Nearly 1000 Foreign Investors Became Turkish Citizen
Turkish Citizenship by Investment Program is a relatively new initiative that is aimed to bring in more foreign investment to the country. Similar programs with varying degrees of success has been implemented all over the world in the last few decades but it seems like the Turkish Citizenship by Investment Program is well on its way to be a huge help to the struggling Turkish economy in the upcoming years.
Turkish CIP Attracts Many Investors
Turkish Citizenship by Investment Program succeeded in creating 981 new Turkish citizens by 30th of June 2019, since the beginning of the program in 2017. This is the number of participants whose applications and investments went through smoothly and there are thousands more that are in the middle of processing thus this number will grow significantly in the upcoming years. To be clear, there is at least another 1700 applicants that are officially awaiting their applications to be reviewed. These applicants are quite cosmopolitan in their nature as even though the majority of them are Iranians, Arabs, Russians, and Chinese, there are participants of the program as far away as South Africa, Australia, South East Asia, and Canada.
Citizenship by Investment Programs Continue to be Profitable
981 newly made Turkish citizens only reflect a small portion of the Turkish Citizenship by Investment Program’s success so far. There are many more people still waiting in line to buy real estate in Turkey in order to get their new citizenships. Actually about 2700 people (some of which already got their citizenship) invested in Turkey so far. These foreign investors have generated almost a billion dollars of total investment for Turkey so far. Agencies involved with the program have seen an increase in number of new possible investors thus the amount of investment Turkey gets through this Turkish Citizenship by Investment Program is bound to increase in the upcoming years.
How exactly does the Turkish Citizenship by Investment Program Work?
The promise of the Turkish Citizenship by Investment Program is simple, buy real estate in Turkey and get its citizenship. The real estate in question should be at least 250.000 Dollars in worth and then the investor should be able to get his or her Turkish citizenship in three to six month’s depending on how fast the paperwork is processed or how far away the investor lives for the documents to travel. Turkey allows dual citizenship and Turkish passport has its own charms making it a good addition to one’s travel repertoire.
