How Pakistanis can acquire a Turkish passport
If so, you need to have at least $1 million to spare and be willing to give up your Pakistani passport
Taksim Square in Istanbul. PHOTO: Wikipedia
KARACHI:
Are you fed up with your green passport? After all, it is among the worst one to have in terms of travel freedom.
Well, here’s your chance to change it. A Turkish passport is up for grabs, but if you have at least $1 million to spare.
Turkey has recently introduced a programme through which a foreigner can have its passport if he or she can buy at least $1 million of real estate, invest at least $2 million or deposit at least $3 million in a bank account.
The announcement comes at a time when the Muslim-majority country is battling terrorism and economic slowdown, tarnishing to a huge extent its global image.
The programme
The concept is hardly a new one for Pakistanis who have been opting for such citizenship-by-investment programmes due to growing security concerns in the country.
Turkey offers Pakistan market access to Europe
Due to safety problems, some Pakistani families have acquired passports of countries like Portugal, Malta, Hungary, the Caribbean Island state of St Kitts and Nevis, Grenada, Cyprus, etc. They went ahead with their plans despite the fact that they had to renounce Pakistan’s citizenship to acquire the new passport.
Pakistan and Turkey do not have a dual citizenship agreement. In fact, Pakistan has dual nationality agreement with only 18 countries, according to the website of Directorate General of Immigration and Passports, Ministry of Interior, Pakistan.
Historically, English-speaking countries like the UK, Canada and the US have served as popular destinations for high net-worth individuals and professionals mainly due to Pakistan’s dual nationality agreement with these nations.
However, the situation in Pakistan has gradually improved in the last three years. Terrorist attacks in 2015 declined to 1,009 from 1,823 in 2014, down 45%, according to the US State Department report issued in the third quarter of 2016. Similarly, the total terrorism-related death toll also reduced by 39% in the period under review.
The economic outlook has also improved markedly. Last week, the World Bank revised Pakistan’s growth rate upwards to 5.2% for fiscal year 2017 and 5.5% for 2018.
“Personally, I will never opt for this option but I think some Pakistani investors might think about it,” Federation of Pakistan Chambers of Commerce and Industry President Zubair Tufail told The Express Tribune.
Arguments against
One major drawback is that Pakistanis would have to surrender their green passport, which is not the case with any of the English speaking countries. This serves as a possible barrier for anyone who has strong roots in Pakistan.
“I don’t think any businessman will go to Turkey from Lahore or Punjab,” Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit commented.
The main reason behind this is the presence of numerous investment opportunities in Pakistan right now. There are many ways through which one can earn healthy margins, and especially after the announcement of China-Pakistan Economic Corridor (CPEC) overseas Pakistanis are looking for an investment opportunity and shifting back, he stressed.
World Bank and other such reputable institutions have already reported an expected gradual increase in GDP growth in next two to three years. All these reports indicate growing business opportunities, he added.
But Basit has advice for the government. He thinks the government has to mend the way it treats investors. “Unlike industrialised countries, investors are not viewed with respect in Pakistan. The government also has an indifferent attitude towards the business people who provide employment opportunities.
PakTurk schools: Turkey sent replacement teachers, PHC told
“The government needs to take their problems seriously and resolve them if it wants to retain them. Otherwise, those who have options can invest in any country where they get respect, capital protection or better profit margins,” he said.
Agreeing with the LCCI president, Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Firpo said Pakistan’s perception as an investment destination has got a big boost since the announcement of CPEC.
“Pakistan has relatively done well in dealing with the terrorism problem, which is why a lot of business opportunities have opened up and now people are looking for investment options,” he said, adding that it is still too early to comment on the Turkish passport scheme.
According to the Henley & Partners Visa Restrictions Index 2016, which annually issues global ranking of countries in respect to the travel freedom, Germany tops the list as its citizens can travel to 177 countries out of 218 territories without any visa requirement.
Turkish passport ranks in the middle of the list at 51 while Pakistan is at the bottom (ranked 103) with Afghanistan (104) in the list of 104 countries.
Why Turkey?
In recent years, Turkey has remained in the news for almost all the bad reasons. Growing terrorist attacks are discouraging people to visit the country while the economy has also gradually slowed down over the years.
“Frankly speaking, why would a Pakistani leave a green passport for a Turkish one at this point?” commented a top executive of a multinational company on condition of anonymity. “The options of English speaking countries are still open for Pakistani professionals and high net worth individuals.”
Speaking purely on travelling experience, the case of Turkish and Pakistani passport is similar compared to a green passport with any industrialised country. With Turkish passport, just like Pakistan, you need a visa to visit any English speaking country. What’s the point then?
Overall, economic conditions in Pakistan are continuously improving while the case is completely opposite in Turkey. Moreover, when it comes to security, the situation in Pakistani is also improving gradually. It is still unclear when Turkey will get the membership of the European Union (EU), which can be a big factor why anybody would love to get Turkish passport, he added.
However, there are some who think Pakistanis can opt for Turkish passport.
“Pakistanis can opt for Turkish passport for $1 million,” a Karachi-based leading immigration consultancy firm CEO commented on condition of anonymity.
Immigration consultants say the minimum limit of $1 million that the Turkish government has put forward is not too much to deter high net worth Pakistanis. They say few hundred Pakistani families have acquired the citizenship of Malta and other such smaller states so they can also take an interest in Turkey.
PakTurk Schools: LHC, SHC also stay deportation of Turk teachers, families
Until the end of 2015, Turkey had the fastest rising house prices in the world, according to Knight Frank’s Global House Price Index that tracks the performance of over 50 mainstream national housing markets around the world. But growing number of terrorist attacks and declining number of tourists in Turkey have cast a shadow on the country’s economy as well as property prices.
The writer is a staff correspondent.
Published in The Express Tribune, January 16th, 2017.
Are you fed up with your green passport? After all, it is among the worst one to have in terms of travel freedom.
Well, here’s your chance to change it. A Turkish passport is up for grabs, but if you have at least $1 million to spare.
Turkey has recently introduced a programme through which a foreigner can have its passport if he or she can buy at least $1 million of real estate, invest at least $2 million or deposit at least $3 million in a bank account.
The announcement comes at a time when the Muslim-majority country is battling terrorism and economic slowdown, tarnishing to a huge extent its global image.
The programme
The concept is hardly a new one for Pakistanis who have been opting for such citizenship-by-investment programmes due to growing security concerns in the country.
Turkey offers Pakistan market access to Europe
Due to safety problems, some Pakistani families have acquired passports of countries like Portugal, Malta, Hungary, the Caribbean Island state of St Kitts and Nevis, Grenada, Cyprus, etc. They went ahead with their plans despite the fact that they had to renounce Pakistan’s citizenship to acquire the new passport.
Pakistan and Turkey do not have a dual citizenship agreement. In fact, Pakistan has dual nationality agreement with only 18 countries, according to the website of Directorate General of Immigration and Passports, Ministry of Interior, Pakistan.
Historically, English-speaking countries like the UK, Canada and the US have served as popular destinations for high net-worth individuals and professionals mainly due to Pakistan’s dual nationality agreement with these nations.
However, the situation in Pakistan has gradually improved in the last three years. Terrorist attacks in 2015 declined to 1,009 from 1,823 in 2014, down 45%, according to the US State Department report issued in the third quarter of 2016. Similarly, the total terrorism-related death toll also reduced by 39% in the period under review.
The economic outlook has also improved markedly. Last week, the World Bank revised Pakistan’s growth rate upwards to 5.2% for fiscal year 2017 and 5.5% for 2018.
“Personally, I will never opt for this option but I think some Pakistani investors might think about it,” Federation of Pakistan Chambers of Commerce and Industry President Zubair Tufail told The Express Tribune.
Arguments against
One major drawback is that Pakistanis would have to surrender their green passport, which is not the case with any of the English speaking countries. This serves as a possible barrier for anyone who has strong roots in Pakistan.
“I don’t think any businessman will go to Turkey from Lahore or Punjab,” Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit commented.
The main reason behind this is the presence of numerous investment opportunities in Pakistan right now. There are many ways through which one can earn healthy margins, and especially after the announcement of China-Pakistan Economic Corridor (CPEC) overseas Pakistanis are looking for an investment opportunity and shifting back, he stressed.
World Bank and other such reputable institutions have already reported an expected gradual increase in GDP growth in next two to three years. All these reports indicate growing business opportunities, he added.
But Basit has advice for the government. He thinks the government has to mend the way it treats investors. “Unlike industrialised countries, investors are not viewed with respect in Pakistan. The government also has an indifferent attitude towards the business people who provide employment opportunities.
PakTurk schools: Turkey sent replacement teachers, PHC told
“The government needs to take their problems seriously and resolve them if it wants to retain them. Otherwise, those who have options can invest in any country where they get respect, capital protection or better profit margins,” he said.
Agreeing with the LCCI president, Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Firpo said Pakistan’s perception as an investment destination has got a big boost since the announcement of CPEC.
“Pakistan has relatively done well in dealing with the terrorism problem, which is why a lot of business opportunities have opened up and now people are looking for investment options,” he said, adding that it is still too early to comment on the Turkish passport scheme.
According to the Henley & Partners Visa Restrictions Index 2016, which annually issues global ranking of countries in respect to the travel freedom, Germany tops the list as its citizens can travel to 177 countries out of 218 territories without any visa requirement.
Turkish passport ranks in the middle of the list at 51 while Pakistan is at the bottom (ranked 103) with Afghanistan (104) in the list of 104 countries.
Why Turkey?
In recent years, Turkey has remained in the news for almost all the bad reasons. Growing terrorist attacks are discouraging people to visit the country while the economy has also gradually slowed down over the years.
“Frankly speaking, why would a Pakistani leave a green passport for a Turkish one at this point?” commented a top executive of a multinational company on condition of anonymity. “The options of English speaking countries are still open for Pakistani professionals and high net worth individuals.”
Speaking purely on travelling experience, the case of Turkish and Pakistani passport is similar compared to a green passport with any industrialised country. With Turkish passport, just like Pakistan, you need a visa to visit any English speaking country. What’s the point then?
Overall, economic conditions in Pakistan are continuously improving while the case is completely opposite in Turkey. Moreover, when it comes to security, the situation in Pakistani is also improving gradually. It is still unclear when Turkey will get the membership of the European Union (EU), which can be a big factor why anybody would love to get Turkish passport, he added.
However, there are some who think Pakistanis can opt for Turkish passport.
“Pakistanis can opt for Turkish passport for $1 million,” a Karachi-based leading immigration consultancy firm CEO commented on condition of anonymity.
Immigration consultants say the minimum limit of $1 million that the Turkish government has put forward is not too much to deter high net worth Pakistanis. They say few hundred Pakistani families have acquired the citizenship of Malta and other such smaller states so they can also take an interest in Turkey.
PakTurk Schools: LHC, SHC also stay deportation of Turk teachers, families
Until the end of 2015, Turkey had the fastest rising house prices in the world, according to Knight Frank’s Global House Price Index that tracks the performance of over 50 mainstream national housing markets around the world. But growing number of terrorist attacks and declining number of tourists in Turkey have cast a shadow on the country’s economy as well as property prices.
The writer is a staff correspondent.
Published in The Express Tribune, January 16th, 2017.