Following last week’s first-round election results that saw President Erdogan’s AKP (and other partners in the People’s Alliance) garner 49.5% of the vote, Turkey is poised for a run-off election on May 28th to determine whether the incumbent administration will keep the reins of power or cede its place to the multi-party coalition challenging it.
While Erdogan is now the clear favorite to win in the second round, the result is by no means a foregone conclusion. Taymour Polding of CIP Turkey, a firm that specializes in citizenship by investment in the country, told our reporter on the sidelines at IMI Connect Malta that an opposition victory would almost certainly spell the end of the program.
“If Erdogan wins,”commented Polding, “the consensus is that [the CIP] will continue, most likely. If he loses, then, the opposition party has stated that they want to eradicate the program entirely, which is basically pandering to their voter base.”
The government has been under pressure to close the program due to rising rental prices in the country, a development more likely attributable to a sharp influx in foreigners in the last year, and the granting of residence permits on the basis of residential leases or home purchases unrelated to the CIP. Questioned as to whether the residence program might continue even if the opposition takes power, Polding indicated real estate-based residence permits were likely to survive.
“Giving out citizenship will 100% be ruled out, according to what [the opposition have previously stated. Permanent or temporary residency may continue to some degree. That’s yet to be determined,” concludes Polding.
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