Increase in People Seeking Life, Work, and Education Opportunities Abroad, New Regulations Introduced
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In recent years, there has been an increase in the number of Turkish citizens wishing to do business, study, or settle in a foreign country. Vesta Global, which provides consultancy services on residence permits or citizenship issues through foreign investment, is one of the most experienced organizations in Türkiye in this field. We had a detailed interview with Teuta Narazan, Co-Founder of Vesta Global. Narazan presented the developments in the last two years with figures.
Can you tell us about your service model as Vesta Global?
I founded Vesta Global with my partner V. Armağan Akyüz in 2017, and we provide consultancy services on residence permits and citizenship issues through foreign investments. We are the only Turkish consultancy company providing this service for about 10 countries, such as the USA, Greece, Spain, Portugal, Malta, and the Caribbean Islands. We established Vesta Global by combining my 15 years of experience in corporate life and my partner V. Armağan Akyüz's 17 years of real estate experience, 10 years of which are valid in projects abroad.
What services do you provide?
As Vesta Global, we provide turnkey consultancy to our clients with overseas investments, residence permits, and citizenship programs, from deciding on the correct country, finding the right investment, financial, and legal processes, and obtaining their residence permit or second passport.
Who benefits from these services?
First of all, families who want their children to continue their education abroad, investors who expect high foreign currency returns, business people who want to continue their business abroad and want to use the convenience of free movement, retirees who want to experience life in different countries during their retirement period and people who want to live abroad demand to benefit from our services. The largest segment is made up of families seeking residence permits and citizenship for their children's education and job opportunities abroad.
What are the advantages for those who want to go for education?
As a result of different types of investments, students have the opportunity to study under advantageous conditions in the public schools of that country or even in universities in all European Union countries after obtaining European citizenship. The cost of education for a child or young person can be high, but with this kind of investment, the cost of education is minimized, and the value of the investment is preserved.
Residence permits or citizenship programs enable travel between countries without the need for a permanent visa. That is a great convenience for business people, and the same is true for tourist purposes. As a result of the rights gained, the situation of being affected by travel and visa restrictions due to reasons such as pandemics is eliminated.
How is this trend abroad?
That is a very popular choice not only in Türkiye but also abroad; people prefer to take advantage of the opportunities offered by other countries. For example, an American may want to take advantage of residence permits or citizenship programs to benefit from the healthcare services offered in Europe, especially during the COVID period, as healthcare practices in the US are very expensive.
Have there been changes in practices during the pandemic?
There have been recent changes in the law, and in fact, the second half of 2021 was a period of intense interest by people who did not want to miss out on opportunities due to these changes. It is always more advantageous to act early.
In Portugal, with the changes in the law, the requirements for citizenship have shifted towards larger and more densely populated cities. Opportunities are shifting to less densely populated areas.
How much investment is required?
The minimum investment amount for fund investments in Portugal has increased from €350,000 to €500,000. However, the investment amount in less densely populated regions can be as low as 280 thousand Euros. Investments are expected to shift to these regions in the coming period. That also offers the opportunity to invest and earn in regions that will be valued.
In Portugal, the right to citizenship is acquired at the end of the fifth year. After gaining this right, guaranteed investment opportunities with 100 percent money back are also offered.
What is the situation for other countries?
Another opportunity and innovation stands out in Greece. With the decrease in tax rates from 24% to 3.06% due to urban transformation in Greece, more advantageous home-ownership opportunities have emerged. In the current period, new and modern projects are being built, and these investments gain a lot of value when invested from the ground up. With a €250,000 investment, it is possible to obtain a residence permit in Greece. Greece is one of the most preferred countries as it has the most affordable Golden Visa program.
What other developments are there?
Another recent development is the addition of Vanuatu to our portfolio. With a $135,000 grant, Vanuatu citizenship can be obtained in just 45 days. With this citizenship, the right to free movement to 140 countries, including the UK, Europe, and Russia, is gained. For the investment to be made for citizenship, it is possible to pay in cash or cryptocurrency. A company can be established to benefit from the advantages of Vanuatu. Vanuatu also offers serious tax advantages, providing the Turkish business world with advantages for more comfortable mobility abroad and trade, export, etc. opportunities. It also increases Türkiye's foreign currency inflow along with trade volume.
How do you do these transactions during the pandemic?
In all programs, all transactions, such as obtaining a residence permit, bank account, and tax number, can be done from Türkiye due to the changing conditions in the pandemic, which provides a great advantage. At the same time, all real estate properties can be visited online, one-to-one, and in real-time.
Which issues should be considered to protect against risks?
When making an investment, it is very important to proceed with experienced companies that provide reliable and corporate consultancy. For investments that will not lose value when sold, the people who will benefit from this program need to be guided on the right investments. This requires going with companies that have a reliable partner network. Sometimes, we hear very different things: for example, foreigners who want to invest in Türkiye are given incorrect information about the value of the neighborhoods, and real estate abroad is sold above its value. Reliability is the most important issue. Getting a turnkey service is another point to be considered. It is of great importance that you are in competent hands, from opening bank accounts to legal processes.
Can foreign citizens in Türkiye also benefit from these programs?
Vesta Global provides two-way services for Turkish citizens who want to benefit from these opportunities abroad and for citizens of other countries who want to benefit from them in Türkiye. There is interest in our country from China, the Netherlands, the UK, Germany, and the Middle East.
When we look at the number of people benefiting from these programs, what are the figures in Türkiye and the world?
In the second year of the pandemic, there was an increase in applications. According to the results of the research, 71 percent of those stated that there was an increase in demand in the questions asked to the companies that provide consultancy on citizenship and residence permits. In 2020, 55 percent stated that there was a decrease.
The leading reasons for preferring the programs are freedom of travel, the desire to live in another country for the long term, the desire to be more easily involved in global markets and business opportunities, protection of assets, and better educational opportunities.
What about applications for Turkish citizenship?
There is a significant increase in the number of applicants to programs in Türkiye compared to previous years. There were 327 applications in 2018, 3,132 in 2019, and 5,552 between January and May 2020. In 2019, 9,962 people obtained Turkish citizenship through investment.
The majority of the approved applications between September 2018 and September 2019 were from Iran. Iran was followed by Yemen, Iraq, Jordan, and Afghanistan. Türkiye approved 2,611 applications for citizenship programs in 2020.
