Turkey has fantastic tax incentives for international investors. The country doesn’t impose taxes on income derived from abroad. If you are in the country for no more than six months per year, you are exempt from paying taxes.
However, tax on income derived within Turkey is taxed at up to 35%. If you opt for property acquisition, you are obliged to pay some tax, known as real estate ownership tax – which investors are taxed annually. It is advisable to speak to a Turkish tax specialist who can clarify any tax concerns you may have.
Turkey’s Performance in the GPI
Global Citizen Solutions’ Global Passport Index measures the true power and value of a passport, based not only on mobility but also on investment opportunities and quality of life factors. This provides an overall score that is made up of three standalone index scores: the Enhanced Mobility Index (weighted at 50% of the score), the Investment Index Score (weighted at 25%), and the Quality of Life Index (weighted at 25%). We believe that these indexes provide a good indicator of a passport’s true power.
We used exclusive data collected from the likes of the World Bank, World Economic Forum, and the Sustainable Development Report to create a holistic and accurate account of the most powerful passports in the world. When it comes to Turkey, the transcontinental country is ranked the 95th passport in the world and the 13th highest in Asia.
Enhanced Mobility Index
When it comes to enhanced mobility, it is based not only on the number of countries or territories the passport holder has access to but on the level of “attractiveness” as well in terms of quality of life standards. The Turkish passport ranks in 96th place, providing visa-free access or visa on arrival to 126 countries or territories, including Hong Kong, Japan, and Singapore.
Turkish visas for US citizens are required for Americans to enter the country. For Europeans, UK Citizens, and other nationals, a visa is also required to enter the country. Those who need to conduct business or employment in Turkey have the possibility of obtaining a business visa.
Investment Index
Turkey ranks 78th position in the Investment Index. The country attracts many different investor profiles and has a strong investment climate, as it offers a stable economic system with good growth rates and many investment opportunities, particularly in real estate, IT, and technology.
Quality of Life Index
When it comes to the Quality of Life Index, Turkey ranks in the 126th position. Despite having a low cost of living and a “high” level of sustainable development, Turkey performs less well in terms of freedom and migrant acceptance, which are key reasons why the country is not performing so highly in this index.
Practical Information About Turkey
Before you decide on your preferred route of investment and be on your way to obtaining Turkish citizenship, it is worth having some insights into the country. In this section, we’ll provide you with practical information about Turkey, including healthcare and education.
Healthcare in Turkey
The Turkish healthcare system is a combination of national and private health insurance. Social security foundations provide compulsory health coverage, while the private sector is small but growing very quickly – complementing rather than competing with the state system.
Medical care is very good in Turkey, whether it is via services delivered by the state or private healthcare facilities, and it is highly accessible to expats with private health insurance. Turkish healthcare is also generally very affordable in comparison to healthcare in the USA and Europe.
Education in Turkey
Primary and secondary education between the ages of six and 19 is free of charge in public schools and is financed by the state. There are also many international schools in Turkey that offer excellent education. You’ll find at least 31 of those international schools in Istanbul.
Turkey is also a very good student destination for those who are considering experiencing a new culture, while still being in close contact with both the East and West. The country has a growing influence in offering a competitive student environment, with new and old universities working alongside one another.
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