The Montenegro Special Citizenship by Investment Program (MSCIP) is the newest CBI programme on the market, launched in November 2019
TURKEY CITIZENSHIP BY INVESTMENT
Overview Turkey is a transcontinental country that occupies a unique geographic position, straddling Europe and Asia. The country, whose land area is greater than that of any European state, is bordered by Greece, Bulgaria, Georgia, Armenia, Iran, Iraq, Syria, as well as encircled by seas on three sides, including the Black Sea, the Mediterranean Sea and the Aegean Sea. The country is made of 80% Turkish and 20% Kurds and is divided into seven geographical regions. While the capital is Ankara, the largest city and seaport is Istanbul.
Health and Education Life expectancy in Turkey is 75.8 average (2015). Following significant healthcare reforms in 2003, state healthcare provision has much improved with 34,559 medical institutions, both public and private, existing in Turkey (2018). Education in Turkey is free and compulsory for all children from primary through to secondary. While Turkish is the language used in public schools, all children are required to learn a second language. High school education comprises general, vocational and technical schools. There are also private Turkish schools and international private schools, the latter mainly in Ankara and Istanbul, making it attractive for citizenship by investment.
Transport There are 22 international airports in Turkey with Istanbul Ataturk Airport the main one and ranked as the 11th busiest airport in the world, according to Airports Council International (2015). This airport has non-stop passenger flights scheduled to 289 destinations in 117 countries. The country has a roadway network of 40,776 miles and offers high-speed rail services across the country. There are three suspension bridges connecting the European and Asian shores of the Bosphorus strait and the Eurasia Tunnel provides an undersea road connection.
Lifestyle Considered to a moderate country within the context of the Middle East, Turkey offers a secure and international environment with more than 700,000 expats and 60,000 international companies, as well as a comfortable yet affordable high-quality lifestyle. This makes it a good choice for citizenship by investment. With more than 800km of coastline and a mountainous interior, activities such as sailing, fishing, scuba-diving and watersports are popular on the Aegean and Med coasts, while skiing is undertaken in the Anatolian mountains and hiking, walking and caving is a popular mountain activity. Turkey boasts an incredible 17 UNESCO World Heritage sites, including the Archeological Site of Troy, and is home to two of the Seven Wonders of the Ancient World, including the world’s oldest religious site Gobekli Tepe. Football is the country’s most popular sport, while basketball and volleyball are also popular.
Climate In Istanbul and around the sea of Marmara, the climate is moderate, ranging from 4C in winter to 27C in summer. In both western and southern Turkey, there is a mild Mediterranean climate with average temperatures of 9C in winter and 29C in summer. In eastern and south-eastern Anatolia, there is a long, hard winter with snowfall from November to April.
Population 82m (2019)
Languages The official language is Turkish, spoken by the majority, while Kurdish is spoken by 12% and Arabic by a minority percentage.
Religion While Turkey is a secular state with no official state religion, research suggests Islam to be the dominant religion (more than 80%) with a small percentage Christian.
Capital City Ankara
Currency Turkish Lira
GDP Per Capita $9,370.18
Economy Turkey has low economic growth. While the services sector accounts for 65% of GDP, the industrial sector is 26%, and agriculture 10%. Key sectors of the Turkish economy include the automotive industry and consumer electronics/home appliances (Turkey is one of the largest producers of these in Europe), as well as banking, construction, textiles, oil refining, petrochemical products, food, mining, iron, steel and agriculture. Tourism is also an important part of the economy and continues to increase year-on-year. In 2018, Turkey ranked 6th in the world in terms of the number of international tourist arrivals.
Did you know…? Turkey has the highest consumption of tea per capita with around 96% of the total population drinking at least one cup of tea per day. It is estimated that Turks consume three kilos of tea per person per year.
TURKEY CBI PROGRAMME
- Established 4 years
- Minimum outlay $250,000
- Processing time 3-4 months
- Residency or travel requirements One trip
- Freedom of movement 111 countries
- Investment Options 5
Overview Originally launched in 2017, Turkey’s citizenship by investment program was updated the following year due to lack of interest, cutting its high minimal investment threshold by 75% from $1m to just $250,000. Subsequently, it became the most popular worldwide with 2,600 applications in one year, mainly from Middle East residents.
Best for Availability of competitively priced but high ROI property projects, from modern apartment to luxury seafront villas.
Pros It’s an affordable citizenship by investment option with a minimum outlay of $250,000 and is one that can happen quite quickly, from three to four months. Turkish Lira is low against the dollar so an applicant’s $250,000 investment will go quite a long way in terms of property investment. There is no requirement to establish residence by physical presence and no requirement to learn Turkish or attend an interview. Turkey is considered to a moderate country within the context of the Middle East. The entire family are eligible, including spouses and children under 18 years.
Cons Due diligence isn’t especially strict with no restrictions on the nationalities allowed to apply. The number of countries allowed for visa-free access is lower than many.
USP It offers the easiest and most affordable route to relocating to both the USA and the UK via the E-2 Investor Visa and the Turkish Business Person Visa, respectively.
Ease of processing The application process takes three to four months, although some agents say they can do it in less than two months. There is no need to establish residence via physical presence, but applicants do need to visit the nation once in order to provide biometrics to get an investor residence card. Also, there is no requirement for applicants to learn Turkish or to attend a mandatory interview and no obligation to declare assets or income generated in other countries. However, Turkey does require proof of the applicant’s complex investments. Turkey isn’t known for having strict due diligence procedures. There are no restrictions on an applicant’s country of origin, making the Turkish citizenship by investment route a popular option for those who are banned from partaking in the programmes of other nations.
Freedom of movement Turkey’s passport offers visa-free access to 111 destinations, including the Schengen Area, the US, Canada, the UK and China, which is quite low compared to many of the others. Turkey is not a member of the EU and is unlikely to become one.
Investment options 5
TURKEY CBI INVESTMENTS
With all five citizenship by investment options, the entire family is eligible, including spouses, children under 18 years of age, and disabled children of any age.
Option 1 Investment of $250,000 in any local real estate, residential or commercial, for three years. Investors can acquire several properties to this value, not just one.
Option 2 Investment of $500,000 cash in a local enterprise, government bonds, real estate or venture capital fund for three years.
Option 3 Deposit of $500,000 cash in a local bank for a minimum of three years.
Option 4 Investment of $500,000 in fixed capital, to be confirmed by the Ministry of Industry and Technology.
Option 5 Set up a business and create minimum 50 jobs for Turkish employees, to be confirmed by the Ministry of Labour and Social Security.
TURKEY CBI RANKINGS
Passport Ranking (Henley Passport Index 2021) 56 / 116
CBI Programme Ranking (CBI Index 2021, Financial Times) 61% / 9th out of 14 countries
Ease of doing business Ranking (Doing Business 2020, The World Bank) 33 / 190
Economic Freedom (2020 Index of Economic Freedom) 76 / 178
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