5 Reasons Why the Turkish Citizenship Gains Even Greater Popularity
1. Turkey stimulates property investment
In September 2018, the Turkish authorities have lowered the bar of minimum investment required for citizenship application by four times, from $1 million to $250,000.
According to expert assessments, this dramatic amendment in the Citizenship by Investment Programme (CIP) will significantly boost the popularity of Turkey among global investors in 2019.
By motivating affluent foreigners to procure a Turkish passport, the country’s authorities suggest lower taxes on property acquisition, no VAT and a possibility of electronic property registration.
2. Turkey is a gateway to the Eurasian markets
Many international corporations are opening their offices in Turkey so foreign investors consider this country a great entry point to the Eurasian market.
Curiously, Istanbul attracts a growing number of Chinese high net worth individuals who not only travel to Turkey on a regular basis (in 2018, the number of Chinese tourists doubled, and now Istanbul even has its own Chinatown) but also purchase deluxe hotels and residential property here. Moreover, the Chinese high-scale project of re-establishing the ancient Silk Road as a crucial trade route will strengthen Istanbul’s prospects as a key global economic hub.
3. Bright horizons in the tourist industry
According to experts, the year of 2019 will become a record year for the tourist industry. At this point, the number of bookings in Turkish hotels exceeds average showings. It’s even more impressive given that the country went through a recent crisis of the tourist industry in 2016.
The industry’s regenerating capability is indicative of the Turkish economic resilience and high growth potential. In 2018 (after a short break), the foreign investment in Turkey grew by 14% and reached $13.2 billion. Based on the 2019 business report published by the World Bank, Turkey has joined the Top 10 countries with the most dynamic economic growth and jumped 17 points up to #43 in the global rank following the business reforms in the country.
4. Visa-free entry to 115 countries
The Turkish passport unlocks the opportunity of free entry to 115 countries including Singapore, South Korea and Japan. Turkish citizens can relocate to the UK with a business visa and also obtain the US E-2 business visa which provides access to the EB-5 immigration visa and, ultimately, the green card.
According to analysts, Turkey is on the way to visa-free EU travel. The EU has, in fact, confirmed that Turkey matches 65 points out of the 75 required to secure its citizens free entry to the EU.
5. Competitive property prices
The minimum investment required to receive the Turkish passport through the Citizenship by Investment Programme amounts to $250,000. By investing the funds into the Turkish property, you can purchase a deluxe residence in one Istanbul’s skyscrapers or a beautiful apartment in the coastal towns of Bodrum, Antalya or Alanya.
The Turkish authorities guarantee transparency and reliability of the deals: all property acquired by foreign investors undergoes approval by the Capital Markets Board of Turkey.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, EU & the Caribbean. Astons is a committed and regulated Member of the Investment Migration Council (IMC), for EU & Caribbean investment immigration.
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