5 Reasons to Get Turkey Citizenship by Investment
Turkey is a vibrant country that has emerged as a leading economy in the world. Its economy has shown remarkable growth in the past two decades. The journey started in 2002 when Turkey’s economy was valued at 236 billion USD and by 2022, the economy size was 906 billion USD. With such tremendous growth, the Turkey Citizenship by Investment program is a hot favorite among people who need a Plan B or a strong second passport. The success story of Turkey lies in liberalizing the economy and attracting foreign direct investments. The transcontinental country launched citizenship by investment in January 2017. The program now requires an investment of $400,000 to buy a property or land and become a Turkish citizen.
Benefits of Turkey Citizenship by Investment
Turkish citizenship makes people eligible to travel visa-free to 110+ countries and easy visa access to other countries. Turkey passport holders can travel visa-free to Hong Kong, Singapore, Japan, South Korea, Latin American countries, Mexico and Brazil. Turkish citizenship is also beneficial in getting the US E2 investor visa. Further, there are no language or residency requirements to become a Turkish citizen and you can retain your original nationality as well.
Turkey Citizenship by Investment Route
Mainly, there are three routes to obtain Turkish citizenship by investment. These include:
- Â Â Investing in Real Estate
- Â Â Creation of Jobs
- Â Â Capital Transfer
Turkey Citizenship by Investment by Investing in Real Estate
Turkey Citizenship by Investment require $400,000 which is the cheapest option. You can generate passive income from this property by renting it or you can live in this property with your family.
Turkey Citizenship by Investment – Creation of JobsÂ
For Turkish citizenship, you can form a company in Turkey that grants employment to 50 people.
Turkey Citizenship by Investment with Capital Transfer
A capital investment of $500,000 also makes you eligible to become a Turkish citizen.
Turkey Citizenship by Investment – Why to Invest in Turkey?
Here are the 5 reasons why Turkish citizenship is beneficial for business persons:
1. Â Â Robust Economy
The statistics show that the economic growth and growing middle class have more to spend. The income per capita was $10988 in 2002 which improved and the average income per capita turned to $39301. Further, there were 4.6 million passenger cars in 2002 and 14.4 million passenger cars were on the road by 2022. Turkish aviation sector also saw considerable growth from 33.8 million aviation travelers in 2002 to 214 million air travelers in 2023. Turkish companies have access to 1 billion consumers including 85 million Turkish citizens, 477 million people in the FTA (Free Trade Area) area, and 446 million people in the EU.Â
This impressive economic growth can be attributed to comprehensive structural reforms and a dynamic private sector that have driven Turkey’s rapid transformation. The government’s focus on improving the business climate through streamlined regulations, tax incentives, and infrastructure investments has played a crucial role in this transformation.
Furthermore, Turkey’s automotive industry has emerged as one of the largest in Europe. With global brands setting up manufacturing plants and the rise of domestic automotive companies, Turkey now serves as a vital hub for car production and export. The aviation sector has also benefitted significantly from strategic investments in infrastructure and services. The construction of major airports like Istanbul New Airport and the expansion of regional airports have made Turkey a key transit point for international travel.
3. Â Â Strategic Location
The strategic location of Turkey attracts businesses to relocate their business to Turkey and benefit from the unique location of the transcontinental country. The proximity to major markets including the $28 Trillion EU economy, MENA, and Central Asia is only 4 hour flight away. Business persons see Turkey as a manufacturing and export hub. Turkey records all-time high exports in 2023 with over 255 billion USD value. According to the Turkish government, the 2023 Turkish exports include 41% to the EU, 23% to MENA, 7% to North America and 30% to other areas. These figures show the importance of Turkey’s strategic location.
Turkey recorded an all-time high in exports in 2023, with a value exceeding $255 billion. According to the Turkish government, these exports include 41% to the EU, 23% to MENA, 7% to North America, and 30% to other areas. These figures highlight the significance of Turkey’s strategic location in global trade.
Moreover, Turkey’s comprehensive transportation infrastructure strengthens its position as a global trade hub. Major seaports, advanced railway networks, and modern airports enable seamless connections between Europe, Asia, and Africa. For instance, the Istanbul New Airport, one of the world’s largest, enhances air cargo capacity and passenger connectivity, further reinforcing Turkey’s role as a logistics hub.
4. Â Â Favorable Demographics, Skilled and Competitive Labor Force
As of 2023, 0.904 million university graduates were making up 28% of the labor force which was only 10% back in 2002. These figures show the availability of skilled labor for manufacturing, assembling, technical work and businesses.
The increase in the percentage of university graduates over the last two decades highlights the significant improvements in Turkey’s education system. This rapid rise in the proportion of university-educated individuals reflects the growing emphasis on higher education and skill development, ensuring that graduates are well-prepared for modern job market demands.
Turkey’s government has prioritized aligning academic programs with industry needs, producing a highly skilled workforce that supports manufacturing, technical work, finance, and healthcare sectors. The availability of skilled labor has reduced operational costs for businesses looking to establish manufacturing plants, R&D centers, or regional offices in Turkey.
5. Â Â Business Friendliness
The Turkish government has made business-friendly policies to protect the interests of investors. Turkey has bilateral protection treaties with 88 countries and treaties with 89 countries to avoid double taxation. These measures ensure a secure and predictable environment for foreign investors, enabling them to conduct business in Turkey with confidence. The bilateral protection treaties safeguard investments against non-commercial risks such as expropriation and provide mechanisms for resolving disputes through international arbitration. Meanwhile, the double taxation treaties prevent investors from being taxed twice on the same income, fostering a fair and competitive tax environment.
Is it better to buy a second-hand or a new property in Turkey for Citizenship?
The Turkey CBIP program grants citizenship to investors and meets the documentary requirements. As the country didn’t bind investors to purchase a specific type of property, the investors are free to either buy a house, or villa or buy land as a qualification. Investors want to know about the profitable options for them! The answer is straightforward, it depends on circumstances from person to person. One person may want to invest in a piece of land, while another may be interested in buying an apartment and enjoying its rental income. The thing to note is that you must buy the property from a Turkish citizen and retain it for 3 years or more.
Conclusion
The Turkish citizenship program is one of the favorite and feasible options for investors seeking a powerful second passport. Business executives, individuals, and tech entrepreneurs prefer Turkey due to its strategic location, business-friendly policies, tax relief, and ability to retain dual nationality. Further, the country is prospect of becoming a European country in the future makes the case strong. If you need a passport with visa free travel and investment option other than real estate stream, then St. Lucia Infrastructure Investment is best alternate for you. This investment option require $100,000 investment to get St. Lucia passport that empowers you to visa free travel to 145+ countries including Schengen states.Â