With more than 2,500 UK companies operating in Turkey, including Vodafone, Unilever, HSBC and Shell, news on recent trade talks was welcomed with open arms by business owners, investors and entrepreneurs who hold commercial interests in Turkey. 30,000 Turkish citizens now reside in Britain with a special business person visa. On the agenda of a recent meeting between Turkish Foreign Minister Mevlut Cavusoglu and British Prime Minister Boris Johnson was the negotiation of two separate agreements, one being a free trade agreement and the other similar to the Turkish businessperson visa scheme outlined in the Ankara Agreement in 1963. The Ankara Agreement currently allows Turkish nationals to start a company in the UK in a field related to their expertise, and to apply for permanent residency as well as allowing these individuals to bring their families and spouses who are eligible for work permits too.
Due to the Turkish Citizenship by Investment scheme, individuals are currently able to gain Turkish citizenship by purchasing a property worth $250,000, holding $500,000 in a Turkish Bank for a minimum of 3 years or purchasing shares worth $500,000 in a Turkish company. This option offers a host of key benefits including fantastic return on investment through capital appreciation and rental income of Turkish real estate, access to the USA as an E-2 Visa Country alongside the opportunity to relish in the attractive climate, culture and tourism offerings that Turkey has to offer.
In previous talks, it has been confirmed by Turkey’s ambassador in London, Umit Yalcin, that the Ankara Agreement’s visa arrangements will remain as normal until the end of the Brexit transition period therefore the effect of the regulations regarding the Ankara Agreement ‘will remain as they are until the end of December 31st 2020’ and most likely until a new agreement is signed. On this basis, Turkish citizens remain able to apply for work visas under the provisions of the Ankara Agreement due to the UK’s commitments and obligations to the EU prior to the end of the transition period. It is likely that, following this, the UK will put in place a points-based system which would encourage talented and qualified migrants to come to the country from the beginning of 2021. In many ways, this is an advantage for Turkey as it is a global system which operates based on merit irrespective of whether the individual is from Germany, Turkey or Australia. The UK’s membership with the EU meant that priority for UK immigration was given to EU nationals, excluding many qualified and skilled individuals form third party nations.
Brexit is likely to bear new mutual opportunities for Turkey and the U.K. in trade and Yalcin is determined to “continue cooperation with the U.K. which is already a very significant trading partner for” Turkey whilst securing the strength and prosperity of trade between the two nations in the future.
It remains to be seen what the final arrangement between Turkish and UK ministers will contain however it is likely that a new agreement will foster and further develop the economic interdependency of the UK and Turkey leading to significant enhancement in investment and business opportunities.
Global Capital Hub is a high-end immigration and citizenship consultancy firm with a large footprint and presence in many key countries. Our focus is working with high net worth individuals who are looking for residency and citizenship solutions that suit their investment objectives and globally mobile lives. We also facilitate investment into innovation in the fields of life sciences, longevity, biopharma, artificial intelligence and the health sector. We are operational in the USA, Europe, Turkey, Greater China, Russia, Turkey, India, Pakistan, Vietnam, Malaysia and the Middle East.
With our global presence, we offer the best citizenship and immigration solutions. Our multilingual and professional team smoothly coordinates your investment journey ensuring that there are no delays and that you always have one point of contact. Our network of professional trusted business partners can help you source and purchase property in Turkey, open a bank account, obtain a tax ID and secure your Turkish citizenship and passport.
If you are interested in finding out more about Turkey as the key to unlocking your investment potential please contact Global Capital Hub or visit our website to find out more.