Incredible Approvals in Turkey’s CIP, Nearly 10,000 in Only One Year!
Turkey’s CIP has always been popular among investors, especially, from MENA region and the Muslim countries.
The main reasons are: visa free travel to more than 110 countries, no Requirements for a minimum stay and language knowledge to get the passport, no requirements to prove source of income, management experience or assets, and etc.
The new statistics recently announced by Turkey Interior Ministry, show the incredible number of nearly 10,000 approvals under Citizenship by Investment program, in only 12 months.
Incredible figures of approvals in Turkey’s CIP
According to the country’s Ministry, since the price cut in September 2018, a total number of 2,611 investors and 7,351 dependents have achieved citizenships by investment under Turkey’s CIP.
The total number of 9,962 new citizens is a surprisingly high figure! The reason of this astonishment is due to the news already declared by the interior ministry.
They stated that 981 investors had received citizenship under the program from 2018 price-cut and June 30th this year. The figure implies that Turkey’s authorities have processed no less than 1,630 applications in a three-month period since June 30th.
If this figure is correct – and, considering the source, it seems it is – this incredible record will place the Turkey CIP at the very top in the ranking of CIP-jurisdictions, considering approval volume.
Where are the Turkey’s CIP investors from?
In July, the Ministry had reported the Iranian investors as the largest constituent of applicants at 253 individuals, but their numbers are not mentioned in this month’s report. We presume that they are included in the “other” category.
The Iraq is now has taken the first place of applicant group, totaling 327 investors, followed by Afghans at 250, and Palestinians at 170.
If we still consider Iran, although the figures are not included in this recent report, 13 out of the top 15 source countries for Turkey’s CIP are majority-Muslim countries.
Note also that the 29 main applicants from Saint Kitts & Nevis may also be, probably, individuals of MENA-origin.
To be more precise about this statistics, at 2,611 qualifying investments of the minimum required US$250,000, Turkey will have raised around US$653 million.
We must also consider that the investment options may not be limited to real estate; thus, a large proportion of participants will have made bank deposits or business investments of the minimum US$500,000.
Therefore, it is likely that, the actual amount of CIP-related Foreign Direct Investment already passed US$1 billion.
According to one of the famous Turkeys’ newspapers, the property sales to foreigners increased by 50% year-on-year in the first eight months of 2019.
This boom in demand for residential properties across the country, which is reaching 27,748 units, is due to the last year’s price amendment.
Considering this statistics, the interest in this program, has increased at least, tenfold since last year.
If you wish to know more about how you can benefit from this ُTurkey CIP scheme, please contact one of our advisors in UAE, Denmark or Canada, and we will do our outmost to guide you through your Turkey Citizenship by Investment process.
Do not hesitate to relay your comments below, if you have any experiences or any questions relating to Turkey CIP.