Turkey has always been a favorite due to its geographical location and the hospitality. These attributes make Turkey an important location for foreign and local investors from various sectors, including tourism as well as real estate. This has led to a surge in investor interest.
According to data published from the Central Bank of Turkey, the Turkish economy has been one of the fastest to recover after the pandemic. Inflows of FDI into Turkey totaled $14.1 billion by 2021. This was an increase of 80.7 percent. Total FDI flows into Turkey from 2003 through 2021 amounted to $239 billion.
Although there are a myriad of motives to invest in this gorgeous country we will take a look at some compelling arguments.
Strategic Position
Turkey serves as natural connection connecting Asia to Europe. Both continents influence the diverse culture of Turkey. Istanbul is the most important in providing an access strategy to all important markets in these regions. According to data, Turkey has access to 955 million people through FTAs as well as the Customs Union. Istanbul is the 7th largest city within Europe and is where the bulk of the investment has been done.
11th Strongest Economic Activity in the World
It is believed that the Turkish economy has experienced significant growth in the last few years. Although it was placed 13th, it has risen from 18th position to 11th in the world from 2003 until 2020.
Turkey and, in particular Istanbul has a large entrepreneurial community that includes founders and co-founders of startups. This indicates that there are many possibilities for collaboration and networking.
Startups of all kinds can take part in acceleration programs, conference hackathons, co-working spaces and hackathons that are centered around the concept of entrepreneurship.
Because of the hybrid or digitally digitized models of programs and events, entrepreneurs from all over the nation can easily learn from each and create something fresh by working together.
The incentives for Foreign Investments
The Government of Turkey aims to support all foreign people looking to invest in Turkey and hopes to create an incentive-based system for different types of assets that professionals will come across. According to the Turkey’s Investment Office, seven profiles of investors are based on the quality of FDI. The profiles all investors see are:
Investment Reducing Import Dependency
R&D, Design and Innovation Center Investments
Technology for Investment and Knowledge Transfer
Investments Providing Incentives for Employment
Investments that support Digital Transformation
Investments that provide high-quality employment
Export-oriented Investments
The Turkish Government has developed a variety of projects for the 2021-2023 investment strategy. They achieved this by analysing the latest investor expectations and requirements , and then fitting all actions and plans to meet their needs.
Highly skilled and competitive workforce
The country’s educated and young population is an asset worth pursuing for investors, who face major difficulties throughout Europe due to the aging of populations and shrinking.
With its rising, youthful and vibrant population – the main reason behind an abundant labor force and an impressive domestic market – Turkey has a great chance.
In the year 2018, Turkey’s population was recorded as 82 million. Based on The Turkish Statistical Institute, it is expected to grow to 86.9 million in 2023, and 100.3 million in 2040. The estimated population will increase until 2069, when it is expected to increase to 107.6 million.
Good Infrastructure
One of the main reasons for investors from outside the country to invest in any country is the availability of required infrastructure and the lower costs. Turkey has seen growth in the basic infrastructures including communications, transportation power, as well as technical infrastructure, which makes it an attractive destination of foreign investments.
How to Invest in Turkey
In the wake of the rapid growth of population and city revitalization initiatives The real estate and construction sectors are growing. Investors are finding the real estate and construction industries rewarding and appealing.
There are many reasons why buying real property from Turkey is the best investment you could make. Due to the rise in tourism, the real estate industry has expanded. Foreigners also have found Turkey as a very popular retirement spot.
Turkish Citizenship through Investment
Turkey has introduced the citizenship by investment in the year 2016. If you are able to do it through real estate purchase or capital transfer the creation of jobs, you could be eligible for an Turkish passport.
Real estate investment is the most well-known route in the Turkish citizenship through investment. It’s also the most affordable option: If you purchase the property at an amount that is at least $400,000 the family and you members can be granted Turkish citizenship.
Conclusion
Turkey is a stunning and distinctive country that is full of heritage as well as culture and heritage. However, that’s not the only aspect for which the country is well-known. Turkey has a wide range of investment options for investors from all over the world. You’ll surely find numerous other advantages when you are considering investing on Turkish territory. In addition it is important to look into the investment options that are available to pick one that is compatible with your needs and requirements.
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