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Turkey is an incredible country to either visit or settle down in. Spanning two different continents, Turkey is an interesting mix of both new and old-world cultures. There is incredible cuisine, amazing architecture and historical relics to enjoy, and beautiful beaches to relax on. If you’re feeling adventurous, you can unwind and be pampered in a Turkish bath or travel the country and enjoy the varied geography and different cultures.
This country is part of the "cradle of civilization" and offers numerous opportunities for exploration. The capital is Ankara, while Turkey's biggest city is Istanbul. Istanbul is very well known by expats and tourists alike, and it is also the center of economics and the most populous city. Although residing in Istanbul may be expensive by Turkish standards, a solo individual can manage comfortably with $1,500 USD and a family of 4 with around $2,500 USD.
The cost of living in Turkey is very reasonable, and statistically, it is a very safe country with low crime rates. The Turkish people are famously friendly and welcoming of foreigners, so enjoying a rich social life is easy.
This program to grant citizenship and residency to foreign investors was first established in 2016 by the government and has been quite popular among Russians, Ukrainians, and Gulf nations. Initially, the barrier to entry was quite high, with the required real estate investment set at a million dollars. When this failed to attract the desired investments, the government lowered the minimum investment to $250,000 USD, and just recently, the government raised the price again to $400,000 USD.
As I’ve mentioned many times in the past, if you want to obtain a CBI, don’t wait; make a move now. It is a very rare and uncommon occurrence when a country will lower their initial investment price; more often than not, the prices increase, especially if the program is doing exceptionally well, as is Turkey.
The Turkish Lira has been steadily depreciating vs the USD over the last five years, going from a rate of 4:1 at the start of 2018 to over 16:1 as of June 2022. Inflation for May in Turkey was at a rate of 73.5% year on year. While inflation in Turkey has seen double-digit numbers for the last five years, it has been accelerating rapidly as of 2022, the chickens of Erdogan’s loose monetary policy coming home to roost. This devaluation of the Turkish Lira is good news for foreign real estate investors looking to cash in on Turkey’s red-hot real estate market. In spite of record inflation, Turkey still enjoys strong economic growth as it has over the last two years.
Hagia Sophia, Istanbul, Turkey
Related article: The Basics Of How To Get A Second Passport Or A Second Residency
If you are interested in an application for Turkish citizenship, there is a straightforward path to do so: to purchase real estate with a value of $400,000 USD or more.
It is important to note that in order for this purchase to qualify for granting you citizenship, it must be undertaken with this specific purpose in mind. In order to demonstrate that the purchase was undertaken for the purpose of obtaining citizenship, the deed to your property must explicitly state that this was the reason for your purchase.
The great thing about this citizenship application is that it is remarkably simple. Just purchase the property, submit your claim to the proper authorities, wait six months or so and you are a Turkish citizen, with the rights and privileges that entails. There are some requirements for your real estate purchase.
Requirements to register your real state purchase:
Aside from purchasing properties, foreigners can also qualify by means of a $500,000 USD deposit in a Turkish bank. Those who choose this path must leave the funds there for a minimum of three years. Alternatively, you can invest $500,000 USD in a private pension fund or start a business that employs 50 people.
There are many different benefits that you can obtain by pursuing citizenship in Turkey by investment. The first is the speed at which you can acquire citizenship and a second passport. Turkey has no issues with dual citizenship, so if you are a citizen of another country that allows dual citizenship, then you have that option. Turkey is also centrally located right in the middle of Europe and Asia, so it is a great conduit for international business and a quick flight to many important destinations. With your newly acquired Turkish passport, you can also take advantage of visa-on-arrival programs in over a hundred different countries. And with the Turkey Citizenship by Investment program, applicants can bring their family members and spouse along. So you don’t have to spend time apart from your loved ones. And because this program grants you Turkish citizenship status, it is good forever, so you don’t have to worry about renewing your papers. Once you are a citizen, you are good to go.
Library of Celsus, Ephesus, Turkey
Turkish residents are taxed on worldwide income, which is an important consideration when choosing to live there. They have a progressive income tax similar to that found in the United States or Canada. There is also a sales tax, with rates from 1% to 18% depending on the product being sold. Property taxes in Turkey are relatively low, at 0.1% to 0.6%, but they do exist. You are generally considered a Turkish tax resident if you reside in Turkey for a continuous stretch of more than 183 days during the calendar year.
There are a number of requirements in order to participate in this program. Specifically, they are
You are getting citizenship within six months. Also, the investment requirements are quite soft regarding how long you need to stay invested. All you have to do is keep your investment in place for three years, and then you have Turkish citizenship for life. That is a great deal.
Turkey's citizenship program can often be overlooked and traded up for more popular options. However, Turkey has possibly one of the cheapest and most straightforward citizenship by investment programs. The investment amount isn't costly, and the government facilitates the citizenship process by having minimum requirements. You're not even required to get a residence permit, and you can become a citizen in 60 days to six months.
I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of your home country (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.
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Written by Mikkel Thorup
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