With the increasing popularity of blockchain and cryptocurrency investment, goverments started to enforce stricker rules mainly on taxation issues. As a result, offshore investment options became much popular. On the other hand, cryptocurrency market started to refuse investors with passports of some certain countries that has stricker tax regulations. Consequently, “investment freedom” became more important than cryptocurrency investors’ nationality.

Above all, citizenship by investment programs became a part of blockchain system. Because it presented the option to liquidate cryptocurrency, when its almost impossible with the legislation of the investor’s original country.

Meanwhile, decentralization also gained importance, as governments are now able to satistfy their totalitarian desires with ridiculously easy access to personal data.

There is no doubt that, being able to open (no-questions-asked) bank accounts under different legal names will provide privacy for cryptocurrency investors. As well as, owning a property where Asia and Europe meets will provide more investment freedom. In fact, acquiring Turkish citizenship will provide you all you need and more.

10 REASONS WHY CRYPTOCURRENCY INVESTORS WANT TURKISH PASSPORT

1. Because you can open a bank account without going through an “investigation”:

Foreign investors can easily open bank accounts at reliable banks in Turkey. Good news for the cryptocurency investors who are fond of their privacy is, they aren’t obliged to provide detailed information. Not about their occupation, monthly income, incentive or any other personal data.

2. Because you’ll have the chance to re-create your own identity and that is an appealing opportunity for a cryptocurrency investor:

Applicants can legally choose new names and surnames during their citizenship application. Also after citizenship is granted, fellow citizens can always get ID cards, passports and driver licenses under their new names & surnames. Which allows cryptocurrency investors to multiply the number of identity documents and open doors into new investment and roaming opportunities.

3. Because you can get a new passport, without becoming a full tax resident:

Turkish citizens who does not stay in Turkey for more than 6 months in a year are considered as non-residents. Non resident citizens are not obliged to pay tax due to their foreign incomes, assets and wealth abroad. In other words, it is possible to become a non-resident tax payer and acquire your new passport anyway.

4. Because, as a cryptocurrency investor who is fond of privacy, you can acquire citizenship in quiet:

Citizenship acquisitions, Turkish names and surnames are not publicly announced. Likewise, Turkish Republic does not notify fellow citizens’ origin countries. So, your new citizenship, name and surname are only registered at Turkish government’s database. And such database is not publicly accesible.

5. Because it is a no strings attached citizenship option:

As an investor, you are not obliged to live in Turkey for a period of time, in order to get citizenship. Furhermore, you do not even have to visit Turkey at all. That is to say, entire citizenship application process can be handled via appointing a proxy. Thus, investors don’t have to deal with getting visa to visit Turkey or arrange a trip.

6. Because you are not obliged to renounce your previous citizenship:

Turkey allows multiple citizenship. Which means, cryptocurrency investors can combine the advantages of their current nationality with Turkish passport and keep their options available. Therefore, by picking the right nationalities you can conquer the world. Turkish passport can present you the other half of the world on a silver platter.

7. Because you are not donating, you are investing:

Unlike most of other CBI options, Turkey offers an investment opportunity, not asks for donation. So, applicants can make a considerable amount of return out of their investments. For instance, you can collect rental income, benefit bank interest or re-sell your purchased property after 3 years.

8. Because there is no difference between the investor citizens and citizens by birth:

It is not a “honorary citizenship”, thus there are no restrictions for cryptocurrency investors who become fellow citizens. It is a full citizenship advantage.

9. Because you do not want to miss any more opportunities as a cryptocurrency investor:

As the regulations get stricter and more detailed in other countries, ICOs started to refuse some citizens from investing in; which causes cryptocurrency investors to lose opportunities.

Turkey still is an open market from that perspective. Currently cryptocurreny is not legally defined either as “fiat money” or as “property”. However, government is acting friendly towards the blockchain system. Further, cryptocurrency trade is not restricted by any regulations yet. As a consequence, without the legal definition of cryptocurrency, the government can’t exercise its power and apply taxes on trade via cryptocurrency.

10. And finally, because the application system is solid and transparent:

You can track down your application process online from government’s system. Additionally, government separated the applications of foreign investors from regular citizenship applications. There are special application offices where competent officers from different authorities interoperate, for your citizenship by investment application.

CONCLUSION

In a world of uncertanities regarding cryptocurrency and its legal definition; it is always a good idea to seperate your investments. Acquiring a second passport, where you will legaly be registered under a new name and surname, is a great oportunity especially for cryptocurency investors. So have a plan B, and step up towards your new life, as fortune favors the brave.

kaan beylen_lawyer_turkish-law-firm-turkey_english-speaking-lawyer-turkey_attorney-izmir_istanbul

KAAN BEYLEN

Founding Partner

For more information and your queries, you can always contact Kaan.

kaanbeylen@turkfortune.com

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