36% of Foreign Investments in Turkey are Done so in Order to Obtain Turkish Citizenship.
Turkey, with its robust economy and strategic location, has become an attractive destination for foreign investors. Interestingly, it is not just the business opportunities that draw investors, but also the potential to acquire Turkish citizenship. Recent data reveals that 36% of foreign investments in Turkey are driven by the desire to obtain Turkish citizenship.
The Appeal of Turkey
Turkey is positioned at the crossroads of Europe and Asia, providing access to multiple markets. The country boasts a dynamic workforce, diversified economy, and a government that actively encourages foreign investment. These factors, coupled with the charm of its rich culture and history, make Turkey an attractive destination for investors worldwide.
Investment for Citizenship
In 2017, Turkey introduced a program allowing foreign investors to obtain Turkish citizenship through investment. This initiative offers a path to citizenship to those who invest in real estate, bank deposits, or job creation. Since its introduction, there has been a surge in the number of investors seeking Turkish citizenship, accounting for 36% of all foreign investments in the country.
Benefits of Turkish Citizenship
Acquiring Turkish citizenship offers a range of benefits. These include the right to live, work, and access healthcare and education in Turkey. Turkish citizens can also travel visa-free or with visa-on-arrival access to many countries, an aspect that is particularly appealing to investors from regions with more restricted travel options.
Understanding the Investment Landscape
Real estate constitutes a significant portion of investments leading to Turkish citizenship. Investors are attracted by the prospect of owning property in key cities like Istanbul and Antalya, which offer both rental income and potential capital appreciation. However, investing in Turkey’s burgeoning sectors like technology and energy can also lead to citizenship.
Navigating the Process
The process to obtain Turkish citizenship through investment involves certain steps, including making the required investment, applying for a residence permit, and then applying for citizenship. It is crucial for investors to seek legal advice to navigate this process effectively.
The allure of Turkish citizenship plays a significant role in attracting foreign investment to Turkey. The prospect of gaining citizenship, along with the potential returns from the investment, has proven to be a winning combination, enticing investors worldwide. As Turkey continues to foster an investor-friendly environment, it is likely that the trend of investment-driven citizenship will continue to grow.
An rising number of foreigners are investing in Turkish real estate to obtain Turkish citizenship. About 36% of foreign investments in the last quarter of 2020 were made in order to obtain “golden passports.” This was stated about the real estate appraisal and investment firm EVA by the Turkish construction and real estate publication Emlak Kulisi. In all, foreigners purchased 2,252,840 square meters of property in Turkey in the third quarter of 2020 in order to get citizenship; Istanbul-area homes made up 17% of this total number.
By the conclusion of the third quarter of 2020, Konya had emerged as the city where people most frequently sought Turkish citizenship through real estate investment.
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