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World’s wealthy look to Turkey and the Caribbean for alternative citizenship during the pandemic

June 6, 2021 Destination Global No Comments

Research by Astons, the international experts on real estate, residency and citizenship through investment, has revealed that Turkey has become the pandemic destination of choice for those seeking alternative citizenship, along with a number of Caribbean nations.

Astons also expect Turkey to become the destination of choice for the world’s wealthy when it comes to securing additional citizenship in the coming years.

Astons analysed current investment data from the CBI on the uptake for alternative citizenship, as well as forecasting how this uptake will change by 2023 based on data from the last five years.

The latest research shows that with an annual increase in citizenship investment of +147%, the Turkish program has soared in popularity during the pandemic, with an estimated 13,322 investors seeking Turkish citizenship in 2020.

This is by far the highest level seen during the pandemic, with Saint Lucia seeing the second largest number at 2,481 followed by Antigua and Barbuda (1,317), while Grenada has also proved popular (1,111) seeing the second-largest annual increase at +36%.

However, Astons forecasts the popularity of Turkish citizenship by investment to continue to grow over the coming years, with the program forecast to see an average annual increase of +31% until 2023.

This would see as many as 30,540 investors opt for Turkish citizenship in 2023 alone, generating $7.6bn for the country based on the minimum investment requirement of $250,000 alone.

Managing Director of Astons, Arthur Sarkisian, commented:

“Turkey has really become the destination of choice for the super-wealthy keen to secure alternative citizenship during the pandemic. Investment levels more than double in 2020 alone and this growth is expected to remain on a long-term basis.

The nation offers a relatively affordable minimum investment and is perfectly positioned geographically to entice interest from Europe, Africa, Asia and the Middle East.

That said, it will be interesting to see how this demand fluctuates should Turkey see stiff competition in the form of a Russian investment program. While many details are yet to be confirmed, the first program of its kind in Russia looks set to offer a range of benefits that could well draw investors away from Turkey and other popular citizenship by investment programs.”

Nation Investment Level (2020) Annual Change (%) Forecast Investment Level (2023) Estimated Annual Average Change (2020 – 2023) Minimum Investment Cost Estimated potential value Links
Turkey 13,322 147% 30,540 31% 250,000 USD $7,635,090,845 link link
Dominica 2,481 12% 3,290 10% 100,000 USD $329,006,667 link link
Antigua and Barbuda 1,317 18% 1,936 14% 100,000 USD $193,629,260 link link
Grenada 1,111 36% 1,440 9% 150,000 USD $216,059,167 link link
Vanuatu 1,020 26% 1,832 20% 130,000 USD $238,206,857 link link
Malta 978 27% 1352 11% 1,150,000 EUR € 1,554,541,268 link link
Saint Lucia 188 -35% 325 13% 100,000 USD $32,540,321 link link

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