Over the past year, delving into the field of investment migration proved to be a highly informative and enlightening experience for me. It provided me with a thorough understanding of the advantages that it can offer to investors and how it can enhance their personal and professional lives. Furthermore, it also imbued in me the importance of having a plan B, particularly in an era characterised by unpredictability and uncertainty in the aftermath of Covid-19.
Having a plan B citizenship can be crucial in times of a pandemic, as it can provide individuals with an alternative option for living and working in a country with better healthcare and stability. The possession of a second citizenship afforded individuals a greater degree of mobility, especially when international travel was restricted due to the pandemic. In particular, those with a second citizenship were able to travel more freely, even when their primary country of citizenship was closed off to the rest of the world. Despite the significant unpredictability and disruption caused by the pandemic these individuals were able to access superior healthcare and were able to work remotely from safer locations. This was especially advantageous for those who were otherwise restricted to their home country due to travel prohibitions and were unable to access suitable healthcare during the pandemic.
I have come to realise that global citizenship has become a necessity in today’s world and that anyone with the means should consider obtaining a second citizenship or residency. This can prove invaluable in situations of political instability, global pandemics, natural disasters, or socio-economic crisis in their home country. Numerous countries, including Turkey, Portugal, Greece, Dominica, St Kitts and Nevis, among others, have implemented citizenship and residency by investment programs as an alternative means of acquiring citizenship or permanent residency.
My first-hand observations of the Ukraine-Russia conflict have further reinforced the importance of having a plan B in the form of a second passport for both oneself and one’s family. The number of Russian and Ukrainian clients we received was extraordinary, and it served to reinforce the notion that having a second citizenship can serve as a protective measure during times of crisis. According to data from the Turkish Statistical Institute, Russians tripled their home purchases in Turkey in 2022, making them the top foreign buyers in the real estate market. This surge in purchases was prompted by Western sanctions that hit Russia over its invasion of Ukraine. There was a 203% year-on-year increase in Russians seeking a financial haven as a result of the war and Western sanctions. Ukrainian nationals also contributed to this trend, with a 106.6% increase in purchases in Turkey’s southern province of Antalya.
This sudden influx of investors also led to a significant escalation in CBI and real estate prices. For example, in June 2022, we observed a 150,000 USD increase in the minimum investment limit for Turkish citizenship by investment. During the conflict, Turkey proved to be a suitable option for Russian and Ukrainian investors looking for a modern and geopolitically diversified destination as part of their contingency plan.
Afghanistan’s recent socio-political crisis, marked by the Taliban’s rise to power, also serves as a salient example of the value of having a plan B. The crisis has prompted a significant number of Afghan nationals to seek refuge and opportunities abroad. Those with the means to do so, particularly those who possessed a second citizenship, were able to relocate their families to their secondary homes with relative ease. However, those who only held Afghan citizenship were limited in their options and faced greater obstacles in their pursuit of safety and stability. Many Afghans who had invested in the Turkish Citizenship by Investment program were able to utilise their established businesses in Turkey to sustain themselves during this difficult time. This experience serves as a valuable lesson for those in the investment migration industry, highlighting the importance of setting up a company in the country of one’s secondary citizenship, as it can provide a safeguard in the event of a need to relocate one’s business from the home country. It is therefore highly recommended to consider company formation services when obtaining a second citizenship.
Despite the fact that the Turkish passport does not provide visa-free access to countries such as the United Kingdom, European Union, United States, and Canada, the country’s beauty, history and culture, combined with a relatively low investment cost, has made it one of the top-performing Citizenship by Investment (CBI) programs.
The increasing inflation and political turmoil in Pakistan also prompted a significant number of its citizens to seek new opportunities abroad, particularly in Turkey. As per a recent estimate, 765,000 Pakistanis moved out of the country in 2022, 136 of which moved to Turkey. This has resulted in the establishment of numerous Pakistani-owned businesses in Turkey, catering to various industries such as trade, tourism and more. Additionally, a significant number of Pakistanis also invested in real estate in Portugal, taking advantage of the Golden Visa program to obtain permanent residency.
For many investors, obtaining a second citizenship in a country that does not align with any specific political or economic ideology, such as Turkey, has proven to be extremely valuable. This is particularly true given that many other Citizenship by Investment (CBI) programs have become inaccessible to Russian, Iranian and Afghan nationals. As such, Turkey serves as an attractive alternative for those seeking to diversify their citizenship portfolio. As the demand for secondary passports increases, it is crucial to take a proactive approach in securing one’s future and safeguarding assets by investing in a plan B option. Taking action in the present can ensure a secure future.