If we ask most investors today why they want to obtain double nationality, most of the responses may revolve around securing the future of their families, especially since it is easy for the investor today to obtain a Schengen visa, which enables them to reach anywhere in the world, and the issue of travelıng is a matter of time.
From here, the comparative process begins with the best available naturalization program in the region, which would secure freedom of movement and accessibility to the world for all family members?
The comparison must depend on several characteristics which would resolve the controversy and enable the foreign investor to decide to finance their next destination, meantime in this article, we made a quick comparative investigation between the Turkish citizenship program for foreign investors and the naturalization program in Cyprus, the European Union member, and a major associate of the Schengen Union.
Cypriot citizenship program to naturalize foreign investors
The program for obtaining Cypriot citizenship was established in 2016, to attract more foreign investments to Cyprus, whose population density does not exceed 1,207,359 people, to buy property within the borders of the island, without other options, such as establishing a commercial registry within the borders of the island or bank deposit either.
The program stipulates that any foreign investor who is not a citizen of the European Union can apply to the Greek Cypriot government to obtain citizenship and grant it to both the wife and children who are under the legal age of 18 years, as well as sons and daughters between the ages of 18 and 28 years. About the second age group, they must be fully financially dependent at the applicant’s expense (father or mother) and study full time.
As for the value of the naturalization program without mentioning the expenses of legal procedures, it starts from2,000,000 euros for real estate investment, in addition to a monetary donation to support government research and development studies (any other approved innovation institution) or to government land development organizations with a value of no less than 150,000 euros.
About the period of obtaining the Cypriot passport, it might range from 6 to 8 months, during this period, the file for obtaining Greek Cypriot citizenship will be examined, in order to determine the legal file of the applicant.
Though the expenses are not over yet, the foreign investor must pay more fees ranging between 40,000 euros – and 45,000 euros, as fees for processing the application legally through an exclusive legal representative which the Cypriot government will nominate for the foreign investor to avoid any fabrication or legal fraud for both parties.
The Advantages of the Cypriot Citizenship
Perhaps one of the most satisfactory advantages and benefits of obtaining Greek Cypriot citizenship is the limitless access to a considerable number of countries in the world, which more than 175 countries and territories, including the European Union, the United Kingdom, Canada, and Russia, but on the other side of the equation, there are no others advantages to mention, against the large investment value imposed for obtaining the passport, and this leads us to the important comparison question? Is a single passport worth this giant value? Are there any less valuable and competitive alternatives in terms of benefits and features? And most importantly: What is the future fate of your investment?
Turkish Citizenship Program for Foreign Investors
The Turkish citizenship program for foreign investors provides foreign businessmen with many investment options that will achieve mutual benefit, for both parties, the foreign investor and the Turkish government, and perhaps the most important feature of this program is the competitive value of the investment, which starts from $ 400,000, knowing that the value of the Turkish program did not exceed $250,000 previously, since the decision was established and entered into force in the middle of the summer of 2018.
The Turkish naturalization program offers many investment options, which vary between real estate investment, establishing a commercial registry, or bank deposit, without requiring any additional payment and expenses to the Turkish government, or any of its institutions in the form of a donation.
However, the additional costs of each the government fees for paper transactions, in addition to the Turkish legal representative, it does not exceed 5000 dollars, no more than 405,000 dollars in total, and under the shadow of investment in Turkey, the foreign investor will be able to obtain Turkish citizenship and grant it to both the wife and children under the age of 18, during a maximum period of 3 months from the day of application submitted.
The Turkish Economy
Turkey has one of the most substantial economies globally, in the last 10 years become an influential partner of the G-20, where it occupies the ninth spot among the robust economies because simply Turkey refused to be just a consumer, but on the contrary, become the number one exporter globally, to eventually outperform both America and China in term of the exported goods last year.
The Turkish economy is founded on an infinite number of powerfully built industries, which have developed greatly thanks to the strong infrastructure, which contains more than 60 airports, 48 ports, and a logistics base as well as the central strategic location of the world’s continents, as well as the Turkish workforce, which also ranked first in terms of efficiency and enumeration in Europe.
In addition to the real estate and construction sector, which in the last ten years has increased its market value by more than 600%, and has attracted more than 40 different nationalities internationally to invest in the real estate sector, in which the activity of foreigners was not limited to buying and selling process only, but also to urban construction and both the huge residential and commercial projects, for instance:
The luxurious Emirates Emaar Company, Rotana, the famous Emirati hotel brand, the Saudi Zamil Construction, and Development Company, and many others have had massive financial contributions of no less than 5 to 10 billion US dollars in the last 5 years.
In other words, Turkey, with its population density of more than 86 million people, can give you the freedom that you aspire to secure for your family but also fivefold your deposited capital, which does not exceed half a million-dollar, unlike the naturalization program for foreign investors in Greek Cyprus, whose value exceeds 2 million euro for each application.
Simultaneously the Cyprus government is suffering from its deficient infrastructure, fragile economy, and considerable public debt to the Central Bank which exceeds 20 billion euros.
Therefore the European Union stated recently that the Cyprus government should pay off the debt as soon as possible, otherwise it will be such huge economic responsibility on the union’s shoulders,
Also, the representative of the union expressed their dissatisfaction with the failure to set forward any effective governmental plans that would improve and develop the economy in the country, conclusively all that will lead to Cyprus’s exit from the union, thus Cyprus’s passport will be absolutely useless.
In the end, we tried to deliver you a rational comparison between the two programs based on presenting realistic numbers and economic facts that would enable the foreign investors to choose the most appropriate naturalization program for them and their families.
For more knowledge about other naturalization programs or legal details about Turkish citizenship for foreign investors, contact us, and the Maximum Real Estate Consultants team will work to provide you with all the knowledge because you deserve the best.