Comparison · PT vs TR
Portugal vs Türkiye — residency vs a passport.
Both get marketed as 'buy property, get a foothold abroad'. The economics could not be more different: one is a stable-EUR EU residency play, the other a fast-track citizenship in a high-inflation currency.
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| Topic | PTPortugal | TRTürkiye |
|---|---|---|
| Purchase tax | IMT 0-8% sliding + IS 0.8% | Tapu harcı 4% (often split buyer/seller) |
| Average all-in cost | 5-8% of price | 5-9% of price (incl. agent + döner sermaye) |
| Annual property tax | IMI 0.3-0.45% of VPT | Emlak vergisi 0.1-0.6% of municipal value |
| Currency of pricing | EUR — stable | TRY — high inflation, USD often used |
| Immigration route | D7 / D8 residency visa | Citizenship from $400k MK property |
| Time to status | Residency 4-9 mo; citizenship 5+ yrs | Citizenship 3-6 mo from complete file |
| EU / Schengen access | Yes — EU member | No — visa-free to 110+ countries, not Schengen |
| Mandatory hold | None | 3-year hold annotated on tapu (CBI route) |
| Rental income tax (non-res) | 25% on net (long-term) | 15-40% progressive on net |
| Golden Visa (real estate) | Abolished Oct 2023 | N/A — replaced by citizenship route |
| Rental yield (gross, city) | 4-6% (Lisbon/Porto) | 5-8% (Istanbul/Antalya) — currency risk |
| Language in legal context | English generally widespread | Turkish — interpreter/solicitor essential |
The currency question decides this one. Türkiye’s headline yields (5-8%) look better than Portugal’s (4-6%), but rents are collected in lira while you measure wealth in EUR or USD. A 7% lira yield against 40%+ annual inflation can be a real-terms loss. Portugal’s lower yield is denominated in a stable currency — what you see is closer to what you keep.
When Portugal makes sense
- You want EU residency and a path to an EU passport
- You value currency stability over headline yield
- You qualify for the D7 (passive income) or D8 (digital nomad) visa
- You want predictable holding costs (IMI, no imputed-income tax)
- Lifestyle and Schengen mobility matter more than speed to status
When Türkiye makes sense
- A second passport in 3-6 months is the actual goal
- You can deploy $400k (MK-valued) and hold for 3 years
- You’re comfortable managing lira/USD currency exposure
- You want visa-free access to 110+ countries (Japan, Korea, Singapore)
- You’re eyeing the US E-2 investor-visa treaty pathway a Turkish passport enables
Go deeper before you commit. Read the full Türkiye citizenship-by-investment guide and the Portugal NIF & D7 walkthrough, then run a specific address through Outpost to compare the all-in numbers like for like.