DUBAI: The total number of foreign investors who were naturalized since the new regulation easing the conditions to get citizenship last year has hit 2,611. With the family members, a total of 9,962 foreign nationals acquired Turkish citizenship through investment since Sept. 19, 2018, according to the Turkish Interior Ministry.
Imran Farooq, Chief Executive Officer of Dubai-based AAA Associates, said: “For migrants, Turkey is a bridge between East-West and North-South axes. A considerable portion of the potential market from the Middle East prefer Turkey over Europe due to the cultural similarities. It reflects a broader pattern where the country emerged as a popular destination for Muslim investors.
In 12 months, the report said, Iraqi investors topped the list of naturalization with 327 people. They were followed by 250 Afghan investors. 170 Palestinians, 110 Egyptians, 66 Libyans, 44 Lebanese, 29 Saint Kitts and Nevis nationals, 29 Saudis, 28 Azerbaijanis, 26 Pakistanis, 24 Sudanese, 22 Russians, 21 Algerians and 19 U.S. nationals who were also naturalized through the investment program.
Under the new rules, a would-be citizen can qualify by putting USD500,000 into fixed capital or depositing the same amount in a bank, a figure reduced from USD 3 million. The threshold for property investment has been cut from USD1m to USD250,000, a rate widely seen as a bid to help boost a flagging construction sector in Turkey.
AAA Associates Immigration Advisory’s research showed that the scheme has proven very popular with wealthy individuals from Arab countries, Afghanistan, Iran and Pakistan. It has been observed that the tourists from the Gulf have soared in recent years. Iraqis, Iranians and Saudis were the biggest foreign buyers of Turkish property in 2018.
The benefits of having Turkish citizenship include: lifetime citizenship and extended to future generations. There is no need to renounce the current citizenship(s), no residency requirements, and no interview, education or management experience is required to obtain the Turkish citizenship.
