Last Updated on November 23, 2023 by Ideal Editor
Comparing Turkish Citizenship by Investment Program with Other Countries
Investing in foreign countries to obtain a second citizenship has become a strategic move for many individuals. Turkey, standing out as a prime choice, offers a robust Turkish Citizenship by Investment Program. In this article, we’ll delve into a comparative analysis of Turkey’s program with those of Portugal, the UAE, the Caribbean, and Greece. By examining the requirements, benefits, and drawbacks, we aim to provide a comprehensive understanding of these diverse programs.
Portugal Golden Visa Program
Requirements
- Investment categories: venture capital fund, capital transfer, real estate, company formation, and donation.
- Real estate investment options: €500,000 or €350,000 (urban rehabilitation), with the latter requiring property renovation.
- Citizenship eligibility after five years with specific residency conditions.
- Minimum stay requirement: 7 days annually.
Benefits
- Visa-free travel to 188 countries.
- Extended family inclusion: spouse, children under 18, parents over 65, and full-time student dependents under 26.
- Favorable tax and criminal record conditions.
Drawbacks
- Exclusion of parents over 65 and children over 26 from program benefits.
- Residency requirement for tax status.
- Compulsory visas for the UK and Ireland.
- Challenges in achieving high returns in certain business sectors.
UAE Residence Visa
Requirements
- Long-term investment residence visa available for 10 or 5 years.
- Minimum public investment of AED 10 million for a 10-year visa.
- Family and business partners’ inclusion in visa benefits.
Benefits
- Right to live, work, and study in the UAE.
- Family reunification.
- Unrestricted registration of assets.
- Visa-free access to 167 countries.
Drawbacks
- Low return on investment in some sectors.
- Additional costs for real estate purchases from developers.
Caribbean Citizenship Program
Requirements
- Citizenship through naturalization, marriage, or investment.
- Investment cost: $100,000, processing time: 3 to 6 months.
- Additional fees for due diligence, spouses, and dependents.
Benefits
- Inclusive benefits for the investor’s family.
- No language or history exams.
- Immediate citizenship with family inclusion.
- Access to British education for investor’s children.
Drawbacks
- Varying processing times and costs among Caribbean states.
Greece Golden Visa Program
Requirements
- Real estate investment threshold: €250,000.
- Residence permit duration: 5 years.
- Alternative investments: government bonds (€800,000) or bank deposits (€400,000).
Benefits
- Tax benefits for foreign residents.
- Freedom to travel within the Schengen zone.
- Low cost of living and educational benefits.
- Inclusion of extended family members.
Drawbacks
- Citizenship application after seven years of tax payments.
- High property taxes and restrictions on working for new residents.
Turkish Citizenship Program
Requirements
- Property purchase: $200,000 for a residence permit, $400,000 for citizenship, or a $500,000 deposit in a Turkish bank.
- Government bonds or creating employment for Turkish citizens.
Benefits
- Turkish passport benefits spouses and children under 18.
- Property resale after three years.
- Maintenance of dual citizenship status.
- Quality healthcare and education services.
Drawbacks
- Dual citizenship may not be recognized by all countries.
Each country’s citizenship program offers unique advantages and drawbacks. Turkey, with its strategic location, thriving economy, and cultural richness, stands as an enticing choice for those seeking a second citizenship. As you explore these options, consider your specific needs and goals before making an informed decision.
For more details on the Turkish Citizenship by Investment Program, reach out to Ideal Estates Alanya. Our experienced sales team is ready to guide you through the investment process in Turkey. Make an informed choice and contact us for a free consultation.
