The Turkish citizenship by investment program (CIP) has seen extraordinary demand since its launch in 2017; more than 9000 people have been naturalized and now own a Turkish passport through investment, and the number is set to grow.
In this article, we will highlight the benefits that most of these people sought out to gain by investing in Turkish citizenship, but we will also highlight some of the lesser-known benefits of becoming a Turk that can completely transform your life, but first, we will give a quick overview of the Turkish CIP.
Overview of Turkish CIP
The Turkish government introduced its popular CIP in 2017 and then went to reduce the minimum investment required to obtain citizenship in 2018. The minimum threshold for the real estate option, which is the most popular one amongst global investors, was slashed from 1 million USD to 250,000 USD.
The reasonable price tag wasn’t the only draw of the program, as the quick timeline and simplicity go a long way in making it a popular choice among many investors. The premise of the Turkish CIP is based on efficiency and simplicity, all you need to do is:
- Make a qualified investment
- Apply for permanent residence
- Apply for citizenship
The whole procedure takes from 3-6 months, requires minimal documentation, and investors are allowed to add their spouse and children below 18 to the application.
The Main Benefits of the Turkish Passport
The simplicity of the CIP is a great attraction, but it is the long-term benefits that draw in the world’s elite. Becoming a Turkish citizen comes with a lot of benefits, here are the most popular, or well-known, benefits that you can seize by becoming a full-fledged Turk.
Enhanced Global Mobility
Travelling the globe has become a hassle due to complex visa requirements, a matter which a second passport can help resolve. Turkey’s passport provides visa-free travel to 111 destinations worldwide, including major global commerce hubs such as Hong Kong, Japan, Singapore, Qatar, and many more.
We talked about the simplicity of the process of the Turkish CIP, but even when going into greater detail the clarity of the program remains impressive. The entire document checklist is no longer than one page, while the entire process can be done remotely by appointing a firm to act on your behalf. Another important point is that the investment is extremely safe, and if you choose to invest in real estate you have a tangible asset that is naturally risk-averse.
Passed Down to Future Generations
Most investors pursue citizenship by investment programs not for themselves, but for the sake of their future generations. Turkey’s CIP excels in this regard, as per the naturalization law and Citizenship Act, Turkish citizenship is inherently passed down to future generations. Investing in Turkish citizenship is a venture that will benefit you and all your future generations perpetually.
High Living Standard
A critical part of citizenship by investment is assessing the nation as a plan b, or potential new home, and Turkey ticks all the boxes; it boasts a high living standard with an excellent healthcare infrastructure, bustling commerce landscape, affordable living cost, pleasant – and diverse – climate, great cuisine, high-speed internet, plenty of activities, and any other important factors you would consider before settling down in another country.
The Hidden Benefits of the Turkish Passport
Since we covered the main benefits of becoming a Turk that are apparent to most, we want to go into more detail about the lesser-known advantages that may prove to be even more beneficial:
The E2 Visa
The United States of America is home to many immigration routes, from its illustrious lottery, the expensive EB5 visa, and the difficult-to-get H1 visas. None of these are simple to obtain, and the EB5 is certainly not financially viable for many.
However, there is one visa that stands out, the US E2 Treaty Visa. This is a simple visa that allows you to reside and work in the US by setting up a business on American shores, and it allows you to sponsor your spouse and children below 21 to come with you.
There is no minimum investment amount required, and the processing time is three months, but can be expedited to three weeks for a small fee. However, it is a treaty visa, which means it is available to select nationalities only, but luckily the Turkish nationality is on that list.
But it isn’t just that Turks are eligible for this cost-effective route to the US, but it is the validity of the visa they get. Turkish national get a 5-year, multiple entry E2 visa. Other eligible nationalities such as Egyptians or Jordanians, for example, get a 1-year, single entry E2 visa.
Strong Relations With The EU
Turkey’s relationship with the EU can be described in many ways, but everyone agrees that the percent developments and growing trade have made the relationship stronger than ever. Turks can apply for long-term Schengen visas, and they have beneficial routes of immigration in certain countries.
Take the Netherlands as a great example; the EU nation has many immigration routes, with the most popular being the self-employed visa, which can lead to permanent residence and citizenship in the Netherlands. However, to obtain this visa you need to pass a gruelling pointing system, unless, of course, you are a Turkish national.
Turks are exempt of having to meet the pointing system and just have to meet the basic criteria to apply, making it much easier to immigrate as a Turk than any other non-EU national.
Turkey’s economy has been steadily growing; it has seen an average YOY GDP growth rate of 3.84% in the past five years. The UK’s GDP, in comparison, took a hit of an average -1% in the same period. These figures put into perspective Turkey’s planning and execution of the economic growth plans.
The Turkish real estate market is also flourishing, thanks in part to the CIP, and the popular investment destination of Istanbul has seen property appreciation rates skyrocket. The Turkish housing market continues to rapidly grow, even reaching an annual growth rate of a remarkable 16.2%.
And the best may yet come, as in 2023 there will be two significant breakthroughs for the Turkish economy; the first being the end of the Lausanne Treaty, which has shackled Turkey’s economic abilities for the past 100 years. The second comes in the form of energy, as Turkey recently discovered a major gas deposit in the Black Sea and should start profiting from them come 2023.
Education in Turkey has long been a major draw for migrants worldwide. The country boasts an abundance of Universities that excel in various areas of study. Medicine, architecture, engineering, ICT, and business majors are just some of the excellent options available to future generations in Turkey.
Universities such as Cankaya University, Istanbul Technical University, Istanbul University, and Koc University are some of the best in the nation, with the latter excelling in producing some of the world’s best doctors and medical staff.
Tuition in Turkey is surprisingly cost-effective, especially for Turkish nationals, as public university tuition typically ranges from 600-1500 USD a year for English courses while Turkish courses cost much less, ranging between 240-750 USD.
The possibilities are endless, to say the least. Turkey is always growing, evolving, and looking for the next big thing. A new agreement to replace the Ankara Agreement between Turkey and the United Kingdom looks more likely by the day. The Ankara Agreement, which expired due to Brexit, enhanced trade between the countries while granting Turks their own pathway of immigration to the UK.
Turkey is working on obtaining visa-free access to the Schengen area for its nationals, which would make their passport one of the best in the world.
And it doesn’t stop there, a boom in the tech industry seems imminent, while the thought of oil & gas becoming a major industry within Turkey may put it on par with the world’s leading economies.
While all this remains speculation, or better yet, scientific forecasting, one thing is for certain; Turkey keeps surprising everyone.
How to Gain Turkish Citizenship
The Turkish passport comes with an abundance of benefits, some well-known, while others are hidden gems. An investment in Turkish citizenship is repaid in a multitude of ways, and for countless generations to come.
We at Savory & Partners understand how beneficial Turkish citizenship is, which is why we have dedicated ourselves to mastering the CIP’s most intricate details. We provide a comprehensive one-stop-shop, finding you a suitable investment, filing the application, and presenting you with your new passports. We have perfected the process to ensure your journey is smooth and enjoyable, as well as extremely beneficial in the long run. All you need to do to start is contact us today.
We are available on every channel convenient for you.