Turkish citizenship program might seem such an ordinary nationality program like any, but actually, it's not true, but why? Second question, why the Turkish program ?
Consequently, we're telling you the facts you need to know about each program, its positive and negative aspects, so you as an investor will be able to distinguish the best option that suits your aspiration.
Turkish citizenship program, all you need to know about it In terms of investment and lifestyle in Turkey:
The first draft of the Turkish citizenship program for foreign investors was published in 2017 through the Turkish Parliament. At that time, the value of the investment within the Turkish citizenship program for foreigners was one million US dollars.
While the advantages offered to the foreign investor, in addition to obtaining Turkish citizenship and a Turkish passport, were Investments are not restricted to a period exceeding one year within the Turkish territories.
But due to the great value of the Turkish citizenship program, in 2018, the program was amended in a session of the Turkish Parliament in Ankara. During the meeting, the draft decision was improved by bringing the investment value for foreigners to 500,000 US dollars.
However, in the same year, given to the high value, the decision was amended again, so a final draft was submitted, which states that the ability and eligibility of a foreign investor to obtain Turkish citizenship and grant it to the wife and children under the age of eighteen, will be by investing in real estate with a value of $250,000.
Other programs are offered within the same draft to meet the aspirations and preferences of foreign investors, who don't prefer real estate investment.
Therefore the same draft worked to present a program for obtaining Turkish citizenship through a bank deposit of 500,000 US dollars, under one necessary condition, which is states It stipulates that the cash amount shall not be withdrawn from the bank three years before the date of the deposit, also that the investor must deposit the amount within Turkish lands, moreover transfer the cash value legally to Turkish lands, and show the transfer receipt when depositing cash within Turkish banks.
Or by creating an actual commercial registry (establishing a Turkish company) within any wanted Turkish city and securing 50 opportunities Work for Turkish citizens through the company.
Is the Turkish economy is strong enough to match your aspirations of real estate, banking, or creating a fresh financial foothold for yourself??
The economic or social privileges obtained by investing in the Turkish program are unexpected and uncountable simultaneously due to The fertile land in Turkey, which works to provide a robust infrastructure in all aspects of daily life, such as the strategic location between Europe and Asia, on the global trade silk line, in another world, the site of Turkey that is the joint point of three continents, with three sea and two commercial canals.
In terms of economic privileges, Turkey ranked first among the G-20 countries in economic growth during the third quarter of this year, During the third quarter of this year, the Turkish economy achieved an increase of 7.4 percent, compared to the same period last year, Outperforming Britain, Mexico, China, and Saudi Arabia.
However, the new economic plan that the Turkish president put forward in December of last year worked to stabilize the Turkish currency against foreign currencies, and among the essential items of these decisions are the following:
1- The new plan worked to launch a new financial mechanism that allows achieving the same level of potential profits for savings in foreign currencies by keeping assets in local Turkish pounds. Therefore the government put forward the plan, which guarantees the bearing of losses on behalf of the Turkish citizen; the government studied all aspects of the project and its future dimensions; in other words, the future of the Turkish economy will crucially change once for all.
2- The new economic plan worked to protect exporters from differences between currencies by setting a long-term exchange rate for exporting companies through the Central Bank. In the event of discrepancies, they will be paid in the Turkish Lira to the companies concerned,
3- The new economic plan created new tools for gold savings. New tools will be developed to encourage citizens to enter their gold savings into the financial system. Therefore as a further step, the government will integrate about 5 thousand tons of gold and supply it into the market.
The Turkish president stressed that his country "will emerge victorious from the war over its currency, and will not be subject to interest rates or inflation," adding: "Our economic plan aims to strengthen the free market and keep money and speculation lobbies away from harming the economy."
And he added, "We have not announced a plan that contradicts the free financial markets. On the contrary, we are working to implement our plan to keep interest lobbies and speculations away and to walk the path of economic success."
The Turkish exports and imports:
According to the official report of the Turkish ministry of commerce, the essential characteristic of the Turkish economy is that diversified economy, as Turkey's gross domestic product includes a tangible contribution to the sectors of industry, agriculture, tourism, trade, and the rest of the components of the service sector.
The Turkish economy is also featured by a solid production base, enabling it to achieve significant growth rates—the positive growth of 1.8% during 2021.
Turkey's flexible and robust production base gains a great advantage, from an economic point of view, as the devaluation of the local currency is remarkably taken advantage of, and the problem is turned into an opportunity. Turkey's merchandise exports reached $200 million annually, reaching September 2021 about $211 billion on an annual basis.
The taxation system for both commercial and also the real estate:
The Taxation and expenses are such a long story to tell. Still, to a long story short, the Turkish state is like any similar economy in the region is Taxes based, however, the Turkish economy. Due to the fast shifted development that the Turkish government worked on in attracting more foreigner liquid to Turkey, they've established uncountable new regulations for tax exemption for foreigners.
And for Turks, the government encouraged producing more exports, after that establishing tax exemption for exports, no customers in too many cases.
As a rational consequence, and as a logical outcome for the previous question, if Turkey can match and follow your aspiration or not, we think so far we did answer the question.
But about the privileges in the long term, will the Turkish passport give you free accessibility to the world? What is the number of free access countries for Turkish holders:
Turkey's passport is currently ranked 53rd according to the Passport Ranking Index. Turkey's passport allows its holders to travel visa-free to 111 destinations worldwide, giving it an overall average mobility score.
Turkey passport holders can travel without a visa or obtain a permit on arrival to many countries such as Brazil, Qatar, Albania, and South Korea, which allows holders of this passport to travel immediately to many countries around the world; however, Turkey passport holders will need to obtain Pre-Visa for entry to about 118 countries including China, all EU countries and India.
This information may interest the foreign investor not because they aspire to travel or facilitate movement for commercial reasons. We all know that foreign investors can quickly obtain the Schengen visa, which gives them ease of movement and access to various countries of Europe and the world.
But the foreign investors aspire and put efforts to obtain a second nationality for the sake of their family members, wife, and children, which will facilitate their lives and success opportunities to travel weather to study in Europe without any restrictions or barriers that may prevent their travel, in addition chasing success and achieving their dreams.
On this basis, Turkish citizenship for foreign investors has worked to give everyone a profitable investment opportunity without any restrictions imposed on the investor, such as donating a sum to the state instead of investing in the country, plus the freedom of mobility and profitable investment on the long terms.