Why is Türkiye the most attractive European program now?

Since its introduction in 2017, Türkiye's citizenship by investment program has established itself as one of the world's most popular investment migration programs, naturalizing over 19,000 people in less than six years. That popularity is set to continue as the program goes into its seventh year of operation, and as other residency and citizenship by investment programs in Europe continue to change and become more restrictive or expensive, Türkiye's program has emerged as the optimal choice. There are various metrics on which to base a program's attractiveness, and Türkiye checks all of them.

Global mobility

The Turkish passport is a strong one, offering visa-free travel to 111 destinations worldwide. This massive list of visa-free destinations can elevate a person's global mobility level and give them the freedom they need to roam the globe. But it doesn't stop there, as Türkiye's passport is continuously improving, and the newest potential development may be the biggest yet. Türkiye has launched the Visa Liberalization Dialogue (VLD), which aims to grant Turkish citizens visa-free entry into the Schengen Area. The Turkish passport also allows its holder to apply for a US E2 Treaty Visa residency permit if the applicant meets the US' criteria, of course, which is a simplified and quick route to residing in the US. The mobility level of Turkish passports is outstanding, and it will continue to be a draw for international investors looking to bolster or solve their mobility issues.

Changing economic situation

Another aspect of Türkiye's program that will be critical in driving demand in 2024 is the investment factor. Türkiye raised its real estate minimum to $400,000 last year, but it still remains more affordable than most Golden Visa investments, and it has massive potential in a dynamic market. One thing that the Turkish economy has struggled with in the past few years is hyperinflation, reaching a massive 64.86% year-on-year in January. This inflation rate, however, is a result of an untraditional expansionist economic strategy that saw Türkiye's economy grow rapidly over the past decades. Things are changing, though, and investors have a rare opportunity. President Recep Tayyip Erdoğan hired financial wizard Mehmet Şimşek as the new Minister of Finance, and Şimşek has wasted no time in trying to steady the ship. Şimşek says his plan is already working, with monthly inflation rates dropping to just 2.93%, a testament to his work and the adoption of more traditional economic strategies. This opens the door for investors to buy property at a time when the prices are going down. Nominal housing prices in Türkiye dropped nearly 90 points between the high of 2022 and the end of 2023, and that trend of lowering prices is set to continue under the new financial regime. Demand is falling, too, as the number of house sales in 2023 dropped 14.9% as Şimşek continues to raise interest rates. The lower demand will lead to lower prices, and investors can buy at a low cost to sell for a profit after the market jump starts once inflation is curbed. The housing market will undergo a period of quiet growth or subtle decline as Türkiye's government continues to tackle inflation, but once they beat the curve, they will loosen the restrictions, and the market will go back into high gear, and it is then when investors can make significant capital gains. Considering Türkiye citizenship by investment applicants have to hold on to the property for three years, this aligns the program with the best economic outlook for foreign investors, providing them with new citizenship and the chance of considerable profits. But capital gains aren't the only route for ROI in this scenario. As demand for acquiring real estate drops, the demand for rent grows. People will still need homes. For investors, this is excellent news, as more rental demand means higher rental yields. The average rental income in Istanbul is quite impressive, averaging 6.63%, and it can go as high as 8.63% in some neighborhoods. High rental yields and potentially massive appreciation gains make Türkiye's investment options the best in Europe.

The program itself

Finally, the Turkish citizenship by investment program is in itself a major attraction. The simplicity of the program and its speed put it miles ahead of the competition in Europe. The average processing time is 3-6 months, while the documentation is minimal. The program has a streamlined procedural framework, and it does not require any prior residence. Another important factor is that it has no "banned nationalities" as anyone can apply, unlike some programs in Europe where Russians, Belarusians, and other investors are currently suspended. The program is straightforward, the investment is exciting, and the benefits are endless. To know more about why Türkiye's program is currently the best in Europe, contact us today to book a comprehensive consultation with one of our experts.