Burak Demirel is Country Head and Director Private Clients at Henley & Partners Turkey
Türkiye remains an attractive market for inbound and an active market for outbound investment migration. The Türkiye Citizenship by Investment Program has been steadily rising in popularity since it was launched, and according to Henley & Partners’ web enquiries data, it was the fifth most popular program overall in the first six months of 2022. By the end of June 2022, we had already received 68% of the full 2021 enquiries about the program from investors across the globe.
Türkiye’s citizenship program is attracting quality investment. Currently we have clients from the likes of Switzerland, and strong interest shown by Asian billionaires. Our client profile includes those who are interested in investing in multiple programs as part of their wealth and legacy planning and future-proofing.
Among the many drivers of interest in Türkiye are its fast-growing economy and access to the local market of 83 million people, its great healthcare system, with many excellent private hospitals that are far more affordable than in other developed countries, and a developed health tourism sector, as well as its natural beauty.
Türkiye also has a very liquid real estate market, with foreign real estate sales at 4.7% of total sales in 2022 — good news for citizenship by investment clients who choose the real estate option. Istanbul and Bodrum are the top destinations preferred by ultra-high-net-worth individuals and families.
While Turkish businesspeople take great pride in their country and earn a good income, many are opting for investment migration programs that enable them to expand their businesses abroad. Others are looking to improve their visa-free access, particularly given the recent rise in Schengen visa rejections and lengthier application processes Turkish citizens are currently experiencing. Henley & Partners is working with families from the top 100 wealthiest in Türkiye, and we expect to grow our outbound business by over 200% in 2022.
The most popular citizenship programs enquired about are the Caribbean programs, particularly the Antigua and Barbuda Citizenship by Investment Program and the St. Kitts and Nevis Citizenship by Investment Program, as well as Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment and the Montenegro Citizenship by Investment Program.
Whether inbound or outbound, Türkiye’s investment migration industry is bustling, and 2022 is on course to be the strongest year yet.