Considering the law is now official I spoke to different attorneys out of curiosity.
It seems that setting up a company is sufficient for a residence permit and that the process is straightforward to go through. However, I do think it is important to choose your lawyer and accountant carefully, as this seems to me to be one of the countries where this could cause trouble if you don't. And by trouble I mean it can become a pain in the ass to wait and you're stuck.
I think it currently makes Turkey one of the most accessible and attractive options if you only want to pay 0% tax. Most other countries and set-ups require a hefty investment.
The only thing I haven't figured out yet is banking, how difficult it is to open an (EMI) account, and whether there are any bans on holding foreign currency (given the massive inflation). When I spent time in Turkey myself, I noticed that many parties maintained a Payoneer account. The Turkish economy is not doing too great.
If anyone has any info and knows more, that would be very welcome.
Great feedback! Especially regarding counsel. This is often overlooked! Thanks for sharing!
I might actually be dusting off my Turk CBI plan, even though I hate the place and hate the people. I’ll second the need for a trusted local fixer. Turks are rapacious fucks that will try to skin you alive at the first opportunity.
I would never live there or enter their property markets. I would own their Euro-denominated government bonds and collect my 7% for five years while getting a free passport out of the deal.
All of the observations in this thread about the state of the place are accurate. What a shit hole. It’s a very useful banking jurisdiction without too much restriction and has some other uses for me personally that don’t involve going there much, fortunately.
I’ve been doing more research and updating a few things but just haven’t felt up to writing a novel of a post yet.
I might actually be dusting off my Turk CBI plan, even though I hate the place and hate the people. I’ll second the need for a trusted local fixer. Turks are rapacious fucks that will try to skin you alive at the first opportunity.
I would never live there or enter their property markets. I would own their Euro-denominated government bonds and collect my 7% for five years while getting a free passport out of the deal.
All of the observations in this thread about the state of the place are accurate. What a shit hole. It’s a very useful banking jurisdiction without too much restriction and has some other uses for me personally that don’t involve going there much, fortunately.
I’ve been doing more research and updating a few things but just haven’t felt up to writing a novel of a post yet.
Keep us posted, please! I'm very interested in doing the same thing.
PS. I've learned a bit of the Turkish language through Turks in the Netherlands. Germany and Switzerland (because I love their natural sparkling water Kizilay Natural Spakling Water so every week am in their shops to buy them, so I would be interested in doing their CBI program, too. On the other hand, luckily I've met some wonderful Turks (mostly businessmen or professionals), though, but one of the Turks' main complain is about their brethren. Fortunately, I've not had this displeasure...(yet?) 🫣 I hope never to encounter this. 😫
