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Arabian Business
07-05-2025
- Business
- Arabian Business
Revealed: Turkish wealthy eye Dubai Golden visas amid rising political, social unrest
Turkish demand for Golden Visa programmes has surged nearly 40 per cent amid escalating political and social unrest in Turkey, with Dubai emerging as one of the most attractive destinations for the country's affluent population seeking stability and security for their wealth and families. New data from global investment migration consultancy Astons shows a 46 per cent year-on-year increase in Turkish Google searches for the term 'Golden Visa' between March 2024 and March 2025. The spike corresponds closely with growing unrest in Turkey, where mass protests erupted in Istanbul and other cities following the imprisonment of the city's popular mayor and escalating opposition to President Erdogan's government. 'Political and social unrest is one of the biggest driving factors behind the growing interest in Golden Visa programmes,' said Denis Kravchenko, Business Development Director and Head of Astons Cyprus. 'We're seeing the same pattern we saw in the US after Trump's second election win, wealthy individuals are looking to diversify assets and secure stability for their families.' Kravchenko added that $144 million was spent by Turkish nationals on overseas property in January 2025 alone, a large portion of which is being attributed to Golden Visa-linked investments. More recently, interest in Golden Visa programmes climbed 39 per cent in the first three months of 2025 compared to the previous quarter, according to Google Trends analysis by Astons. While much of this investment has flowed into neighbouring Greece, with Turkish citizens making up 15 per cent of all Greek Golden Visa applications in 2024 and $548 million invested by Turkish nationals that year, Dubai is now firmly on the radar for those seeking long-term relocation options. Golden Visa appeal grows Dubai's , including entrepreneurs, investors, skilled professionals and property owners. With its close proximity to Turkey, robust economy and a significant Turkish community, the emirate is increasingly being viewed as a safe haven amid rising regional volatility. Astons noted that interest from Turkish investors in Dubai has been growing, especially as uncertainty mounts around the future of European schemes like Greece's Golden Visa programme. Moreover, Dubai's real estate market remains accessible compared to cities like London or Paris, and foreign ownership laws have become more investor-friendly in recent years. While Greece currently remains a hotspot due to its relatively low minimum investment threshold for property (as little as €250,000 in some areas), Astons warns that the Greek government is considering shutting down its Golden Visa programme, potentially making 2025 the last year to apply. This has added further urgency for Turkish investors, many of whom are now looking at alternatives like the UAE, Portugal, and Spain – countries that offer investor visas tied to real estate or business contributions. Astons, which facilitates investment migration globally, noted that demand from Turkish nationals for Golden Visas began rising sharply even before the current wave of unrest. Greek developers are reportedly seeing strong Turkish demand for residential units that qualify for the visa scheme. According to a Turkey Migrant Presence Monitoring annual report, there are more than 4.1 million foreigners in Turkey, of whom 3.1 million are seeking international protection. The Turkish Statistical Institute (TÜİK) revealed that over 714,000 individuals emigrated from Turkey in 2023, marking a 53 per cent increase compared to the previous year. The predominant group among these emigrants were individuals aged 25-29, constituting 15 per cent of the total. The Turkish population in the UAE has been steadily rising, increasing from around 10,000 in 2014 to approximately 40,000 in 2023. Many of these expatriates are professionals, including doctors, who have moved to cities like Dubai. Turkey's outbound investment boom highlights how geopolitical instability can reshape global wealth migration patterns, driving high-net-worth individuals (HNWIs) to diversify both geographically and financially. As countries like the UAE continue to strengthen their residency-by-investment offerings, they are well-positioned to capture this shifting demand, especially from regions affected by instability.
Boston Globe
24-03-2025
- Business
- Boston Globe
They've had enough of the political turmoil. A growing number of Americans are applying for dual citizenship.
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The couple are among the growing number of Americans seeking dual citizenship through ancestry or golden visa programs. Rules vary by country, but a golden visa allows individuals to qualify for residency or citizenship in exchange for an investment in real estate. They obtained ancestry through Hennigan's Irish roots. Google searches in the United States for dual citizenship Advertisement Because obtaining dual citizenship can be time-consuming and expensive, it's been primarily limited to people with free time or disposable income. Those going the golden visa route must spend hundreds of thousands of dollars depending on their country of choice. Even those who get dual citizenship through ancestry often report spending a few thousand dollars for help with research or hiring experts to assist in navigating the maze of paperwork required. At Advertisement 'A big portion of our business since November has been Americans, and we didn't even look at the US as a market for us until 2023,' said Denis Kravchenko, business development director of Astons. 'One of my American clients who is in the process of obtaining a golden visa from Portugal told me, 'I'm afraid that a civil war might emerge. Can we speed up the process so I have a place to go?' These are the kinds of things we never heard before.' At 'Most of the time, people who come to us are looking for dual citizenship because they want to honor their ancestors,' said Sarah Dery, director of research and library services. 'But it seems that the turmoil in the current government is adding to that fire. For me, I've always had it in the back of my mind that it would be really interesting to get dual citizenship, but since January, I've had the urge to look into it more.' Because there is no central database tracking Americans pursuing dual citizenship and no government agency overseeing or collecting information on citizens with dual citizenship, there are no exact numbers of US residents holding two passports. Americans are allowed to hold dual citizenship in 63 countries, each with its own rules for citizenship and residency. The Advertisement 'Some of these people are mixed-race couples or same-sex couples that perceive a threat to their future in the US,' he said. 'In the past, I would maybe hear from one or two people a month about dual citizenship. Now it's about four or five a week.' Hennigan and Atlas began looking into Irish citizenship during the first Trump administration. Rich Welch, a biotech executive in Somerville, started working on his Italian citizenship three years ago with plans to retire to Europe when he's ready. His college-age sons will also become Italian citizens, allowing them to study and work in Europe. For Welch, dual citizenship wasn't about escaping political turmoil, but he said he's thankful he has a Plan B. You hear the phrase 'Plan B' often when talking to people about dual citizenship. If obtaining dual citizenship was a distant goal, it was moved to the front burner after Nov. 5 and offers an assurance for those who are concerned about political instability in the United States. Mike Yepes, an administrative manager at Boston Medical Center, is exploring dual citizenship to make travel between the United States and Colombia easier. He anticipates making the trip more frequently to care for aging family members living in Advertisement 'I don't think anyone has ever complained about having two passports,' he said. 'If the situation in the US becomes difficult, there's an option for me.' While the second Trump administration has driven interest in dual citizenship, it was COVID-19 that brought it to the forefront of people's minds. Suddenly, work for many no longer meant being tethered to an office. 'Lots of people ended up with jobs they could take with them anywhere,' said Jennifer Stevens, executive editor of International Living magazine. 'So during COVID, people were often going to Mexico for six months or Costa Rica for six months, or Panama for six months on a tourist visa. For the people who really liked the lifestyle, the next step was exploring something more permanent.' Stevens said she heard stories of people looking into a second passport during Trump's first term but said more people are now taking the next step and doing more research. 'This is me editorializing, but I think this time it feels different,' she said. 'I think we are seeing the beginning of a bigger trend of people exploring their options. People want a Plan B in place if things go south for them.' Not everyone is on board with fleeing the United States until Trump is out of office. Even TV host Bill Maher, a moderate Democrat, 'Maybe the problem isn't that America isn't worth defending,' Maher said. 'Maybe the problem is that lots of people today are entitled whiners with no perspective and no idea how good they have it.' Advertisement But dissenters have yet to slow the tide of interest in dual residency. Irish broadcaster RTÉ reported that Ireland's Department of Foreign Affairs Considering asylum in Canada? Watch this first! Obtaining dual residency through investment, popularly known as a golden visa, can be quicker than the ancestry route, but it requires large sums of cash to invest in either real estate or business, depending on the country. Citizenship for Malta requires a donation of $820,000 to the country's National Development and Social Fund. Americans looking for a coveted EU passport are currently buying real estate in Portugal and Greece. Spain is phasing out its golden visa program next month due to concerns that the influx of new arrivals was driving up housing prices. Basil Mohr-Elzeki of the migration investment firm Henley & Partners, which helps people obtain golden visas in countries around the world, said the number of inquiries from Americans has quadrupled since 2018. 'If I were to estimate, I would say that 80 percent of the inquiries are politically, emotionally driven,' he said. 'The other 20 percent is for retirement, lifestyle, or people looking for fewer travel restrictions.' But as demand for second citizenship increases, so does the wait time for consulate appointments. The Trump administration's 'If you need to obtain immigration records from the National Archives, it's challenging,' said Dery of American Ancestors. 'They don't have a staff anymore, so that wait time, where it may have been six to eight weeks before, is now much longer, which is unfortunate, particularly for genealogists and people that are trying to get dual citizenship or apply to a lineage society. Obtaining these vital records from government officials is an important part of our everyday job.' Christopher Muther can be reached at
USA Today
13-02-2025
- Business
- USA Today
You could 'buy' European residency for about $500K: What to know about golden visas
Hear this story AI-assisted summary Golden visas, also known as residency by investment schemes, allow foreigners to live, work, and study in a country by making a significant financial investment. These visas, while offering travel and residency benefits, have drawn criticism for potentially driving up housing costs and favoring the wealthy. The cost of golden visas varies by country, often involving real estate purchases, government bonds, or donations starting from around €250,000. As more Americans consider gaining residency overseas, golden visas can seem like an enticing option. Between 2019 and 2023, the number of Americans seeking a second passport or alternative residence abroad due to "economic and political uncertainties" skyrocketed by 504%, according to Henley & Partners, a residence and citizenship by investment firm. "Political turmoil is always a catalyst for our business because people are always looking for a safe haven," said Denis Kravchenko, business development director at immigration investment firm Astons. "The bottom line is that people want to safeguard their legacy, essentially in terms of assets. How can they protect it from taxes? How can they protect it from whatever mess will happen and so on?" Golden visas are a desirable way for those with extra cash to "buy" residency in another country with a financial investment. Although they've been around for decades, these residency schemes are gaining steam among Americans, who now account for about half of applicants for Greece's golden visa this year, according to Astons. Here's what to know about golden visas. Need a break? Play the USA TODAY Daily Crossword Puzzle. What does a second passport do?It can be rigorous to get but offers something visas can't What are golden visas? Also known as residency by investment schemes, golden visas allow foreigners to legally live, work, and study in another country as long as they invest in the local economy. "It sounds posh, it does, but in reality, it's a very straightforward thing," said Kravchenko. "It's a residency status, which is long; it's temporary, but can be at least five years." Once a foreigner establishes residency in a country like the European Union, traveling freely across member states becomes much more convenient – and there's the option to renew. Unlike digital nomad visas or other residency visas, golden visas don't require you to be present in the host country for a long period. In Portugal, you only need to be there seven days per year. They provide a good backup in case you want to move abroad. "If you don't have an immediate relocation plan – which is 99.9% of the cases – you would probably want to prepare yourself towards like you do it now, and if things go south, you make a decision of relocation," Kravchenko said. However, the surge in golden visas has prompted some countries, like Spain, to discontinue their schemes following residents' pushback. The Mediterranean country's program – requiring the purchase of real estate costing at least €500,000 (about $518,192) – will officially end on April 3. Last year, the Spanish island of Mallorca saw a 12% increase in U.S. buyers, with locals saying the influx of foreigners drove home prices to become unaffordable. How much do golden visas cost? The required investment isn't cheap, and usually comes in the form of purchasing real estate, government stocks or a non-refundable donation. The minimum amount in some of the lower-cost popular schemes starts at €250,000 (about $259,000) in Greece and Portugal, according to Astons. In places like Greece, the real estate investment can be a "basic apartment," according to Kravchenko. How can I get a golden visa? If your paperwork is organized and with the assistance of an investment firm like Astons, it could take as little as four months for your application to be approved in Greece. However, many schemes are highly selective. "Because all of those options, they have extreme and tough compliance," Kravchenko said. "Obviously, the source of income, source of funds, making sure that there's no criminal record, and so on." The timeline can take up to a year for destinations popular among expatriating Americans, like Portugal. Bloomberg reported that the European country is just now completing a backlog of nearly 50,000 golden visa applications. Top countries for golden visas Greece – Known for its sunshine and ancient history, Greece gives five-year residency to the entire family with a real estate investment of at least €250,000 (about $259,000) in select municipalities – the lowest cost entry for the E.U., according to Astons. Cyprus – A stunning island with gorgeous beaches, Cyprus offers residency for the entire family with a minimum investment of €300,000 (about $310,484) in real estate for as long as you maintain ownership. Malta – Residency in this Mediterranean island nation is granted to the entire family with a minimum investment starting at €182,000 (about $189,228) and proof of over €500,000 (about $518,192) in assets. Portugal – Offering a low cost of living and seaside towns, Portugal's golden visa grants an initial two-year residency to the entire family. The investment ranges from €250,000 (about $259,000) to €500,000 (about $518,192).
