Concrete Analysis | Looking for an easy way to migrate to the UK? Just invest US$250,000 in Turkish real estate
- Hongkongers can get Turkish citizenship by buying property worth US$250,000, which in turn allows them to set up a business in the UK and get permanent residency
- Migrating to the UK via the investment immigration route will cost an individual at least US$2.6 million
After months of social upheaval and the ongoing coronavirus outbreak testing the patience of Hongkongers, a growing number of residents are thinking about leaving the city, or already planning a move to start a new life overseas.
The United Kingdom is one of the top destinations because of its political and economic stability. However, migrating to the UK normally requires at least HK$20 million (US$2.6 million) if one goes for the investment immigration route. Alternatively, one can go for the innovator or overseas business (sole representative) route, but one has to have very specific talent or skills or be able to run a highly profitable business that creates local jobs.
However, these methods are unrealistic for most people longing for a residency in the UK.
There is a short-cut though, which allows an individual to migrate to the UK without spending a fortune or waiting too long - use Turkey as a springboard.
In September 2018, Ankara amended its immigration law to allow families to apply for Turkish passports by buying property valued at US$250,000 only (down from US$1 million), about 10 per cent of the cost of a UK residency. The rule also does away with the need to live in the country or so-called “residency requirement”.
