Prior to 2008, Foreign Direct Investment (FDI) inflows into Turkey were relatively low – in the last 10 years however, the country has seen total inflows of $US 125.4 billion, with around 32% of this total being directed into real estate acquisition and construction projects.
Generally speaking, however, the global appetite for FDI is in decline – according to the latest World Investment Report by UNCTAD, cross-border investment fell by 13% last year, the 3rd consecutive year that this decline has been evident.
In a bid to boost FDI into Turkey, the government announced, in 2017, the launch of the ‘Citizenship through Investment’ program. There are 5 different investment options available within this program, the most attractive of which (in terms of ease of access) is the property investment option. This option initially required a minimum investment amount of $US 1 million – however, because this sum was, in most cases, higher than that required by similar programs in other overseas countries, it did not generate the response that was anticipated. As a result, in 2018, it was announced that the minimum investment amount would be significantly reduced down to $US 250.000.
This revised amount now makes the Turkish program one of the most cost effective of all – what is perhaps of most interest, however, is that, unlike most other programs, there is no requirement for the new ‘citizen’ to reside (in Turkey) for any minimum number of days in a year. In addition, the Turkish program is one of the most time efficient, with citizenship being granted within around 2 months of the application being submitted.
Citizenship will be granted to the primary applicant, his or her spouse and any children under the ages of 18.
Elite Group have a number of projects within our portfolio that facilitate access to this program.
Some of the Benefits of Turkish Citizenship:
• Travel to 72 countries around the world visa-free.
• Travel to another 42 countries with a visa being automatically issued upon arrival.
• Travel to a further 7 countries after completion of an on-line visa application.
• Citizenship is normally granted within 2 months of the application being submitted.
• Good annual capital appreciation and the potential to generate rental income from your asset.
• No minimum residency period required.
• Asset needs to be retained for a minimum period of only 3 years.
• Turkish passport has 10-year validity period and is renewable for life.
• Full free medical assistance for life, including all direct family members (the Turkish Healthcare System is recognised as amongst the best in the world).
• No requirement to declare any other assets.
• Turkey allows Dual Citizenship.
• Turkey offers a wealth of history, a stunning natural landscape and a healthy Mediterranean climate.