A foreign consulting company’s website has a dedicated section listing countries where citizenship can be obtained through investment. Turkey’s name appears on the list of these countries in addition. Turkey Golden Visa This section details the process and required investment for obtaining citizenship in this country.
The statement, “Investment in real estate is the most attractive way to acquire Turkish citizenship and you can do this by buying a property worth four hundred thousand dollars,” appears at the end of the Turkish section. less expensive than other nations with comparable programmes. This sum was initially only 2.5 lakh dollars, but it was later raised to 2022.
Regarding the project, sentiments in Turkey are divided. Is this the proper way to provide citizenship? It’s a topic of discussion in different countries in addition.
Let’s examine the Turkish system for citizenship by investment plans and the benefits and drawbacks of these programmes.
The procedure for obtaining a golden passport involves investing money to become a citizen. This is not the same as a Gold Visa, which allows visitors from other countries to enter and stay in that nation. To get the Golden Passport, foreign nationals must fulfil extra requirements and make a certain financial investment in the country..
This kind of system has been in existence since the 1980s, but it has only recently become a significant industry. Lizzie Edwards, marketing manager for the British La Vida Golden Visa Company, told BBC Turkey that investors Why do you wish to apply for citizenship? “Investors are considering their backup plan these days because of the uncertainty in the world,” she claims. There is a greater need than ever for an extra citizenship.
While there are a variety of reasons why investors pursue citizenship, Lizzi claims that security, the ability to travel without a visa, and improved prospects for work or education are the main drivers. In response, Dr. Elias, the dean of Altan Bas University’s law department in Turkey, stated, “This presents an opportunity for developing countries to increase investment, according to those who support this process.”
What is Turkey Golden Visa policy?
In 2016 Turkey Golden Visa, a law was introduced in Turkey that gave foreigners more opportunities to become citizens. Additionally, citizenship by investment was offered. It was required to invest $2 million, buy a property for $1 million, or hire 100 people or more in 2017.
The laws were revised and changed Turkey Golden Visa in 2018. The property limit has been increased to $500,000, the investment amount to $250,000, and the number of jobs to 50. However, after the interest of foreigners in this scheme increased, this amount was increased again in 2022. Investment in real estate increased to Rs 4 lakh.
Lizzi says that this increase also affected the demand for Turkish citizenship. He says that when the money was less, the requests were more. It’s still a good program, but it’s out of reach for many.
How many people got citizenship?
You might be interested about the number of foreigners who have become citizens of Turkey through investment, just like I am. In September 2019, a report issued by the relevant Turkish Ministry stated that 2,611 individuals became citizens in a single year.
It was also disclosed that 9962 investors and their families received citizenship in the nation through this method. formerly Turkish Interior Minister Suleyman Soylu shared a report from the year 2022 and said that 25,969 people met the criteria for citizenship by investment. According to him, an investment of 7 billion dollars has come to Turkey in this way. Of this, $530 million has been invested in real estate.
According to a statement released by the Turkish government, in 2019 this policy enjoyed considerable popularity throughout the Middle East. Pakistan is one of the top ten nations that uses this process to grant citizenship. The Turkish Ministry of Interior’s Directorate of Population and Citizenship Affairs as well as the population statistics organisation TUIK provided the most recent information to BBC Turkey.
In 2022 Turkey Golden Visa, foreign buyers accounted for 67,490 out of all home sales in Turkey, according to data. The majority of home buyers were Russian 16 thousand 312 was their number. The Iranians (8223) and Iraqis (6241) came after the Russians.
A rise in the number of Ukrainians buying real estate in Turkey has also been observed; during that period, 2,574 Ukrainians bought homes. Recall that not all of these houses were bought with money obtained in exchange for citizenship.
However, Lizzi points out that Turkey’s inclination to become a citizen has increased because the nation is closer to the Middle East and its people don’t deal with as many religious and cultural issues.
Why criticize the golden passport?
Citizenship has become a commodity, according to the scheme’s opponents. According to Prof. Elias, “Nationality” has a legal and political relationship with citizenship. There is a sense of allegiance to the nation. However, those who receive citizenship in this manner are not bound by these conditions.”
In June 2022, the Federation of Bar Associations of Turkey submitted a petition to halt the project. They referred to it as unlawful and unconstitutional. He claimed that this is destroying the idea of citizenship. This request was turned down, though.
Worldwide opposition to the plan is also a result of the possibility that it will promote the growth of criminal activity, money laundering, and property values. For the same reason, Turkish house prices increased as well.
A few nations have examined these plans recently. Additionally, the European Commission has issued a warning that citizenship by investment may result in issues with money laundering, tax evasion, and security. Bulgaria ended its Golden Passport programme in 2022, and Cyprus did the same in 2020.