Where Turkish Nationals seeking overseas citizenship?
In the past, the central focal countries for Turkish Nationals seeking overseas citizenship were Britain, the United States, Australia, and Canada. As many of these destinations have restricted their intakes, a range of new options have emerged, particularly with the Golden Visa programs (Residency-by-Investment [RBI]) of Southern Europe and the Citizenship-by-Investment [CBI] schemes of five Caribbean nations.
Not coincidentally, the weather, access to the Schengen Area, and the lifestyle in both regions are exceptional and may be preferred by many to the older favorites.
The process for gaining the relevant visa is also often more accessible than in the past.
Which are the “Easiest” of the EUROPEAN GOLDEN VISAS
Portugal, Spain, Malta, Italy, France, Greece, and Cyprus all offer appealing Residency-by-Investment programs. Judging by the number of visas issued and the cost, Portugal, Malta, and Greece deserve consideration as among the “easiest,” though this is a relative term.
The Portuguese Golden Visa (RBI) is one of the top possibilities. The minimum financial commitment is EUR 280,000 for real estate, with certain restrictions on the age, type, and location of the property. The alternative is to invest at least EUR 500,000 into a qualifying investment fund. If the application is approved, a renewable 2-year residency permit will be granted. In both cases, the investment must be held for five years or longer, before being able to be converted to either permanent residency or citizenship.
The Maltese Residency program starts from as low as EUR 110,000 with various investment options. For Greece, it is a minimum investment in real estate of EUR 250,000.
How long must you hold residency before you can apply for citizenship?
For both Malta and Portugal, after five years of legal residency, the candidate may apply for permanent residence or citizenship. For Greece, the requisite period is seven years.
Among the three European Golden Visas, there are several common features. For example, each of these countries have excellent and affordable healthcare and education.
While the cost of living in each country is higher than in Turkey, this is partly offset by significantly enhanced wages and salaries. Malta has a particularly favorable tax regime, but all are quite good in this respect. In all three jurisdictions, with residence, you can gain visa-free access to all Schengen countries for 6 months per year (90 days in every 180). With citizenship, the passports of Spain, Portugal, Greece, and Malta all rank in the top 10 in the world for the number of countries that are visa-free or offer visa-on-arrival. Malta, the lowest of the trio is 17th. In comparison, Turkey is 54th, with access to over 70 fewer countries (Visaindex.com).
Are the Caribbean CBI Programs Good for Financial Planning?
Antigua & Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts & Nevis are all located in the Eastern Caribbean. The Citizenship-by-Investment (CBI) programs of all 5 are collectively the least expensive worldwide. Each program is different, but the financial requirement starts between USD 100,000 and USD 200,000, and they also vary depending on the number of people included. Typically, processing will take 4 to 8 months if all documentation is in order.
All of them also have extremely favorable tax regimes, with no levies on foreign income, nor do they have wealth or inheritance taxes, making them a viable alternative for tax optimization. They also offer a high level of access with their passports. Grenada, for example, gives visa-on-arrival or visa-free-entry to over 150 countries, including the Schengen Area, the United Kingdom, Russia, and China. This is particularly convenient if business takes you to Russia or China regularly. There are no language, education, or career experience requirements. Out of the five CBIs, only Antigua & Barbuda has any residence requirement – a mere 5 days within the first 5-year period following approval.
With any Residency-by-Investment or Citizenship-by-Investment programs there are many requirements, requisite documents and considerable detail to consider prior to making an informed decision. For more information about residency and citizenship-by-investment, please visit https://harveylawcorporation.com/citizenship-and-residency-programmes/ .
If you would like to request a consultation, please feel free to contact HLG’s Turkish office at [email protected] .
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