Investing in international property or business in Austria and Turkey entitles investors to dual citizenship. Of course, the idea of owning a house in a foreign country, or giving a few million to an international business, is a luxury that can only be entertained by some. But for those who have the odd million lying around, certain countries around the world have introduced a scheme whereby foreign investors are encouraged to make investments in exchange for citizenship. There are different rules and regulations around these schemes, which differ from country to country. Here is how it works in Turkey and Austria.
Turkey is one of the countries where investors can receive dual citizenship, if they invest $1m in real estate. Since 2012, the Turkish government has made property investment more accessible to foreigners meaning it could soon become one of the top countries for investors in 2018. With beautiful beaches, unique culture and delicious cuisine, Turkey is a popular destination for both holiday makers and international real estate investors interested in buy-to-let homes. Turkey has been rated the 6th most popular tourist destination in the world, which is good news for real estate investors interested in becoming key players in the tourist industry. Investors might also be interested to know that corporate tax in Turkey has been reduced from 33 percent to 20 percent, and the economy is booming. As stated by Property Turkey,
“Turkey’s economy is growing at record rates of more than 8%pa in the last three years, and so it is easy to see why so many investors are placing their trust in Turkey.”
The economy in Turkey has a promising future, and is predicted to become one of the fastest growing OECD economies during 2017-2020.
Property investors are not the only ones who can receive dual citizenship. Austria offers an Austrian passport in exchange for an investment of around €10 million in an approved Austrian business. Investable businesses must offer significant employment opportunities for a large number of people, and produce taxable income. Alternatively, investors can donate €2 to €4 million and be rewarded with the 4th most valuable passport in the world. Investors should be aware that they will encounter fees of over $500,000 with this investment scheme.
Having dual citizenship essentially entitles you to enjoy the benefits of multiple countries. Those lucky few who are entitled to dual citizenship have the freedom to pick where they work, live and raise their family without having to worry about work permits or visas. A Turkish passport grants Visa free access to over 70 countries and if you are a Turkish citizen you won’t have to pay for health care, you won’t need a residency permit, and you will have the freedom to work in Turkey. Austrian citizenship brings visa-free travel to 171 countries and is one of the best EA passports around. Making global investments brings more than just extra income; it is a chance to become a citizen of the world.
