Table of Contents
Introduction
Global Residence Index is our very first insight into the internal living conditions of a foreign country. It is essentially the first thing someone would check when they are planning for dual citizenship.
According to the last global residence index update, Turkey is gaining popularity as a destination where foreigners are setting their roots. The Turkish government is also planning and preparing for a few citizenship-by-investment programs that are attracting foreign investors with high net worth.
The Turkish government is doing its part, which is allowing many to come to the land with a promised investment in real estate and even business.
That is not all for the growing Global Residence Index Insights. If you are planning for dual citizenship, whether it is for your family to have another root or to start a business with Turkey’s economic growth, then you have reached the right place.
Upon gathering the trendiest citizenship news from the best sources, we have gathered some of the reasons why many retired individuals, and even youngsters, are packing their bags to move to Turkey.
What The Global Residence Index Checks
There are a few factors that the global residence index checks and scores a country for any immigrant to place their roots and invest in their capital.
These are:
- Quality of living.
- Ease in settling.
- Traveling to another country with ease. The value of the passport from the set country will hold.
- Tax benefits for the citizens.
- Business opportunities.
- Currency value.
- Employment and education opportunities.
These basic facilities will ensure that someone will have a better lifestyle in the country they are transferring to.
How Turkey Is Currently Winning The Global Residence Index
Here are some of the new amendments that are helping Turkey to get a high score in the Global Residence Index and growing in immigration popularity. You can also check the Turkey citizenship by investment program overview if you are planning to open a business here.
1. Strategic Location
Turkey always has the winning chess piece when it comes to location. Being at the center of the crossroads between Asia and Europe, Turkey has been a commercial trading hub. This is opening business opportunities for people who originally were not settled in a trade-secured location like Turkey. Now, with the help of social media and promotion, Turkey is highlighting its location to garner the attention of foreign investors, which is skyrocketing their score.
2. Ease To Citizenship
Unlike other countries that have good business prospects but a complicated citizen process, Turkey provides ease of citizenship. The path is accessible to everyone, especially if they are a foreign investor. Most importantly, if anyone is making a qualifying investment towards a business or purchasing real estate (which is accessible for everyone), it becomes even easier for someone to avail Turkish citizenship.
3. Economic Growth
Turkey has seen a surge in economic growth in the past decade, and globalization is one such reason. In the past decade, they have welcomed foreign business companies to come and sell their products within the land, which has helped the growth. Plus, Turkish entertainment is also seeing a global reach, which is making the country a household name. Turkey also has good grapes in the three industries that are seeing an economic surge in the world: Technology, Real Estate, and Travel.
4. Visa-Free Travel
The Turkish passport is also holding quite the importance at an international level. This means being a Turkish citizen and holding a passport will allow you Visa-free travel in countries like Albania (90 days), Belarus (30 days), Ukraine (90 days), Argentina (90 days), Bahamas (8 months), Brazil (90 days), etc. The list is quite a long one, and this has attracted many who like traveling or wish to join the rich travel and tourism industry.
What Is Great About Turkey
Other than the global residence index insight, there are few location, geographical, and economic advantages that have been attracting foreign settlers to this culture-rich land for years.
1. Affordable Survival
Even after the growing economy, inflation is quite reasonable in Turkey. Which means you could afford a comfortable living in this land. The average cost for a single person living comfortably in Turkey is $500. If you have a small nuclear family, they can survive comfortably in the country for $1500 monthly. If you are a US citizen planning to move to Turkey, remember the numbers are 80% lower than what it would take to live comfortably in the US.
2. Moderate Weather
The location is not just good for the trading opportunities but also the weather. It is moderately warmer throughout the day, which gives it an all-year summer vacation kind of vibe. The winters are mild, which means you wouldn’t be freezing your bones. Turkey hasn’t seen any extreme weather conditions, which can make living conditions morose for some.
3. Culture & Heritage
One of the biggest reasons why Turkey is becoming a hub for Western settlers is the rich culture, heritage, and history it possesses. There are cultural and historical sites that one can never get tired of. Plus, the architecture and infrastructure of the country are slightly different from staring at ultra-modern and repetitive buildings. This gives many the illusion of a higher living. Yes, some simply move to rich culture, adhering to the land for the purpose of romanticism. However, affordable living is feeding that lifestyle quite well.
4. Friendly Environment
Turkey boasts a very friendly and accommodating environment for people from every background and cultural diversity. They provide foreign citizens ample chances for friendship and fitting in with their country’s lifestyle. Plus, there are very few cases of organizational racism or discrimination which were reported in Turkey.
Things To Consider Before Applying For Turkish Citizenship
Whether you should invest in Turkish citizenship depends on your individual circumstances, financial goals, and priorities. Here are some factors to consider:
Financial Situation: Assess your financial capacity to make the required investments for Turkish citizenship.
Risk Tolerance: Evaluate the risks associated with the investment, such as fluctuations in the real estate market or economic conditions in Turkey.
Investment Objectives: Consider why you are seeking a second citizenship.
Legal and Tax Implications: Understand the legal and tax implications of obtaining Turkish citizenship.
Long-Term Plans: Consider your long-term plans and how Turkish citizenship fits into them.