In 2017, Turkey began offering its own version of the Citizenship by Investment Program. In exchange for a cash investment or the purchase of real property, the Turkish Government will offer investors Turkish Citizenship. Turkey is among the countries in Western Asia and Eastern Europe with the most diverse cultural traditions. It is home to a number of remarkable monuments, heritage landmarks, and natural scenery of spectacular beauty. Turkey’s enticing combination of a centralized location, and a once-in-a-lifetime experience are among the primary reasons why people travel there and why businesses choose to set up shop there.
Having said that, a lot of people want to become citizens of Turkey through the Investment Citizenship Program so that they can take advantage of the various opportunities the country has to offer. Free higher education, unrestricted access to medical care, and the ability to travel without a visa are just few of the advantages of holding Turkish citizenship. In addition to this, investors who opt to put their money into Turkish real estate will be able to benefit from rental returns on their investments.
Turkish Citizenship by Investment Program (CIP)
In 2017, the Turkish government launched the CIP, which has since become quite popular, and the following year, in 2018, they reduced the minimal investment required to get citizenship. The minimal criterion for the real estate choice, which is the option that is most popular among investors from around the world, has been reduced from one million US dollars to two hundred and fifty thousand US dollars. Yet in 2022, the amount has been increased to 400,000 USD for real estate investments, and 500,000 USD for other types.
The affordable cost of the program was only one of the many appealing aspects of it; the short time frame and ease of use also contribute significantly to the program’s status as a well-liked option among many investors. The concept behind the Turkish CIP is a system that prioritizes effectiveness and ease of use; all that is required of you is to invest in anything that meets the requirements, put in an application for permanent residency, and make an application for citizenship. The entire process can take anywhere from three to six months, needs a small amount of documents, and allows investors to include their spouse and any children under the age of 18 in their application.
Benefits that Come from Turkish Citizenship
For entrepreneurs, there come a lot of benefits from acquiring a Turkish citizenship. These benefits include:
Immigration for Business to the United States:
An investor holding a Turkish passport who wishes to live and work in the United States may apply for and be granted an E-2 visa. The investor has the option of either buying an existing business or starting their own.
The validity period of the visa is two years. Although the investor has the ability to extend the visa an indefinite number of times, it is not regarded an immigrant visa. Additionally, the investor’s spouse as well as unmarried children younger than the age of 21 is eligible to receive visas as well.
Avoidance of Double Taxation:
Turkey is one of 82 nations, including India, Pakistan, Russia, Canada, France, UK, Saudi Arabia, and China, with which it has signed a convention to avoid double taxation. You will not be required to make tax payments to either of these governments if you are a resident of any of these nations.
Investment Incentives:
There are four distinct investment incentive programs, each of which provides a unique kind of assistance. This could include exemptions from VAT and customs duty, as well as reductions in corporation taxes and other taxes. There may be a greater number or a lower number of facilitations available in a certain region.
Free Zones:
There are also potential upsides to operating a company in Turkey. Turkey is home to 18 different free zones, all of which are designed to boost and encourage investment and manufacturing geared toward export. When an investor establishes a business within the free zone, companies are eligible for tax exemptions as well as other types of facilitation. For instance, in the free zones, there is no requirement to pay property tax on any land or buildings.
High Quality Education:
Education and learning in Turkey has traditionally been a big selling point for the country among migrants from all over the world. The nation is home to a plethora of prestigious educational institutions, each of which excels in a particular field of study. Future generations in Turkey will have access to many good educational opportunities, including those in the fields of medicine, architecture, engineering, information and communication technology (ICT), and business.
Some of the most prestigious educational institutions in the country include, Istanbul Technical University, Cankaya University, and Koc University. Koc University, in particular, is renowned for its ability to train some of the most qualified medical professionals and doctors in the world.
Economic Benefits:
Turkey’s economy has been expanding at a consistent rate; over the past five years, it has had an average year-over-year rate of growth of 3.84% in GDP. In comparison, the GDP of the United Kingdom had a decline of an average of 1% during the same time period. The planning and implementation of Turkey’s strategies for economic growth are placed into perspective by these data.
Property appreciation rates have skyrocketed in Istanbul, a popular investment destination, thanks in part to the CIP, which has contributed to the overall growth of the Turkish real estate sector, which is also doing well. The property market in Turkey keeps expanding at a tremendous pace, even achieving a phenomenal annual rate of growth of 16.2% in recent years.
And the best may be yet to come, as in 2023 the country will experience big advancements for the Turkish economy. An opportunity that exists is in the sector of energy, since Turkey has just recently found a significant gas reserve inside the Black Sea and therefore is projected to begin reaping the benefits of this discovery in 2023.
Conclusion:
When you have a Turkish passport, you are eligible for a number of privileges, such as being able to travel visa-free to 110 countries and acquiring long-term visa to the United States and Schengen states. Many people from other countries decide to make Turkey their permanent home so they can take advantage of the country’s advantageous passport program.
