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Turkish Citizenship by investment by cashing out btc

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SusanSharandon

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Oct 17, 2021
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#1
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Can anyone share any personal experience with it? Looks like it's pretty easy to cash out crypto in Turkey and cash is also accepted for property. A purchase of at least 250k can grant me citizenship. I am unfortunately an EU citizen.
Some questions that I would have:
1. Is it really that easy to cash out 250k without trigger the authorities?
2. Would the Turkish gov ask for the source of funds? (although it appears to be fully legal to sell cypto)
3. Would they report this to EU? Will my country in EU be notified once I get a second passport? Will they question me on my source of funds?

I am so torn about this. On one hand, part of me wants to lay low, give this plan up, become content will having less, play it safe. On the other hand, I want to enjoy the fruit of my investment, own something nice, and become more resilient in the face of uncertainty by having 2 passports in case things turn really bad in Europe (and it looks like they do). Turkey is also pushing surveillance with their HES tracking and restrictions, but for some reason(objective or not) I fear more that is happening in europe.
 
#5
Turkish Government cares not one whit about where you get your money, as long as you have it. They will also not report it to anywhere.

The government can't even keep track of millions of turkish people that evade taxes, they will have 0 interest in you, someone who is bringing in sweet sweet foreign investment.

Cashing out is also incredibly easy. Just transfer your BTC to one of the local exchanges, and then cash out in TRY. You can easily exchange your money to your desired foreign currency with minimal fees using your banking app, and even buy things like S&P Index Funds or American Stocks, although trading fees are a bit high.
 
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#6
We actually have a lot of clients with Turkish roots but no Turkish Citizenship that are living in Turkey but don't get a Business Bank Account opened - it's blocked by Ankara due to pressure from Europe nad the US.

Now the question is - how they deal with Citizenship by Investment passports.

What I can tell you is that the local people are very proud and they will make big eyes if a Turkish Citizen without speaking Turkish at all shows up in a local Branch to open a bank account.

So if you go with a Trukish Passport make sure you have a good lawyer that sorts out everything for you when it comes to banking - as nobody really speaks English very well.

It's as funny as even if you have a local personal bank account and want to withdraw cash at ATM - if you press English language you have just 10% Cash withdraw limit compared to if you choose Turkish language.

Beside of that everything mentioned is right for sure -just keep in mind things are not that easy in practice as assumed - for sure not in Turkey that can't be compared at all to Malta for example were everybody knows the deal. Keep also in mind that a Turkish Passport on international level for banking relationships has a not really good reputation and because of that a lot of Turkish Citizens are looking into getting a structure in Dubai done to have some banking outside Turkey.
 
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#7
SusanSharandon said:
Can anyone share any personal experience with it? Looks like it's pretty easy to cash out crypto in Turkey and cash is also accepted for property. A purchase of at least 250k can grant me citizenship. I am unfortunately an EU citizen.
Some questions that I would have:
1. Is it really that easy to cash out 250k without trigger the authorities?
2. Would the Turkish gov ask for the source of funds? (although it appears to be fully legal to sell cypto)
3. Would they report this to EU? Will my country in EU be notified once I get a second passport? Will they question me on my source of funds?

I am so torn about this. On one hand, part of me wants to lay low, give this plan up, become content will having less, play it safe. On the other hand, I want to enjoy the fruit of my investment, own something nice, and become more resilient in the face of uncertainty by having 2 passports in case things turn really bad in Europe (and it looks like they do). Turkey is also pushing surveillance with their HES tracking and restrictions, but for some reason(objective or not) I fear more that is happening in europe.
Click to expand...
Hi, my response could potentially be irrelevant, especially if your focus is getting the second citizenship. It is possible to purchase property using cryptocurrency in the Republic of Cyprus, of course this might not help you as it's in the EU and will not grant you a passport anymore.
 
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#8
Thanks everybody for the replies, this is highly encouraging. Looks like the 250k investment can be done in steps with multiple properties, so at least I can take things slowly as I learn more. Will probably start with a smaller property+residence permit and if all goes well I'll buy some more to reach the CBI sum.
Assuming I get my Turkish passport, should I consider renouncing my initial citizenship? I don't want to write here my country of origin, due to privacy reasons, but the country is part of the EU. I don't want to get to a point where the EU starts digging into foreign assets and stuff like that. Or when they start chasing crypto holders. Of course I assume they could do it retroactively even if I renounce my citizenship, but maybe not being a citizen anymore increases my chances of being left alone.
 
#9
One more question: How does the cash transaction happen between the buyer and the seller? Do I just handover a bag of cash to the seller at the notary? Do we go to the bank? If so, wouldn't the bank do some CRS reporting on me?
 
#10
Another thing that's been keeping me awake at night: if let's say all goes well and I get my second pass and go to EU to renounce my original citizenship: wouldn't they ask me things? Wouldn't they be smelling a red flag seeing a relatively young woman who doesn't even speak Turkish all of the sudden produce a Turkish passport that is not even granted to old people who have spend decades in Turkey? I'm too afraid of this. Wouldn't I rather try to open a business or something in Turkey just to have some degree of justification? Or even get a temporary job to erase the suspicion?
It would have been easier to just report the damn profit and pay the tax to my country of origin, but after having gotten my coins of exhanges, traded them on de-fi and all that (with no accounting) for years, exchanged some of them for cash or goods, I feel like I have crossed the point of no return. My brain hurts. And I don't even want luxury, I just want to know for sure that I will never ever have to work or worry about money again. My only dream is freedom and somethines I feel like I might end up behind bars.
 
#15
Which EU country is so scary that you are willing to renounce it’s citizenship to save on taxes ?

Remember you would also be Turkish but not speak any Turkish ?? So be a citizen of a country you don’t even speak the language of… not a good idea.
 
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#16
Allisgood said:
Which EU country is so scary that you are willing to renounce it’s citizenship to save on taxes ?
Click to expand...
My issue with taxes is not so much about the money (although the taxes are substantial and they go into corrupt pockets) as much about facing all sorts of investigations, due to having taken my coins off exchanges, traded they on defi with no accounting and having exchanged some them for cash and goods. I was relatively early to crypto (before the boom, although I don't have many digits profit), bitcoin was unregulated and the news spoke of crypto investors as if we where d*** dealers. In the ultra libertarian spirit of my youth (mixed with a side of paranoia), I decided to close my account and to try to cover my tracks as much as possible. The country that I'm from has a history of previously seizing private property...
One alternative would be to reopen my exchange account, send my coins there(well..some of them), sell them and report them, probably with the help of a lawyer. My fear here is that it might make things worse, like them starting to look into my accounts and transactions, blockchain data, etc. If not now, I'm sure there will be advanced chain analysis data in the future that will expose many of us. I would also have eyes on me I'm sure.
If I would know for sure that reporting would not get me into trouble and that all my taxes would go to orphan children, I would do it instantly. And happily.
 
#17
What's this charm of Turkish citizenship? It's a xenophobic country with a mediocre passport. If a white guy shows up in Saudi Arabia with a Turkish passport, he will be treated with suspicion.
 
#18
robberto said:
What's this charm of Turkish citizenship? It's a xenophobic country with a mediocre passport. If a white guy shows up in Saudi Arabia with a Turkish passport, he will be treated with suspicion.
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True. But that is not the use case for it. You'd generally fare better with one from elsewhere.

But depending on your real estate pick, you could (in theory at least) make even a profit on it and get even paid for the passport as with many other options, the money is gone as it would be for an insurance.

Well if a south east asian wanna do business in Africa or Latin America, it is a very good option by offering mostly visa-free access to these regions. Or by simply just living in Turkey as they actually manufacture stuff, are a large country with a broad range of possibilities.
 
#19
Because of all the influx of Russians and Ukrainians into the Turkish CBI program, house sales have jumped by about fifty percent. As a result, Turkey is increasing the minimum house price for the CBI program from $250k to $400k.
The amount that foreigners have to pay for a property and commit to keeping it for at least three years to get a Turkish passport is about to be increased to $400,000 (TL 5.84 million), local media reported, citing a decision discussed at the Cabinet meeting Tuesday.

Ankara adopted the citizenship-for-homes scheme in 2017. A year later it cut the minimum price to $250,000, from $1 million, to attract foreign buyers.
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https://www.dailysabah.com/business...citizenship-for-homes-threshold-as-sales-soar
 
#20
Allisgood said:
Which EU country is so scary that you are willing to renounce it’s citizenship to save on taxes ?

Remember you would also be Turkish but not speak any Turkish ?? So be a citizen of a country you don’t even speak the language of… not a good idea.
Click to expand...
there are many that do so just for the privileges to get the second citizenship.
 
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