Comparing Turkish Citizenship by Investment Program with Other Countries

Individuals opt to invest in foreign countries to obtain second citizenship for a multitude of reasons, and when considering this significant decision, certain nations naturally stand out. Turkey is undoubtedly one of these top contenders. In our previous blog posts, we've delved into the advantages of property investment in Turkey and the many benefits of the Turkish citizenship program through investment.

In this article, we embark on a comprehensive comparison of various citizenship programs, weighing the requirements, benefits, and potential drawbacks against Turkey's offering. To gain a full understanding of the advantages inherent to each of these distinct programs, we invite you to read through to the end of this blog.

To access the benefits of a citizenship program or secure a coveted residence permit, individuals typically follow one of three primary avenues: making a financial contribution to the host country's government, investing in an established or new business enterprise, or channeling investments into real estate. In this blog, we embark on a comparative journey, examining the Turkish Citizenship by Investment program alongside similar programs offered by four other nations, providing valuable insights into the choices available to prospective investors. 

Requirements of the Portugal Golden Visa

Investment categories for Portugal's golden visa include venture capital fund, transfer of capital, real estate, company formation, and donation.

In Portugal, the pathway to acquiring citizenship through real estate investment offers two distinctive options. One can opt for the €500,000 route or explore the €350,000 alternative, often referred to as "urban rehabilitation." Under the latter choice, property buyers are required to undertake the renovation of the purchased property.

In return for this commitment, investors and their families gain the privilege of residing and working in Portugal, along with the added benefit of visa-free travel to Schengen countries. Moreover, eligibility for citizenship becomes attainable after a five-year period, making this a compelling avenue for those seeking Portuguese citizenship through real estate investment.

Portugal only requires one to spend a minimum of 7 days in the country when they wish to apply for citizenship after five years. 

Benefits of Portugal Golden Visa

The advantages of this citizenship program extend not only to the primary investor but also to their immediate family members. Eligible beneficiaries encompass the investor's spouse, children under the age of 18, and even the investor's parents if they are aged 65 or above. Additionally, the program accommodates other dependents, including full-time student dependents under the age of 26 who are not married. This inclusive approach makes the program particularly attractive for extended families seeking to relocate with their immediate dependents, fostering a sense of togetherness in their new homeland.

The Portugal golden visa allows you to visit 188 countries without a visa.

Any non-EU/EEA/Swiss national can apply for the Portugal Golden Visa

-Those who qualify for this program must not have outstanding tax payments in Portugal,

- Must have clean criminal records from Portugal and your home country,

- Must have passed a basic language test in Portuguese. 

Drawbacks

- Parents of investors over 65 and children over 26 do not benefit from this program.

- To become a tax resident, one must reside in the country for at least 183 days per year.

- Visas to the UK and Ireland are still compulsory for investors of this program

- it not easy to gain high returns in most business industries.

UAE Residence Visa

The United Arab Emirates (UAE) offers a long-term investment residence visa program with flexibility in terms of duration. Eligible applicants can choose between two timeframes: a 10-year visa or a 5-year visa, both of which are renewable. The 10-year UAE visa option is particularly accessible to investors and individuals possessing exceptional talents, making it a desirable choice for those seeking extended residency in this dynamic and vibrant region.

If you like to apply as an investor, you should make a public investment of at least AED10 million.

To qualify for a residence visa under the UAE's long-term investment program, a minimum deposit of AED10 million into a local investment fund is required. Alternatively, investors have the option to establish a business with an equivalent capital investment. The visa extends its benefits not only to the primary investor but also encompasses family members and business partners, fostering a cohesive and inclusive approach to long-term residency in the UAE.

Benefits of the UAE Residence Visa

- UAE citizenship bestows upon investors and their families the privileges of residing, pursuing employment, and engaging in educational pursuits within the Emirates.

- It encourages the unification of families

- Foreign residents have the freedom to register their assets without encountering any regulatory limitations.

-One can open Bank Accounts and Establish Companies in the UAE

-Availability of Visa-Free Access to 167 Countries, including European Schengen states. 

Drawbacks

-Low return on investment in some areas due to low occupancy rate

- When purchasing real estate directly from the developer, investors are typically required to make a lump-sum payment for additional costs to the Dubai Land Department.

Caribbean Citizenship Program

A total of five Caribbean countries allow foreigners to gain citizenship: St Lucia, Dominica, Antique and Barbuda, St Kitts and Nevis, and Grenada. 

Requirements of the Caribbean Citizenship Program

Gaining Caribbean citizenship can be achieved through several avenues, such as naturalization or marriage to a citizen. However, the preferred and expedited route to citizenship is through investment. This method involves an investment of $100,000 and typically takes between 3 to 6 months to process. Alternatively, applicants can opt for a contribution to the state fund, which incurs fees of $30,000 for a single investor and a family of up to four individuals, with each additional family member contributing $15,000.

The Due Diligence Fee structure for Caribbean citizenship entails a cost of $7,500 for spouses, $2,000 for each child between the ages of 12 to 17, and $4,000 for each family member aged 18 and above. Additionally, administrative fees may apply, with a potential charge of up to $600 for each applicant.

Benefits of the Caribbean Citizenship Program

Eligible beneficiaries of these programs encompass not only the investor but also their spouse, children, parents, grandparents, and siblings. The overall cost of participation in an investment program can also vary based on the investor's country of origin and their chosen investment option.

The investor and their family are not required to undergo language or history exams, obtain a residence permit, or make visits to the country in order to obtain passports.

The investor manages to

-move to another country under unforeseen circumstances

- register a company and do business in another country

- Obtain citizenship immediately with their whole family

- Open an account with an international bank and optimize taxes

- The children of the investor can get a prestigious British education since Caribbean countries are part of the Commonwealth of Nations. 

Drawbacks

Investors should take time to compare the Caribbean states' citizenship packages as some take more processing and are higher than others.

 Greece Golden Visa

In the context of real estate investment for obtaining the Golden Visa, Greece's program stands out as one of the most attractive options in Europe, currently featuring a €250,000 threshold. Nevertheless, industry experts anticipate a potential upward adjustment in this threshold starting in 2022. Successful applicants under this program are granted a five-year residence permit, which incurs a fee of €2,000.

In addition to real estate investment, prospective applicants have alternative avenues to pursue the Greece Golden Visa. They can choose to invest €800,000 in government bonds or opt for a €400,000 deposit in a local bank as eligible investment options.

The Greek Golden Visa program has no limitations on how long you can stay in the country. 

Benefits of Greece Golden Visa

Greece offers additional advantages to foreigners residing in the country as tax residents. These benefits extend to various segments, including retirees, digital nomads, and other expatriate groups. Notably, individuals with international income may find themselves exempt from taxation in Greece, further enhancing the appeal of this Mediterranean destination for tax-resident expatriates.

Under the Golden Visa program, recipients enjoy the liberty of traveling throughout the Schengen zone without the requirement of obtaining an additional visa. This Schengen zone comprises 27 European nations that have collectively abolished visas and border controls at their shared boundaries, facilitating seamless cross-border travel for Golden Visa holders.

Greece boasts a favorable cost of living, making it an attractive destination for Golden Visa investors. Beyond residency, this program grants access to educational and public healthcare benefits. Investors can extend these privileges to include their spouse and children under 21 years old, ensuring that the entire family enjoys the advantages of the Golden Visa. Moreover, even extended family members, such as parents-in-law, can receive residency cards without any additional requirements, fostering inclusivity within the program.

Drawbacks

The eligibility for citizenship application arises only after seven years of fulfilling tax obligations within the country.

Greece levies relatively high property taxes, with rates having surged by 700% in recent years.

While new residents are not permitted to seek employment in the country, they do have the opportunity to establish and operate their own businesses.. 

Turkish Citizenship Program

Numerous factors attract remote workers, families, retirees, and investors to pursue secondary citizenship in Turkey. For those seeking a Turkish residence permit, the option of purchasing property valued at $75,000 USD in any of the country's major cities is available. Alternatively, investors can opt for property acquisition for citizenship purposes, with a minimum investment threshold of $400,000 USD or more. Additional avenues include depositing $500,000 USD in a Turkish bank account, investing in government bonds amounting to $500,000 USD, or creating job opportunities for 50 Turkish individuals, offering a diverse range of options to meet eligibility requirements.