Ali Can Ergur discussed choosing the right advisor for investing in Turkey
Turkey is a nation of 80 million with a skilled, dynamic, and young workforce. The Turkish government has created tax incentives, assistance programs, and even long-term easement rights to make business opportunities in Turkey even more enticing.
What kinds of opportunities draw foreign investors to Turkey?
In a world suffering a shortage of IT and AI professionals, Turkey has the people software developers need. Turkish universities focus on training the skilled professionals the industry needs to maintain existing products and to develop not just new products but new technologies.
Turkey is ready for biotechnology investment. Turkey is shifting from its long status as a market for biotech to a new status as a creator of biotech, all with appropriate safeguards for intellectual property and plant security.
Turkey welcomes real estate investment. During the first half of 2021 real estate purchases by foreigners increased by 44% compared figures of the previous year. Ali Can Ergur points out that foreigners who invest US $250,000 or more in Turkish real estate are eligible to apply for Turkish citizenship.
We all know that China dominates world trade in ready-to-wear clothing, but Turkey has its own textile industry with distinct advantages. Turkey has rich traditional materials not available anywhere else in the world. Turkey is situated for easy export to Europe and the Middle East. Moreover, since 2019, the Turkish government has provided incentives for investment in the textile sector.
In addition, Turkey welcomes investment in renewable energy. Investors in wind, solar, geothermal, and bio-energy can take advantage of generous incentives including:
Tax Discount (40%)
Employer’s Share of Social Security Contributions (7 Years)
Interest Support (Max. 700,000TL)
The Turkish government also offers generous incentives for businesses engaged in recycling.
Turkey presents numerous profitable investment opportunities. Nevertheless, foreign investors should also be wary of volatile foreign exchange rates, and should set their financial models accordingly, And although Turkish law does not require the use of a solicitor in simple exchanges of deeds or currency conversion, Turkish laws have tightened up to protect buyers in real estate transactions and to ensure commercial enterprises in Turkey pursue legitimate purposes.
The simple fact is that the services of an attorney who knows Turkish law and Turkish customs, as well as the Turkish market, are of immeasurable value. Every foreign investor in Turkey needs a trusted adviser and attorney. Ali Can Ergur brings the credentials, cultural knowledge and business experience foreign investors need to succeed in Turkey.
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