WHY DOES TURKEY FAIL AS A NEW ENTRANT ON ECONOMIC CITIZENSHIP MARKET?

Year 2019, Volume: 7 Issue: 1, 55 - 67, 26.06.2019

Mustafa Akın

Abstract

Economic
citizenship is the fast track to a legal second passport in a short period by
investment or donation. Recently, many countries including Turkey have launched
their own citizenship by investment program or economic citizenship. This paper
explains the failure of Turkish economic citizenship schema and weighs the
cost-benefit analysis of economic citizenship in three aspects: visa free,
marginal contribution and investment threshold aspects. There are 3 reasons of
failures to attract foreign investors to economic citizenship: First, the
return on investment is very low since one often needs to apply for the EU visa
and 6 big English-speaking countries. Second, under the marginal contribution
analysis, we eliminated the redundancy among passports and we calculated the
additional benefits of a passport. Schengen visa free access passport is the
main condition of this citizenship market. Third, under the investment
analysis, Turkey began with 3 million USD deposit requests or 1 million USD
real estate purchase above European (U.K., Cyprus, Portugal and Bulgaria)
countries’ threshold.  

Keywords

Economic Citizenship, Turkey, Visa Free Countries, Investment, Schengen

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