The population of Turkey is almost 90 million people. The country occupies a fairly large territory, has access to the sea, and is a candidate for EU membership. Over the past few decades, Turkey has seen a rapid development of its economy and infrastructure. Between 2010 and 2021, the country’s annual GDP is only growing. In 2021, the growth was 11%. But what else can Turkey offer its citizens?
Starting from 2017, getting a Turkish passport for foreigners is not that difficult. The Turkish government has decided to launch a program that allows citizens of other countries to obtain Turkish citizenship by investment. At the moment, this status opens up a large number of opportunities, starting with a visa-free regime in many countries of the world and ending with a high living standard in Turkey.
The Main Benefits of Turkish Citizenship
1Easy to travel around the world
At the moment, a Turkish citizen can travel visa-free to Japan, Singapore, Hong Kong, South Korea, and 106 other countries around the world. To visit a Schengen country or the United States, you must obtain an appropriate visa. Usually, they are valid for several years, depending on the purpose of the visit of a Turkish citizen.
There is another easy way to get to the USA. Residents of Turkey can obtain an E2 visa. With its help, you can not only live but also work and even open a business in the United States. Obtaining such a visa is relatively simple, and, under certain conditions, you can even bring relatives with you.
2Standard of living in Turkey
Foreigners with a Turkish passport can easily immigrate to this country. Living in Turkey is quite comfortable for several reasons. Firstly, due to the geographical position of the state, Turkish citizens can settle both in large cities with developed infrastructure and in quiet coastal areas.
Secondly, Turkey is famous for its high level of healthcare and education. If a foreigner is going to settle in one of the cities of Turkey with their family, there are enough opportunities for children to enter a prestigious higher education institution. In addition, if a child is born to the citizens of this country, they will also receive the status of a citizen.
3Turkey and EU
The hidden advantage of the Turkish passport lies in the prospects of the country in the EU. Zlata Erlach (an expert from the Immigrant Invest agency) emphasizes that the status of an EU candidate, which Turkey received back in 1999, gives hope for its accession to this organization in the near future. This event will significantly expand the opportunities for Turks to travel to Europe, as well as improve trade relations between the countries.
On the other hand, Turkish citizens have been waiting for progress on this issue for quite a long time. At the moment, there are no clear signs that this issue will be resolved in the next couple of years, but things can change.
The economic growth that has been observed in Turkey for several years in a row has a positive effect not only on the standard of living but also on Turkish business. This is very noticeable against the background of the recovery from the Covid 19 pandemic. The real estate market is growing rapidly, the tourism sector is recovering. Turkey’s exports are also at a high level, thanks to maritime transport. However, the country’s economy also has its problems. For example, high inflation, which is difficult to fight without a sharp increase in rates by the central bank.
How to get the benefits of Turkish citizenship as a foreigner
Turkish citizenship can be obtained in several ways. One of the simplest is the citizenship by investment program. Until recently, the minimum investment to obtain a Turkish passport was $250,000. In the spring of 2022, the situation changed not in favor of foreigners. At the moment, you can participate in the program with a minimum amount of $400,000 (excluding government fees and legal fees). A foreigner can go one of these ways:
- Create 50 jobs for Turkish citizens.
- Invest in a real estate project in Turkey in the amount of 400,000 US dollars.
- Transfer money to a deposit in a Turkish bank, buy government bonds or investment fund units in the amount of $500,000 or more.
- Become the founder of a company with an authorized capital of $500,000 or more.
The choice mainly depends on the type of activity that a foreigner is going to do in Turkey and their financial capabilities. For example, for future Turkish entrepreneurs, the first and last option is best. The option of buying real estate is universal, and the method of purchasing securities or opening a deposit is suitable for those who already have a house in Turkey and do not want to buy a new property.
Turkey CBI advantages
Typically, economic Turkey citizenship programs take a long time and require a huge amount of documents from the applicant. But not in the case of Turkey. The procedure for obtaining the status of a citizen for a foreigner takes up to 6 months. At the same time, the required list of documents is not very large.
Any of the investment options available to foreigners is quite profitable in itself. Bonds and bank deposits have a low-risk score in and of themselves. Real estate is also considered one of the safest assets. Moreover, the purchased property can be used not only for the living. It can be rented out and receive passive income. As real estate prices in Turkey and many other countries of the world are rising, selling the project in a few years can bring a good profit. Under the terms of the program, the investor can sell the purchased property 3 years after the purchase.
Another benefit of citizenship in Turkey by investment is that the applicant is not required to live in Turkey either before or after obtaining a Turkish passport. In addition, you do not need to take exams for knowledge of the language, history, and law.
Not only an investor but also their family can become a Turkish citizen. A foreigner can include their wife and children under 18 in the application. If the investor’s parents or their children over 18 also want to move to Turkey, they have the right to obtain a residence permit. However, they, unfortunately, cannot apply for Turkey citizenship under this program.
To get all the Turkish citizenship pros through investment, a foreigner must:
- Be over 18 years of age.
- Be in good health.
- Not have a criminal record.
- Pay all government fees for the purchase of real estate and application processing.
- Confirm the legal origin of funds for investment.
It is quite fair that for a large number of benefits of Turkey citizenship in Turkey, the government of the country requires foreign candidates to invest in the development of this state. At the same time, it is not at all necessary to immigrate to this country. All the money that a foreigner is going to invest in obtaining a passport in one way or another can eventually be returned after a certain period. What’s more, these investments can even generate returns.
Starting a business is a little riskier since, in this case, everything depends on the entrepreneur. However, the steady economic growth of Turkey, which is an important Turkish citizenship benefit for those who are going to do business, will positively affect the development of the company.