Turkey
is aiming to be among the 10 biggest economies of the world in 2023. According
to the Minister of Development Lütfi Elvan, Turkey has started plans and
strategies that will be fully realized in 2035. Turkey will release the 2035
vision in the next period.
Today,
Turkey is moving with steady steps to remove barriers for foreign investors.
For instance, international companies that plan to base themselves in Turkey
are free from corporate tax.
Current
State in Property
Investments in Turkey
Eager to increase foreign direct investments in Turkey, the Turkish authorities
are introducing a draft of new laws to make property-ownership easier and
offering incentives to those who decide to invest in Turkish real estate.
In 2016,
Turkey declared its citizenship by investment program. It grants citizenship,
residency, and a second passport to applicants investing either in a bank
deposit or real estate.
The bank
deposit is especially attractive for investors. An investment of $500,000,
deposited into any bank account in Turkey, is required to be maintained for a
minimum of only 3 years.
Another
important aspect is that this investment can be made in US Dollars. Acquiring the Turkish
citizenship
through liquid funds makes it one of the cheapest citizenships by investment
programs on the market.
Anyone
can go to 114 countries visa-free travel (or visa on arrival) worldwide with a
Turkish passport.
Property
investors will benefit from new laws decreasing stamp duty and other united
costs such as notary fees. It is expected that this kind of measures will
increase the ease of buying property
in Turkey.
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