Updated: June 2026

Case study · Turkey · Citizenship

How an Investor Obtained Turkish Citizenship ThroughGovernment Bonds While Preserving Capital

Citizenship by investment is often associated with real estate, but not every investor wants to become an apartment owner in a foreign country, uncertain about how and at what price to sell it later. Alexey was exactly such an investor: he needed a Turkish passport, but without the risk of being stuck with an illiquid asset. We explain step-by-step how we obtained citizenship for him through government bonds—an instrument where invested capital is returned after three years.

Dmitry NagyDmitry NagyInternational Tax Consultant, BRIDGESReading time9 min readVerificationReviewed by an expert

This case is based on a real matter. The name and certain identifying details have been changed to protect confidentiality.

BRIDGES client story - How an Investor Obtained Turkish Citizenship Through Government Bonds While Preserving Capital
Contents

Case at a glance

Situation, solution and outcome in seven lines

Client
Alexey, approximately 50 years old, investor
Objective
Turkish citizenship without real estate risk
Concern
Being stuck with an illiquid apartment during resale
Program
Turkey, Citizenship by Investment (Turkish Citizenship by Investment)
Instrument
Government bonds (investment from 500,000 USD, holding period 3 years)
Logic
Capital is not spent but returned after 3 years
Outcome
Passport obtained, invested funds returned

Client story

Client's Story

Where they started

Alexey approached second citizenship as an investor, not as a homebuyer. He needed a Turkish passport for mobility and a backup plan, but the idea of investing a substantial sum in an apartment raised a legitimate question: what then? Real estate in a foreign country requires maintenance, and most importantly—it must be sold someday, with unclear pricing and timeline.

Why the standard route did not work

His concern was specifically liquidity—the ability to recover invested funds without losses. The real estate market can decline, the property may be difficult to resell, and the investor risks exiting with a loss. For Alexey, the passport was not worth converting substantial capital into an asset that would be difficult to convert back into cash.

What BRIDGES had to solve

He did not initially know that the Turkish program offered alternative pathways to citizenship beyond real estate purchase. One of them is government bonds: an investor deposits a fixed amount in government bonds and holds them for the required period. The fundamental difference from an apartment is that this is a debt instrument: upon maturity, the invested capital is returned rather than remaining "frozen" in an asset that must be sold.

Why a standard answer would not do

Alexey contacted BRIDGES to obtain Turkish citizenship through an instrument that he, as an investor, understood and trusted—with transparent capital return logic rather than the uncertainty of real estate resale.

I needed a passport, not an apartment in Turkey that I would then not know how to sell. I am an investor and think in terms of liquidity: you invest—you must be able to get it back. Dmitry suggested government bonds: you invest the amount, hold it for three years, then your capital is returned and you keep the citizenship. For me, this is much clearer than real estate. I obtained a Turkish passport, and the money came back after the term—exactly what I needed.

Alexey, 50 · Alexey, investorThe name and certain identifying details have been changed to protect confidentiality.

What Was at Risk

What Was at Risk

Citizenship by investment is often reduced to real estate, but it has a downside—liquidity: the property must be maintained and eventually sold, with unclear pricing. For an investor calculating capital recovery, this is a risk. Meanwhile, the program offers instruments where money is not spent but returned.

Being stuck with a property that is difficult to sell;

  1. 01Exiting real estate at a loss due to market decline;
  2. 02Bearing costs for maintaining an apartment in a foreign country;
  3. 03Converting liquid capital into a difficult-to-sell asset;
  4. 04Not learning about instruments with capital return provisions.

The logic of the solution

How the matter progressed: from checks to result

The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.

  1. 01
    Stage 1

    We started with the investor's principal question: what happens to the capital. Instead of defaulting to real property, we first clarified Alexey's priority: he valued capital preservation and return more than property ownership. This immediately shifted the choice from real estate to bonds—an instrument where capital is returned upon maturity.

  2. 02
    Stage 2

    We explained bond mechanics without financial jargon. The difficulty was that "government bonds" sounds more complex than "apartment," although it is actually simpler for money recovery. We broke down the mechanics: the investor deposits a fixed amount in government debt securities and holds them for the required term; upon its expiration, the invested capital is released and citizenship remains. Alexey saw investment logic he could understand.

  3. 03
    Stage 3

    We verified fund source compliance for a substantial investment. The investment amount in bonds is significant, and the fund source must be impeccable. We reviewed Alexey's financial history and confirmed the lawful origin of capital, establishing a transparent flow of funds to investment, so verification would raise no questions.

  4. 04
    Stage 4

    We structured the government bond investment as a qualifying investment. We conducted the investment strictly in the form recognized by the program as grounds for citizenship and documented the obligation to maintain the holding for the required term. Precision is critical here: the instrument and conditions must exactly match program requirements, or the investment will not be credited.

  5. 05
    Stage 5

    We linked the investment to the citizenship application without gaps. We incorporated the bond investment confirmation into the citizenship file in a way that unquestionably proved fulfillment of the investment condition. The investment document and application functioned as a unified whole.

Takeaway. Conclusion: investment-based citizenship is not limited to real property. Government bonds deliver the same outcome but with clear capital return logic, which matters for investors who value liquidity.

How we solved the problem

How we solved the problem

The work was split into verifiable stages so that every conclusion rested on documents.

  1. 01

    Stage 1

    We started with the investor's principal question: what happens to the capital. Instead of defaulting to real property, we first clarified Alexey's priority: he valued capital preservation and return more than property ownership. This immediately shifted the choice from real estate to bonds—an instrument where capital is returned upon maturity.

  2. 02

    Stage 2

    We explained bond mechanics without financial jargon. The difficulty was that "government bonds" sounds more complex than "apartment," although it is actually simpler for money recovery. We broke down the mechanics: the investor deposits a fixed amount in government debt securities and holds them for the required term; upon its expiration, the invested capital is released and citizenship remains. Alexey saw investment logic he could understand.

  3. 03

    Stage 3

    We verified fund source compliance for a substantial investment. The investment amount in bonds is significant, and the fund source must be impeccable. We reviewed Alexey's financial history and confirmed the lawful origin of capital, establishing a transparent flow of funds to investment, so verification would raise no questions.

  4. 04

    Stage 4

    We structured the government bond investment as a qualifying investment. We conducted the investment strictly in the form recognized by the program as grounds for citizenship and documented the obligation to maintain the holding for the required term. Precision is critical here: the instrument and conditions must exactly match program requirements, or the investment will not be credited.

  5. 05

    Stage 5

    We linked the investment to the citizenship application without gaps. We incorporated the bond investment confirmation into the citizenship file in a way that unquestionably proved fulfillment of the investment condition. The investment document and application functioned as a unified whole.

  6. 06

    Stage 6

    We brought it through to passport issuance and monitored capital return upon maturity. Alexey obtained Turkish citizenship, and his investment continued through the required holding period. Upon expiration, capital was released as intended: the passport remained permanently and the money was returned. Exactly the investor logic he chose bonds for.

Expert comment

Many believe Turkish citizenship automatically requires buying an apartment. As a financial advisor, I always ask clients: what matters more—owning property or preserving capital? Alexey needed a passport, but wisely did not want to risk real estate liquidity: buying is easy, but selling afterwards—it depends on fortune. I proposed government bonds. This is a debt instrument: you invest a sum, hold it for the required term, and upon expiration, capital is returned and citizenship remains with you permanently. For an investor, this is far more transparent than guessing about apartment resale prices. We impeccably verified the fund source—critical for such an amount—and structured the investment precisely per requirements. Passport obtained, capital returned. I always consider not only how to obtain status, but how it will affect the client's finances afterwards.

Dmitry Nagy, International Tax Consultant, BRIDGESDmitry NagyInternational Tax Consultant, BRIDGES

Outcome

What the client received

What was required
How we did it · Result
Passport without real estate risk
Route through government bonds · No property needed
Preserve capital
Debt instrument with return of funds · Money returned upon maturity
Clean substantial investment
Fund source verification · Verification without questions
Obtain citizenship
Investment structured precisely per requirements · Passport issued
Obtain citizenship
Investment structured precisely per requirements · Passport issued

What was needed: an investor wanted Turkish citizenship but was unwilling to risk liquidity through real estate investment. What we did: started with his priority—capital preservation, not property ownership; explained government bond mechanics in plain language; impeccably verified the fund source for a substantial investment; structured the investment precisely per program requirements with a holding obligation; linked it to the citizenship application. What the client received: a Turkish passport and return of invested capital upon maturity.

Practical takeaway

What matters in a similar situation

  • Conclusion: investment-based citizenship is not limited to real property. Government bonds deliver the same outcome but with clear capital return logic, which matters for investors who value liquidity.
  • Alexey obtained a second passport permanently, and his funds were returned upon the required term—the investment fulfilled its purpose and was released, exactly as he wished.

FAQ

Questions people ask in a similar situation

01Can one obtain Turkish citizenship without purchasing real property?

Yes. Beyond real property, the program permits other qualifying investments, including investment in government bonds held for the prescribed term.

02What are the advantages of bonds over real estate for an investor?

The logic of capital return. Bonds are a debt instrument: invested funds are returned upon maturity, whereas real estate requires capital to be released through resale at an uncertain price.

03Is the capital invested in bonds returned?

Yes, upon expiration of the established holding period, the investment is released. Citizenship is retained permanently—the passport is independent of the investment's maturity.

04Is it necessary to hold bonds for a certain period?

Yes, the program requires holding the investment for a specified term. The holding obligation is fixed, and compliance is necessary to maintain the citizenship basis.

05How important is the source of funds when investing in bonds?

Critical. The sum is substantial, therefore the origin of capital must be impeccably documented and traceable; otherwise, verification will raise questions about the investment.

06Want Turkish citizenship but unwilling to take risks with real estate?

We will select an investment instrument with clear capital return logic—for example, government bonds—impeccably verify the source of funds, and structure citizenship so that the investment is returned at maturity.

About the author

Dmitry Nagy

Author: Dmitry Nagy

International Tax Consultant, BRIDGES

I lead the international tax practice at BRIDGES and work at the intersection of tax residence, cross-border reporting and banking compliance. I assess how citizenship, residence, relocation or a new ownership structure may affect the client's tax obligations, banking profile and capital.

My work covers tax residence, CRS and FATCA requirements, source of funds and the questions a bank may raise. These elements should be considered together, because inconsistencies between documents, declarations and the underlying circumstances can create risks after a status has been obtained or an account has been opened.

During the consultation, you will receive an assessment of the tax and banking implications of the proposed decision. Where further work is required, I determine the financial documentation and personally oversee the tax and compliance aspects of the BRIDGES project.

Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.

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Anna KovalevskayaHead of Legal, BRIDGES
Anna Kovalevskaya, Head of Legal, BRIDGES

Names and certain details have been changed to protect client confidentiality. The result described reflects one specific situation and is neither a public offer nor a guarantee of a similar outcome. Programme terms are stated as of 2026 and may change - please confirm current parameters with a BRIDGES consultant.