Golden Visa or Citizenship by Investment?

A Golden Visa program first provides investors with a residence permit. Citizenship may only become available later, once the applicable residence period, physical presence, language, and integration requirements of the country have been fulfilled.

With Citizenship by Investment programs, the objective is different: once the required investment, due diligence, and other program requirements have been successfully completed, the applicant may obtain citizenship directly.

Key Differences

Criteria	Golden Visa	Citizenship by Investment
Initial Status	Residence permit	Citizenship
Passport	Not issued immediately	May be issued following approval
Residence Requirement	Varies by program	Generally limited
Investment	Funds, real estate, or business investment	Contribution, real estate, or government-approved fund
European Union Rights	Depend on the country of residence	Additional rights may apply if citizenship is granted by an EU member state
Due Diligence	Residence eligibility and source of funds	More extensive citizenship and background checks

Who Is a Golden Visa Suitable For?

A Golden Visa may be suitable for investors who:

• Are looking for a long-term Plan B in Europe;
• Want to obtain residence while maintaining a qualifying investment; or
• Are comfortable with pursuing citizenship as a longer-term objective rather than an immediate outcome.

Who Is Citizenship by Investment Suitable For?

Citizenship by Investment may be more suitable for individuals who:

• Need access to a second passport within a relatively short timeframe;
• Prioritise citizenship rather than residence status; or
• Are prepared, in many programs, to make a non-refundable contribution as part of the application.

The value of a second passport should also be assessed carefully. Investors should consider what additional travel, mobility, residence, or other rights the new passport actually provides compared with a Turkish passport, rather than focusing solely on obtaining a second citizenship.