Turkey’s economy recognized as a regional power while its location has given it geopolitical and strategic importance throughout history. Turkey access to 1.7 billion customers in Europe, Eurasia, the Middle East and North Africa worth $25 trillion of 1.7 billion consumer market. Turkey has the world’s 13th largest GDP by PPP and 17th largest nominal GDP. The country is among the founding members of the OECD and the G-20. The EU – Turkey Customs Union in 1995 led to an extensive liberalization of tariff rates, and forms one of the most important pillars of Turkey’s foreign trade policy. Turkey offers corporate Income Tax reduced from 33 percent to 20 percent (22 percent for 2018, 2019 and 2020). There are estimated 58,400 companies with international capital in 2017
Turkey officially announced citizenship by investment program in Sep 2018 to encourage foreign investment and boost growth in real estate sector.
Turkey is the only CBI country with a trillion dollar economy, a major trading hub of asia and europe, and its GDP projected to reach $3 trillion by 2023. The country is also the 17th largest economy in the world.
The Government of Turkey published amended citizenship regulations reducing the investment amounts to foster foreign direct investment in official gazette dated 18 Sep 2018. According to the new amendments, foreigners buying real estate or invest in any of the following options will be eligible for turkish citizenship by investment.
The New Turkish Citizenship Rules Encourage Foreign Investment
- Real Estate: Buy real estate atleast $250,000 not sold for 3 years
- Bank Deposit: Deposit atleast $500,000 in Turkish banks
- Govenrment bonds or securities: Buy $500,000 Turkish government bonds locked for 3 years
- Venture capital funds: Buy $500,000 worth of VC fund share
- Job creation: Employ atleast 50 people
According to Investment Office of the Presidency of Turkey has said, that from now on, the residence permit and citizenship applications can be submitted together at private/common offices.
New special joint offices have been established in Ankara and Istanbul to provide faster service to CBI applicants.
Foreigners who hold the Residence permit / Turquoise Card in exchange for investments, may acquire Turkish citizenship based on the resolution of the President of the Republic of Turkey, provided that there are no impediments thereto pursuant to national security and public order.
- The Provincial Census and Citizenship Directorate issues the citizenship file and sends it to NVIGM (Ministry of Interior, Citizenship Affairs).
- An archive investigation is conducted on whether there are any impediments with respect to national security and public order.
- The application will be submitted to the Office of the Minister to be sent to the President’s Office if the archive investigation concludes positively.
- Then it is sent to the Office of the President to obtain the President’s decision.
- Turkish citizenship will be granted if the President rules for the acquisition of Turkish citizenship.
Investors qualify for fast track turkish citizenship and passport.
In 2018, Turkish passport has visa free travel to 111 visa free destinations and ranks 51st in world passport rankings according to Henley.
Turkey allows dual citizenship.