Situated where east meets west, Turkey has had front row seats—and been a star player—for the rise and fall of countless empires. And with that kind of epic history, it should be no surprise that Turkey is also a land of immense opportunity.
Economically speaking, Turkey is a significant force due to its sheer population size, and strategic location between Eastern Europe and Western Asia. The country’s GDP has risen steadily and incrementally for the past several years, sitting at US$850.7 billion currently. The World Bank considers Turkey to be an upper-middle-income country.
Turkey’s economy is driven by industrial and service sectors, but it is also interesting to note that traditional agriculture still accounts for a quarter—25 per cent—of employment. Turkey is the world’s largest producer of hazelnuts, cherries, figs, apricots, and pomegranates and ranks amongst the world’s highest producers for numerous other agricultural crops.
But the most recent star and driver of Turkey’s economic success has been the housing sector. And in particular, the real estate sector as it relates to foreign investment. Supported by legislative amendments in the citizenship law, property sales for foreign investors hit historic highs in 2018 when housing sales were estimated to reach nearly $10 billion.
According to regulations, foreign investors who own real estate in Turkey worth a minimum of US$250,000 are entitled to Turkish citizenship—a decrease from the previous regulations that required a minimum real estate investment of US $1 million. The change in regulations has led to a significant influx in the real estate market. Nearly 40,000 properties were purchased by foreign investors in 2018 alone—a number that is on track to keep pace for 2019.
It should also be noted that Turkey does not have personal or worldwide income tax, making for an attractive business climate.
For those looking to invest in a second citizenship, Turkey offers great value, a short processing time, and visa-free access to over 110 countries. For more information or to schedule a complimentary consultation, contact us today.