Introduction:
Turkey has come forth as a boom of opportunities for global investors seeking a second citizenship. Among the various passages available, the Turkish Citizenship by Real estate Investment Program, stands out for its accessibility and attractive benefits, plus Turkey has a special program for land investors looking to expand their global footprint. Noting that the whole process takes only 2-3 months.
Accordingly in recent years many foreign investors, especially Pakistani, have considered Turkey citizenship which grants visa-free access to over 110 countries and opens doors to business and educational opportunities within the European Union.
This blog targets to delve into the specifics of why Pakistani citizens should secure Turkish citizenship through real estate investment. We will explore the eligibility criteria, investment privilege, requirements and process to help you go through this journey smoothly.
Whether you're considering a move to Turkey for personal reasons, seeking better educational prospects for your children, or exploring new business deals, understanding this topic can pave the way to a wide-awake future. Let's go.
1- Why should Pakistani citizens consider securing Turkish citizenship?
Pakistani citizens have frequent reasons to think about securing Turkish citizenship in the thick of challenges within Pakistan that drive investments abroad. Initially, political instability and governance issues have historically impacted economic policies and investor confidence. Besides, security concerns, including terrorism and regional instability, pose risks to personal safety and business operations. As well as, economic drought, inflationary pressures, and currency depreciation in Pakistan affect business brio and investment returns.
Moreover, infrastructure neglect, defective transportation and energy supply, coupled with bureaucratic obstacles, contribute to operational delays and slow down investment projects.
On the other hand, Turkey stands as an attractive destination for global investors due to its favourable factors. Thus, Political stability under a democratic system creates a conducive environment for business and investment. In addition to Turkey's strategic location tying together Europe and Asia offers access to various regional markets and global trade routes.
The country's diversified economy, surrounding booming sectors like manufacturing, tourism, and technology, ensures economic resilience.
Furthermore, Turkey's prioritisation of infrastructure development enhances connectivity, energy efficiency, and urban amenities, supporting sustainable growth.
The Turkish government's motivations for foreign investors, including the Citizenship by real estate Investment and tax breaks, further stimulate economic activity and investment opportunities, making Turkey an appealing choice for Pakistani citizens seeking stability and growth.
2- Benefits of obtaining Turkish citizenship?
1-Visa-free entry to 77 countries, along with easy access to 26 Schengen area countries.
2-Automatic visa issuance upon arrival in 33 countries.
3-Online electronic visa access to over 8 countries.
4-Ranked among the top 30 passports globally.
5-Turkish universities offer free tuition and flexible payment plans.
6-No minimum residency requirement for citizenship.
7-Expedited processing time for Turkish passport issuance, typically within 30 days.
8-Full access to healthcare services available to Turkish citizens.
9-Eligibility for retirement benefits as a Turkish citizen.
10-Voting rights in all Turkish elections.
11-Dual citizenship permitted, allowing retention of original nationality.
12-Validity of the Turkish passport extended for 10 years, with lifelong renewal.
13-Direct issuance of Turkish passport upon obtaining citizenship.
3- why do investors choose Turkey particularly?
Turkey is currently setting up a significant economic awakening, characterised by substantial infrastructure projects that are attracting considerable investments and capital to the country.
The development of diverse industrial, commercial, and agricultural sectors is promoting strong growth in the Turkish real estate market.
Turkey has transitioned from being primarily an importer to becoming a competitive exporter of manufactured goods globally, driven by proactive government policies.
The Turkish government has implemented comprehensive advancements in electronic transactions across state institutions, enhancing efficiency and accessibility across various sectors.
Efforts to integrate service delivery include the establishment of secure online platforms and improved communication channels, ensuring consistent access to public services for all citizens.
Turkey remains committed to establish economic stability through strategic initiatives, proved by ongoing and completed mega-projects such as Istanbul New Airport, Europe's largest medical city, and Başakşehir Medical City.
Situated at a strategic crossroads between continents, Turkey's geographical location serves as a key bridge for land, sea, and air trade routes between Asia and Europe.
Istanbul, known for its rich historical curtain and cultural roots, stands as a global focus-point for industry, commerce, and tourism, hosting some of the world's largest and most impactful development projects.
The availability of education in Arabic or English at numerous Turkish schools and universities enhances the attractiveness of Turkish citizenship, eliminating language barriers and facilitating international education.
The Turkish government offers extensive support and incentives for real estate ownership and investment, creating a favourable environment for both local and international investors.
4- What are the requirements for properties to be eligible for Turkish citizenship?
For individuals seeking to invest in property or secure real estate residency, presenting a valid passport is typically adequate to facilitate the property acquisition and transfer of ownership directly.
However, those aiming to acquire property with the goal of obtaining Turkish citizenship must fulfil specific conditions established by the Turkish government which are the following.
-The property must have a minimum price of $400,000.
-A property valuation conducted by a government-approved entity must verify that the property's value meets or exceeds the minimum requirement of $400,000.
-Proof of a bank transfer totaling $400,000, even if paid in instalments, is mandatory. Many investors are deceived by properties priced below $400,000, falsely claiming eligibility for Turkish citizenship. Some attempt to mislead this by temporarily transferring funds to the seller's account and then reversing the transaction. However, such fraudulent activities are swiftly identified by the Turkish government, resulting in immediate cancellation of citizenship applications.
-The title deed (ownership document) must be available. It is not necessary for the property itself to be completed; the title deed can be obtained during early stages of construction.
-This basis is crucial as some investors, believing that properties under construction offer higher returns, mistakenly opt for completed properties to qualify for Turkish citizenship. However, this preference is not a requirement, as previously stated.
A commitment not to sell the property for a minimum period of 3 years from the date of purchase is required.
-While it is allowable to combine two completed properties from different projects to meet the $400,000 threshold, properties under construction must be purchased within the same development project. This means investors can buy one or more units within a single project, provided their combined value meets or exceeds $400,000.
Conclusion
The Turkish Citizenship by Real Estate Investment stands as a go getter option for Pakistani citizens seeking global opportunities and security.
Obtaining Turkish citizenship by buying land, including a minimum property investment of $400,000 and a commitment to retain the property for at least three years, guarantee certain commitment from investors.
As Turkey continues to advance its infrastructure, economy, and diplomatic relations, the appeal of its citizenship by real estate program remains never-failing, promising a future enhanced with growth, security, and global engagement.
