As, what has been seen as a direct response to the lira crash, in the autumn of 2018, Turkey announced new regulations for the rights of overseas investors to be granted citizenship. Schemes which sell citizenship or residency have brought an estimated €25bn of investment to EU nations over the past 10 years, according to Global Witness, a fuel to the economy that, Turkey no doubt, wished to embrace.
Turkish Interior Ministry statistics show that over $1bn was bought into the Turkish economy via both cash deposits and property purchases since the new rules were introduced in September 2018, giving a much-needed boost to the economy.
How Turkish citizenship by investment works
Foreigners are now able to acquire the right to lifetime citizenship by investing $500,000 in Turkey, by depositing $500,000 in Turkish banks, or by buying real estate worth $250,000 or more. Previously the limits were $2 million for investments, £3 million for a deposit and $1 million for real estate purchase.
Additionally setting up a company with a minimum of 50 employees is a method of gaining citizenship, where previously the minimum was 100 employees.
For those wishing to take advantage of the low entry investment options from just $250,000 for investment property, the application process is entirely straightforward with passports being issued in as little time as 60 days. There is also no obligation to declare assets or income generated in other countries, and no physical presence required.
The rights of citizenship extend to the family of the investor (spouses, children under 18 and disabled children of any age), making it a very attractive option for many.
What are the benefits?
Thanks to Turkey’s location at the point where East meets West, it is a location that offers a wealth of accessibility, and by obtaining citizenship, investors benefit from visa-free travel to over 115 countries across the globe.
The citizenship program grants full rights to naturalized citizens, including health care, tax and insurance premium discounts and the right to work legally. Turkey benefits from free medical services, education and university reimbursement plans, and pension plans.
Around 2700 foreign investors wishing to benefit from Turkish citizenship have made investments and Numbers from Turkish Statistical Institute (TUIK) indicate foreign property purchases also soared in the first six months of 2019, compared to last year.
For investors looking for a country which offers a high quality of living, year round good weather, and an affordable entry investment, Turkey is a perfect choice – whether looking to purchase property to let, holiday home or to use a residence.
Thanks to the lira crash in 2018, potential buyers can really benefit from low entry rates to the market while obtaining citizenship for themselves and their families. From the bright lights of Istanbul to Bodrum – the latest luxury hotspot, there are a wealth of investment opportunities for overseas buyers to benefit from.