's commission fee to make their properties more attractive.

 General Administrative and Professional Fees (Applicable to All Pathways)

Legal Fees: Engaging a law firm is crucial for navigating the process. Legal fees for a citizenship application can range from $3,000 to over $10,000, depending on the complexity of the case and the number of family members included.

Notary and Translation Fees: All foreign-issued documents (passports, birth certificates, marriage certificates) must be translated into Turkish and notarized. These costs are estimated at around $1,000 for a single applicant, with an additional $250 for each extra family member.

Government and Application Fees: A collection of smaller official fees are required for the application process. These include:

• Government Processing Fee: Approximately $574 per family member.  
• Residence Permit Fee: Approximately $108 per person.  
• Turkish Passport Fee: Approximately $165 per person.  
• Health Insurance: Mandatory for the residence permit, costing around $150 per person annually.

Understanding The Mandatory Currency Exchange Process

A critical procedural step that impacts the transaction is the mandatory currency exchange requirement. Since January 2022, all foreign buyers of Turkish real estate must sell the foreign currency for the purchase price to a Turkish bank. The bank then issues a Foreign Exchange Purchase Certificate (Döviz Alım Belgesi), which is an essential document for the title deed transfer. This regulation ensures that all investment funds are officially converted into Turkish Lira and registered with the Central Bank.  

For those considering the $500,000 bank deposit option, a significant change occurred in early 2025. The government program that protected deposits against Turkish Lira devaluation is no longer available to new citizenship applicants. This means investors choosing this route are now fully exposed to the currency risk of the Turkish Lira for the entire three-year holding period.  

Estimated Total Cost of a Turkish Golden Visa

To illustrate the "real cost," here are sample calculations for a single investor and a family of four pursuing the $400,000 real estate option.

These figures are estimates. VAT is not included as it varies and may be exempt. Legal fees can differ based on the service provider. All figures are in USD.

Looking at the overall picture, while the Turkish Golden Visa program is promoted with a headline figure of $400,000, a realistic budget should account for an additional 4% to 6% of the investment value in taxes, government charges, and professional service fees.

Discussing your particular case with qualified and experienced immigration lawyers in Turkey will help expedite your application