A number of Russians have increased their investment in Turkey due to the sanctions that have been imposed on the country ever since President Vladimir Putin invaded Ukraine. Russians who reside in Turkey and some Oligarchs have shown an increased interest in investing in various sectors in the country which include real estate, various businesses, and the energy industry.
Turkey is popular with Russian oligarchs, who often visit it for its long Mediterranean coastline and sunny climate. Recently, eight yachts belonging to Russian oligarchs with a total value of 1.1 billion were anchored in Turkish ports. Two of the yachts are Roman Abramovich’s 533-foot Eclipse at $438 million and Solaris, a 458-foot yacht at $474 million. Some moved their yachts to Dubai and others to the Maldives.
Turkey has been at the forefront of Russia-Ukraine peace talks and has rejected Western sanctions against Russia. Zeynep Firatoglu, communications manager at Space, a real estate company, said: “Sanctions imposed by European countries and the US have pushed billionaires to look for alternative investment markets, as well as his neutral position between Russia and Ukraine.
Data from the Turkish Statistical Institute shows that home sales to Russian and Ukrainian buyers have increased by 96% and 85%, respectively. In March, foreign buyers bought 21% more homes in the country compared to the previous month. Citizenship through investment The program has attracted many Russians as it offers the investor Turkish passports within three to four months, giving them the possibility of dual citizenship. In addition to buying property in Turkey, investors can also invest $500,000 in government bonds, mutual funds or a local bank account to secure citizenship.
A company formation process takes five days and costs around $3,400. He also stated that his company received 25 inquiries. of opening a business in 25 days by Russians. “After the imposition of sanctions against Russia, the number of companies established by Russian citizens in Turkey has increased,” he added.
There is a possibility that Russian oligarchs will continue to invest in Turkey if Turkey refuses to impose sanctions on Russia and as long as Western sanctions are in place. According to Saying, there are a number of people interested in real estate for the energy industry. There is also an expectation of investing hundreds of millions of dollars in Turkey if the war continues as the Russians move their businesses and families to Turkey.