Feb 5, 2023

Shall I Buy a Property in Turkey for Citizenship or Buy in Europe?

Turkey recently announced amendments to the conditions for obtaining citizenship by real estate investment. The amendments stipulated that the amount of the value of fixed investment in return for obtaining citizenship is $400,000. This has made many investors rethink their investments because the amount of investment required for Turkish citizenship now is close to the amount required by other European countries that offer citizenship for investment.

What are the most common countries that offer citizenship for investment?

There are many countries that attract businessmen, company owners and wealthy people, to have the opportunity to obtain a second passport and citizenship. In this article we will mention some of them with their pros and cons:

Malta:

Pros of investing in Malta to obtain citizenship:

The possibility of visa-free travel to 187 countries, including the countries of the European Union, the United States of America, UK, and Canada.
Wife and family members also receive passports, and newborns obtain citizenship.
Investors have the right to permanent residence in Malta, or any other country of the European Union.

Cons of investing in Malta to obtain citizenship:

The minimum value for purchasing a property should be €700,000 or lease properties with an annual cost starting from €16,000.
Contributing to the National Fund for Social Development in the country of €600,000- €750,000.
Donation to government charities of at least €10,000.

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Portugal:

Pros of investing in Portugal to obtain citizenship:

The possibility of visa-free travel to 188 countries, including the countries of the European Union.
The minimum value for purchasing a property should be €500,000.
Wife and Family members who are under 18 can obtain Portuguese citizenship.
Investors have the right to permanent residence in Portugal, or any other country of the European Union.

Cons of investing in Portugal to obtain citizenship:

In order to obtain Portuguese citizenship, investors must have financial resources outside Portugal and stay in the country for 6 years.

Caribbean:

It is worth noting that the Caribbeans grant citizenship for purchasing a Caribbean passport, not for real estate investment. The demand of purchasing passports of the Caribbeans increased during the years 2020 and 2021, after the intensifying the restrictions imposed by many countries on traveling, which caused the collapse of the tourism sector in the five Caribbean countries, so they were forced to offer discounts in order to increase their revenue from selling their nationalities.

Pros of investing in the Caribbean to obtain citizenship:

The possibility of visa-free travel to 100-140 countries, including the countries of the European Union.
The minimum value of investment to obtain a Caribbean passport should be $150,000.
Wife and Family members who are under 31 can obtain Portuguese citizenship.

Cons of investing in the Caribbean to obtain citizenship:

The time needed to obtain a Caribbean passport is 6 months or more.
There is no real feeling of citizenship because it is not a country to live in with the family.
Those who had the Caribbean passport do not enjoy the full rights of indigenous citizens; they cannot hold public offices or vote. In addition, in schools and universities their kids are treated like foreign students.
It is unlikely that investors will succeed in any investment activity in the Caribbeans, as these countries are small in size, inhabited by a small number of people, and there are few opportunities for work or investment, in addition, people live with a very low standard of living, which makes the chance of success for any commercial or real estate investment there small.

Greece:

Pros of investing in Greece to obtain citizenship:

The possibility of visa-free travel to 184 countries, including the countries of the European Union.
The minimum value of investment to obtain a Greek passport should be €250,000.

Cons of investing in the Caribbean to obtain citizenship:

Greek citizenship cannot be obtained by investment directly. However, it is possible to become a resident of Greece by investing a minimum of €250,000 in real estate. Holders of residence permits in Greece can apply for citizenship after, at least, seven years.

Why invest in Turkey to obtain Turkish Citizenship?

Life in Turkey:

Culture and society

Turkish culture is considered a mix between Europe and the Middle East, as it includes diverse cultures, customs and traditions, which makes it a desirable destination, for residence, from different nationalities around the world.

Turkish people are educated people who love to abide by the law and sanctify work. Personal freedom is also very important, as everyone practices their own rituals without any interference from the other. You can find religious and non-religious, veiled and unveiled, and many others. In Turkey, do whatever you want but do not break the law.

Schools and universities

In Turkey, you will not have a problem with getting your children into an educational institution. The education system in Turkey is very high and easy, and contains public and private schools. Public schools in Turkey are free, for everyone. They provide a very good education, and accept students from different origins without any objection. Also, English is considered a main subject to teach, besides to the Turkish language.

In addition, there are a huge number of private and international schools that provide good education in many different languages such as: Arabic, English, French, Parisian and Russian.

In terms of universities, Turkey ranks first among European countries in the field of higher education. There are 208 universities in Turkey, including 45,000 different educational programs. In addition, Turkey got 5 points out of 5 in the evaluation of the Bologna Agreement. Besides, there are many student exchange programs, such as: Mevlana, Al-Farabi and Erasmus+, which support the mobility of students and faculty members.

Houses and buildings

Turkish architectural style is a mixture of many styles of civilizations, from Western architecture to Eastern architecture. Today, construction companies tend to establish buildings that make residents feel more connected to nature because people need intimate natural environments, taking into consideration that houses also aim to meet all the needs of the residents at home.

The most famous type of Turkish houses:

Ottoman-style country houses.
Agricultural houses.
Stone houses.
Villas.
Apartments.

Infrastructure

Turkey has a modern and developed infrastructure in terms of transportation, communications and energy sectors. It is characterized by a developed railway that facilitates transportation to central and Eastern Europe, which greatly affected foreign investments in Turkey.

The Turkish government worked to reduce heavy traffic on the roads and streets by increasing the number of highways in the country and adding a lot of new tunnels and bridges, which made roads calm and stable. Among the many things that Turkey has taken in order to develop this structure is that it has distributed many surveillance cameras and radars in the streets, which creates a status of order. Accordingly, everything is going smoothly thanks to modern technologies. On the other hand, Turkey has introduced a lot of new means of public transportation, including, Metro, Metrobus, Tramway, and many others.

Location and weather:

Turkey is a big country, surrounded by the sea on three sides. The country's northern borders are covered by a large area of the Black Sea; half of the country's southern borders are surrounded by the Mediterranean Sea; and almost all of the country's western borders are blue and covered by the Sea of Marmara. In addition to its capital, Ankara, Turkey has three large and populous cities, Istanbul, Izmir, and Antalya. Worth to be mentioned that the city of Istanbul lies between 2 continents; Asia and Europe. The varied geography and nature of Turkey created a different and varied climate in Turkey between hot, cold, rainy and snowy.

Tourism in Turkey:

Turkey is a top tourist destination for tourists from all over the world, due to its ancient archeological sites, charming nature, and the remains of the different civilizations that passed through it. The Turkish government is very interested in the tourism sector, which was clear during the COVID-19 pandemic where the tourist flow did not affect at all. On the other hand, Turkish tourist offers received wide interest in European countries, especially the UK, Germany, Netherlands, and Central European countries. Worth to be mentioned, the tourism sector in Turkey recorded more than 30 million tourists from January to August 2023.

The most famous Turkish cities in Turkey

Istanbul.
Bursa.
Trabzon.
Yalova.
Rize.
Antalya.
Bodrum.
Cappadocia

And the list is endless. . .

The most famous tourists’ places in Turkey.

The Blue Mosque.
Hagia Sophia.
Selale Dere Park.
İznik Lake.
Uludağ.
İnkaya Çınarı.
Bursa Hot Spring Baths.
Duden Waterfalls.
Kaleiçi.
Köprülü Canyon.
Museum of Anatolian Civilizations.
Ankara Castle.
Derinkuyu Underground City.
Ihlara Vadisi.
Saklikent Gorge.

And the list is endless. . .

Medical Tourism:

Medical tourism in Turkey is one of the most important pillars upon which Turkey relies to increase the number of tourists annually, whether natural, such as natural springs, or by medical treatments and centers.

The reasons for the prosperity of medical tourism in Turkey:

The quality of the treatment services provided and the appropriate prices compared to other European and Arab countries.
The great facilities and support that the Turkish government provides to the medical sector. It even facilitated both entry and movement procedures in Turkey, even during COVID-19.
The availability of the latest medical devices and supplies is also a factor in attracting patients who are looking for the best technologies in terms of treatment.
There are specialized medical staff with high qualifications and long experience that work at the highest level of safety and security standards.

Economy in Turkey:

Turkey was the only country, after China, within the G20, whose economy was growing during the year 2020, in which the Corona pandemic affected the global economy significantly. Moreover, the Turkish economy also continued to grow during the past and current years, as it recorded a growth of 11.4% in 2021, and 7.5% during the second quarter of 2022. Yet, the economic outlook suggests that Turkey will keep on with this significant economic growth next year.

Turkey’s Vision 2023

Turkey is making great strides in various fields in terms of transportation, energy, industry, weapons, and infrastructure for its 2023 vision. In brief, Turkey is on its way to become one of the top ten economies with its project, in the near future.

Projects launched in 2023:

Istanbul New Canal

A 45-kilometer canal will be opened between the Black Sea and the Sea of Marmara in order to reduce the density of cargo ships and tankers crossing the Bosphorus and create a new attraction in the city. It is expected that the Istanbul New Canal will provide a large profit return to the Turkish economy, ranging between 10-15 billion dollars. Yet it aims to create an economy worth $100 billion in the scope of the projects built around, in terms of artificial islands, housing, ports and many others. It is worth mentioning that this project will increase Turkey's ability to economically compete and attract international trade. It is worth mentioning that the real estate around the canal is increasing in price, and is expected to double when finishing it.

Türksat 6A

Turkey has invested more than one trillion and 653 billion Turkish liras in the field of transportation and communications since 2003. On the other hand, the Turkish Minister of Transport and Infrastructure confirmed that the locally made communications satellite Türksat 6A will be launched into space in 2023, as Turkey seeks to strengthen its infrastructure in the field of communications, where the satellites that will be launched serve a wide geographical area spanning 3 continents.

Completion of Istanbul's third airport

This airport is of great importance because it will connect the world to Turkey. It will have a positive impact on Turkey in terms of transportation and centralization, so a %10 increase on air transport will increase business investment by %1.6.

The third airport was opened in 2018. It is one of the largest projects of the Turkish government, with an investment value of approximately $35.6 billion. However, the construction stages of Istanbul's third airport are still ongoing, as the bulk will be completed in 2023. This airport is planned to be the largest in the world. Its share in the gross national product will reach %4.9 when it starts operating at full capacity in 2025. In addition, it is expected to provide Job opportunities to about 225,000 people.

Electric cars

Considering the direct and indirect effects of the automotive sector on total economic activity in the developed countries, it is calculated that an increase of $1 in this sector brings an added value of $3 to the total economy. The reasons why the added value provided by the automotive sector is so great, is that sectors such as iron, steel, petrochemicals and plastics are the suppliers of the automotive sector; for this reason the impact of the automobile industry on the economy is significant.

Turkey ranks fifth in Europe and fourteenth in the world in terms of car production. However, Turkey aims to fully produce locally-made Turkish electric cars in 2023. This would raise the Turkish economy to be an international competitor, especially since the world is now heading to the electric car industry for its great role in preserving the environment and reducing pollution.

Energy Projects

Nuclear power

Nuclear power is an important option in meeting the growing demand for energy in Turkey after the pandemic. It is an effective solution to support the reduction of global carbon emissions. It will also play a leading role as a base load terminal, in reducing dependence on imported energy resources, especially natural gas. The project is expected to employ about 15,000 people during the peak construction period, and about 4,000 people during operation.

In 2010, Russia and Turkey signed an agreement in order to build, own and operate a nuclear power plant in Akkuyu; (NGS), consisting of four units. The official ceremony of the power plant was held in April 2015. The main construction began in March 2018, and the first unit is expected to be put into operation in 2023. Moreover, the (NGS) in its current form is considered one of the largest construction sites in the world.

This project will play an important role not only in the production of electricity, but also through its contribution to achieving Turkey's goal in producing green energy, as the station would prevent 35 million tons of carbon emissions annually and 2.1 billion tons of carbon emissions globally, throughout its lifecycle.

Gas fields

Turkey has achieved a great achievement in the field of energy by establishing an energy bridge between East and West with Azerbaijan, through the Energy Bridge (TANAP), which forms the southern gas corridor with the South Caucasus Pipeline (SCP) and the Adriatic Sea Pipeline (TAP), and aims to transport natural gas from Shahdenis 2 field located in Azerbaijan, in the Caspian Sea, to Turkey and Europe.

In addition to the (Turkish Stream) project, which is a project to transport natural gas from Russia to Turkey and Europe, and it is a huge project that will increase Turkey's influence in the field of energy in the world, especially after Russia cut off gas from Europe, which led to energy crisis there, especially in the winter.

In December 2020, the Turkish government announced the discovery of a reserve of 540m3 billion in Turkey's economic waters in the Black Sea. Turkish President Recep Tayyip Erdogan and the Turkish Minister of Energy and Natural Resources, recently confirmed that the gas discovered in the Sakarya field will enter the pumping stage in the first quarter of 2023.

Turkey's Vision 2023 depends on achieving the following development goals:

The rapid growth of the Turkish economy to be among the ten most powerful economies in the world.
Achieving a gross domestic product of $2 trillion by 2023.
Increasing the per capita income to $25,000, annually.
Reducing unemployment rate to %5.
Increasing foreign trade to reach $500 billion, annually.
Attracting 50 million annual tourists and increasing the annual tourism revenue to $50 billion.
Turkey's entry into the European Union by 2023 and pursuit of regional integration through security and economic cooperation.

Real Estate:

What distinguishes real estate in Turkey from other countries?

There is no sudden drop in prices, which means that the buying curve is always on the rise, because the Turkish real estate market depends on Turkish people and not on foreigners, with a rate of %93 for Turks compared to %7 for foreigners.
Rapid capital growth because the ROI cycle is short-term due to the rapid development of infrastructure and strategic projects.
The Turkish real estate market is an emerging and powerful market. Turkey ranks fourth among the ten best real estate investment sites in the world.
The large facilities that the Turkish government provides to foreign investors.
Turkey's geographical location also plays a major role in making it a destination for foreign investments, as it is a crossroad between East and West.

Why invest in Turkey?

In 2023, Turkey will emerge from a centenary international treaty, which will make it easier for it to control its natural resources, which will lead to economic prosperity.
Great economies and countries are about to pour their money into Turkey through huge strategic projects that will create a significant impact on the international economy, including: China, Qatar and Saudi Arabia.
You can obtain Turkish Citizenship, after only 3 months, with your wife and children who are under 18 by buying a real estate of $400,000, which allows you visa-free travel to 113 countries. You can also obtain a C2 visa that enables you to enter the European Union and stay there for 90 days.
The close interdependence between the fields of investment in Turkey, such as industry, agriculture, real estate, trade and tourism, all push investors to start their projects and encourage them to start with their investments.
Each new project that appears in the atmosphere affects the price of the real estate, which encourages investors to buy in Turkey, without hesitation, especially after announcing for the Turkey 2023 vision.
The political and economic predictions assure that Turkey is going to be one of the greatest powers in the world, side by side with the U.S, China and Russia. This will increase the power of the Turkish passport and the price of Turkish real estate.

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