Tuesday, February 23, 2021

Turkey: Why dozens of rich Turks become Maltese citizens


Many wealthy people from Turkey and their families continue to obtain Maltese citizenship.

Prominent names

According to the list published by the Maltese government, prominent names in the Turkish business world have paid hundreds of thousands of euros to obtain a Maltese passport.

The Republic of Malta published the names of 3,170 persons eligible for Maltese citizenship in 2019 in the Official Journal of 31 December 2020.

In 2019, 45 Turks were eligible to acquire Maltese citizenship under a program that provides this opportunity to foreigners based on their investments.

You travel to 160 countries

According to the Turkish website Sözcü, most of the Turks are businessmen, industrialists, construction company owners, lawyers, etc.

In 2018, 78 wealthy Turkish citizens received Maltese citizenship. Dozens were also those who obtained a Maltese passport in 2017.

Malta became a full member of the European Union in 2004. If you are a Maltese citizen with a population of 514,000, you can travel to 160 countries, including the EU and the US without a visa.

Financial incentives

Malta applies a 6/7 tax refund system to attract foreign investors. The annual income tax in the country amounts to about 5%, with two conditions:

First, the company associates must not reside in Malta. Secondly, a dual corporate structure must be created.

But perhaps the most important reason why businessmen choose Malta is that there is no capital tax in the country, the Turkish website notes.

Source: sozcu.com.tr, echedoros-a.gr

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