What are the potential pitfalls to be aware of when getting second residency or citizenship?
There are many potential pitfalls to be aware of when investing in a second residency or citizenship program, however an experienced residency or citizenship planning advisor can help you navigate this landscape with ease. Some of the obvious potential risks include that your investment may not appreciate over time. Alternatively, you many end up paying more than market related prices for your investment property. Another issue is that your property may not be worth what it’s priced at.
In Turkey and elsewhere, for example, a government valuator confirms the value of your property, and if it is deemed to be worth $230,000, instead of the mandatory $250,000, you’d need to buy a second property in order to meet this requirement. Many investors therefore opt to be buy two lesser-priced properties so as to avoid any risks associated with this.
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