7 BENEFITS OF GETTING TURKISH CITIZENSHIP
Citizens of 148 countries of the planet have already become owners of houses, land and apartments in Turkey. Such data are provided in the fall of 2020 by the General Cadastral Administration of the Republic of Turkey. At the same time, since the summer of 2016, more than 9 000 people have already received Turkish citizenship ahead of the game for real estate purchase in Turkey, and the total amount of their investments amounted to almost three and a half billion dollars! What are the benefits of Turkish citizenship? How does Turkish citizenship attract foreigners and how can it be prospectively used for life and business?
CONTENTS
- Benefit one: opportunity to quickly move to the USA
- Benefit two: opportunity to quickly move to the United Kingdom
- Benefit three: quick admitted and opportunity to do business in Turkey immediately
- Benefit four: promising real estate investments
- Benefit five: opportunity to visit more than a hundred countries of the world without a visa
- Benefit six: comfortable and safe environment for business
- Benefit seven: citizenship for all investor’ family members
BENEFIT ONE: OPPORTUNITY TO QUICKLY MOVE TO THE USA
The Republic of Turkey successfully manages to attract capital from active citizens of different countries seeking to get the opportunity to quickly and legally emigrate to the United States. How can it happen? Obtaining Turkish citizenship for the whole family by investing in real estate today takes not less than 6 months. Then new citizens of the Republic can quickly get a business visa to the United States under the E2 program in their Turkish passport. Such a visa makes it possible to permanently live and work on American territory, the basis is investment in a new or existing business. In the future, an E2 visa makes it possible (with an increase in investment volume in a business to the level of EB-5 or up to 900 thousand dollars) to obtain a green card and create ten jobs in the United States.
In the past few years, professional migration services resources have regularly published articles and studies that the E2 visa is the future of American residency for foreign investors. The main advantages of this business visa (if we compare it with EB-5, a green card for those who invest in the country's economy) are much faster processing of incoming applications, no tax burden and liabilities, and less investment requirements. Every year, the minimum requirements for investors applying for an EB-5 green card are growing, it becomes more and more difficult to obtain the sacred document. Therefore, experts on the migration services market predict that the E2 visa, which Turkish citizens can apply for, will take first place in the market in the near future, displacing the long-term leader – the EB-5 green card for investors.
An important point: the E2 business visa to the United States is negotiable. This means that it can only be formalized by citizens of countries that have signed a corresponding treaty on privileged relations with the United States. In 2020, only five countries of the world that have an agreement with the United States on participation in the E2 program issued citizenship ahead of the game for real estate investments. The required jurisdiction is: Turkey, Jordan, Grenada, Montenegro and Moldova. Obviously, Turkey is the most attractive and promising option for obtaining “golden passports” in this list. The option to obtain Jordanian citizenship fast requires a minimum investment in real estate of $ 750,000. The program in Moldova is temporarily suspended for an indefinite period. The Grenada program requires an investment of $ 150,000, but it is designed for one applicant, no family. It is possible to obtain Montenegrin citizenship fast by investing in real estate in the amount of 450 thousand euros and an obligatory charitable contribution to the country's Development Fund (in the amount of 100 thousand euros).
BENEFIT TWO: OPPORTUNITY TO QUICKLY MOVE TO THE UNITED KINGDOM
Obtaining Turkish citizenship opens up another opportunity for entrepreneurs seeking to live and work abroad. Immediately after obtaining a Turkish passport ahead of the game, a new citizen will be able to emigrate to the UK by obtaining a Turkish Businessperson visa. The visa processing period takes from five days (urgent submission) to three months. This category visa makes it possible to apply for permanent residence in the UK in the future, as well as to obtain citizenship of the United Kingdom. The main advantages of a Turkish businessman visa are its low cost: no investment is required, as well as no government fee when applying for a visa. To move from Turkey to the UK on this visa, you only need to demonstrate that you have sufficient capital to open and further conduct a business (even if very small) in the United Kingdom. With the Turkish Businessperson visa, you cannot only become an entrepreneur in the UK, but also study and volunteer along the way. In addition, you can move to the UK with the whole family on this visa, not only with an official, but also with a common-law spouse.
BENEFIT THREE: QUICK ADMITTED AND OPPORTUNITY TO DO BUSINESS IN TURKEY IMMEDIATELY
A significant advantage of Turkey's “golden passports” program is the opportunity to quickly apply and all procedures simplicity. Applicants are not required to declare income and assets in other countries, nor are they required to change their tax residence or move to Turkey for permanent residence. Even during the coronavirus pandemic, when all institutions and departments of different countries (including Turkey) are working much slower than usual, accelerating Turkish citizenship for real estate investments takes not less than 6 months. Those who plan to move to the United States or Great Britain within the framework of international agreements, as well as those who see the prospect of doing business in Turkey itself, will be able to obtain its citizenship as soon as possible: by purchasing real estate in Turkey for only 400 thousand dollars. Recall that initially (since July 2016, when the Turkish program to obtain “golden passports” for real estate investments was launched) Turkey estimated its citizenship too high by market standards. Then the price threshold for investors was one million dollars and was available only to the wealthiest citizens of the world. Naturally, Turkey received a very meager response to its initiative, so in 2018 the investor's price threshold was lowered by the Turkish authorities to a quarter of a million dollars. This caused a sharp increase in those wishing to participate in the Turkish program, which today (according to official statistics) has become one of the most popular in the world.
BENEFIT FOUR: PROMISING REAL ESTATE INVESTMENTS
Turkish housing itself, land or commercial real estate (regardless of obtaining citizenship for the whole family) is a very profitable option for investing capital. Official statistics show that apartments in Turkey have risen in price by 25.9 percent in 2020 alone, land and industrial facilities - by 50 percent, the demand for villas, houses with a garden and large balcony has increased due to the coronavirus by 233 percent over the past year and continues to grow. To invest in real estate in Turkey is profitable both in the long term and in the short term. It is allowed to resell it already three years after obtaining citizenship by investment, and before that, real estate can be profitably rented out (as most foreign buyers of apartments in Turkey who do not plan to move to permanent residence do).
It is not necessary to buy one object worth the equivalent of 400 thousand US dollars to obtain Turkish citizenship. You can invest in several apartments to obtain citizenship: the main thing is that no more than two months elapse between transactions made for early citizenship. A popular investment method in 2020 and recommended by international investment advisors is the purchase of industrial property. Why is it profitable to invest in it today? Because it is in growing demand, dynamically rises in price and is very profitable for rent (demand often exceeds supply).
BENEFIT FIVE: OPPORTUNITY TO VISIT MORE THAN A HUNDRED COUNTRIES OF THE WORLD WITHOUT A VISA
Having a Turkish passport significantly expands your travel opportunities. Citizens of Turkey in 2020 could visit more than a hundred countries of the planet without the need for a visa. Thus, you can enter even four countries of the world with an internal Turkish passport, bypassing the registration of a foreign passport (Georgia, Northern Cyprus, Ukraine, Bosnia and Herzegovina). In addition, visa-free entry for Turkish citizens with a stay from 30 to 90 days is open to eleven countries of the European continent: Andorra, Albania, Azerbaijan, Belarus, Bosnia and Herzegovina, Montenegro, Kosovo, Macedonia, Moldova, Serbia.
Also, visa-free travel with a stay from 14 to 90 days is open for Turkish citizens to 31 Asian countries: Bahrain, East Timor, Indonesia, the Philippines, Armenia, Palestine, South Korea, Hong Kong, Japan, Iraq, Iran, Cambodia, Qatar, Kazakhstan, Kyrgyzstan , Kuwait, Lebanon, Malaysia, Macau, Maldives, Myanmar (Burma), Mongolia, Nepal, Singapore, Sri Lanka, Thailand, Taiwan, Oman, Tajikistan, Jordan and Syria.
Visa-free travel with a stay from 30 to 180 days is open for Turkish citizens to 31 countries in the Americas. Argentina, Bahamas, Belize, Bolivia, Brazil, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Colombia, Costa Rica, Mexico, Nicaragua, Panama, Paraguay, Peru, Chile, Uruguay, Venezuela, Antigua and Barbuda, Dominican Republic, Barbados, Jamaica and a number of island states are among them.
Also, visa-free travel for Turkish citizens for a period from 30 to 90 days is open to 20 African countries (including: Morocco, Madagascar, Tunisia, Tanzania, Kenya) and to six island states of Oceania.
BENEFIT SIX: COMFORTABLE AND SAFE ENVIRONMENT FOR BUSINESS
In 2020, more than sixty thousand international companies operate in Turkey, more than seven hundred thousand expats are officially employed. At the end of 2019 (according to the analytical report Expat Explorer from HSBC bank), Turkey entered the top ten countries on the planet most attractive for the life and work for foreigners of various specialties. The report was compiled on the basis of a sociological poll, respondents of which were almost 19 thousand expats from 163 countries. Turkey ranked seventh even before the coronavirus pandemic. In the third quarter of 2020, it has become obvious that the Republic of Turkey is one of the safest places on Earth in terms of coronavirus measures effectiveness taken and medicine development.
Another authoritative study of 2019 (the annual Doing Business analytical report of the World Bank) shows that Turkey has climbed ten positions at once in the rating of world countries recommended for business. Turkey's indicator from 2018 to 2019 moved from 44th to 33rd place in the ranking. The study covered 190 economies of different countries, experts assessed a number of significant criteria. The following criteria have been considered among them: possibility and opportunity to open and develop a business; ease to obtain necessary permits; opportunity to hire specialists; financial capabilities and capital security; overall safety and comfort level of the business environment; interaction with authorities. At the end of 2019, Berat Albayrak, Turkish Minister of Treasury and Finance, turned to foreign investors and said: “It is time to think about the prospects and take advantage of the opportunities and advantages that our country, which occupies a strategic position on the planet, provides. Hurry to invest in the Turkish economy, because Turkey is confidently achieving its goals and you can move forward with us. Our economy is recovering quickly and our security policy is paying off. The results of 2019 show: Turkey has shown an economic miracle to the world! Our economy has grown amid a current account surplus. This achievement may be included in the history books.”
BENEFIT SEVEN: CITIZENSHIP FOR ALL INVESTOR’ FAMILY MEMBERS
The most important aspect for a foreign investor in real estate in Turkey is the fact that their entire family immediately obtains the citizenship of the Republic in a short time. You shall have in mind that family members do not include the investor's brothers and sisters, grandparents, but spouses, children under the age of eighteen, and children with disabilities of any age. The whole investor’s family obtains Turkish citizenship for real estate investments at the same time: applications are submitted and considered as a single set. It is worth noting that applicants for Turkish citizenship do not need to give up their original citizenship in favor of Turkey. The legislation of the Republic allows for dual citizenship and does not impose residency requirements on investors; it is not necessary for new citizens to move to Turkey for permanent residence.