Türkiye uncovers major citizenship-by-investment fraud

ANKARA

Turkish authorities have launched a sweeping investigation into alleged fraud in the country’s citizenship-by-investment program, detaining 72 suspects accused of helping foreign nationals obtain Turkish citizenship through falsified property valuation reports and sham real estate transactions.

The operation, coordinated by the Organized Crime Investigation Bureau of the Istanbul Chief Public Prosecutor’s Office, was carried out simultaneously across 16 provinces.

According to Justice Minister Akın Gürlek, investigators uncovered an alleged criminal network that artificially inflated the value of low-priced properties through forged appraisal reports, enabling foreign applicants to meet the investment threshold required for Turkish citizenship.

Authorities said the scheme involved fictitious property sales and fabricated financial transactions designed to create the appearance that qualifying investments had been made. Investigators estimate that approximately 2.5 billion Turkish Liras (around $52 million) that should have entered the country under the investment program was never transferred to Türkiye. Instead, false money movements were allegedly created while the network profited unlawfully from foreign applicants seeking citizenship.

The investigation identified 687 individuals who are believed to have acquired Turkish citizenship through the alleged scheme. Officials have initiated procedures to revoke their citizenship if the findings are confirmed.

Prosecutors issued detention warrants for 90 suspects, with 72 taken into custody during the coordinated raids. Authorities also seized seven companies, appointing trustees to oversee their management. In addition, assets confiscated as part of the investigation include 1,045 properties, a hotel in the southwestern resort town of Bodrum, 15 vehicles, a yacht and 10 bank accounts.

In a statement, Gürlek said the government would continue to use “all legal means” against networks that exploit citizenship laws, cause financial losses to the state and generate illicit profits.

Türkiye introduced its exceptional citizenship-by-investment program in 2017 to attract foreign capital. The investment thresholds have been revised several times since its launch.

Under the current regulations, foreign nationals may apply for Turkish citizenship by purchasing real estate worth at least $400,000 and committing not to sell the property for three years. The property’s value must be determined by authorized appraisal firms, while the purchase price must be transferred through the banking system.

The program also offers alternative investment routes. Foreign investors may qualify by making a minimum $500,000 fixed capital investment, maintaining qualifying deposits in Turkish banks, investing in government bonds, venture capital or real estate investment funds, or creating employment that meets the criteria established under Turkish law.