Connect with us

Culture

No More Turkish Residence Permits for Foreigners In Istanbul: Turkish Authorities | A Detailed Analysis

By Seda Işleyen | ‘The Voice of EU

Turkish Foreign Policy Implements Stricter Residence Permit Regulations

ISTANBUL, March 30 (The Voice of EU) — The Turkish Interior Ministry has expanded the practice of denying residence permits to foreigners, originally implemented in 10 districts of Istanbul, to now cover a total of 39 districts. According to reports, the ministry has announced that residence permits will only be granted to foreigners in “compulsory cases such as life safety, health, education, and international trade.” This decision will remain in effect until further notice.

Impact on Foreign Residents in Turkey

As of the Presidency’s data, Turkey is home to approximately 5.4 million foreigners, with a significant portion of them residing in Istanbul. Among the 1.2 million foreigners living in Istanbul, which accounts for 8% of the city’s population, there are about 535,025 Syrian refugees seeking shelter in the country.

AIR FRANCE – Deals & Destinations

Initially, the Interior Ministry had imposed restrictions on foreigners applying for residence permits in 10 districts of Istanbul. However, this recent regulation has extended the denial of permits to all districts within the megacity.

Evolving Migration Policies & Political Climate

President Recep Tayyip Erdoğan, upon his return from the NATO summit in Vilnius, emphasized forthcoming changes in addressing irregular migration, stating that “visible changes” would be implemented. This reflects Turkey’s evolving foreign policy and its determination to manage migration challenges more effectively.

Interior Minister further reinforced this commitment to stricter migration policies by tweeting about two recent police operations resulting in the arrest of 18 individuals involved in migrant smuggling.

These policy shifts occur amidst Turkey’s preparations for local elections scheduled for March 2024. Moreover, they coincide with the growing negative public sentiment towards refugees within the country, prompting the government to adopt a tougher stance on migration issues.

As Turkey continues to navigate its foreign policy and address migration challenges, the impact of these residence permit denials on foreign residents and the evolving public sentiment will play a crucial role in shaping the country’s approach to migration management.

READ MORE: THE DECLINE OF TURKISH CURRENCY “LIRA TL”

The recent decision by Turkish authorities to halt the issuance of residency permits to foreigners in Istanbul is expected to have significant implications for individuals engaged in business and entrepreneurship, as well as potentially discourage future foreign investments in Turkey.

Business Operations & Stability

For foreigners who are currently running businesses in Istanbul, the inability to obtain or renew residency permits can disrupt their operations. Residency permits are essential for individuals to legally reside and work in Turkey, ensuring stability and continuity in their business activities. Without a valid permit, they may face difficulties in accessing essential services, opening bank accounts, or signing important contracts, which can hinder their ability to conduct business effectively.

Investor Confidence & Future Investments

The decision to halt residency permits sends a negative signal to foreign investors considering business ventures in Turkey. Stability and predictability in residency regulations are critical factors for entrepreneurs and investors when deciding to establish or expand their businesses in a foreign country. This sudden policy change may erode confidence in the Turkish business environment and discourage potential investors from pursuing future investments in the country. It could lead them to explore more accommodating destinations with clearer regulations and more favorable conditions for foreign entrepreneurs.

Economic Impact & Competitiveness

Limiting the ability of foreigners to obtain residency permits in Istanbul may negatively impact the city’s economic growth and competitiveness. Foreign entrepreneurs and investors bring valuable skills, expertise, and capital to the local economy, contributing to job creation and innovation.

By deterring foreign investments from global entrepreneurs, Turkey risks losing out on potential economic growth opportunities and hindering its competitiveness in the global business landscape.

Perception & International Image

The decision to halt residency permits could also affect Turkey’s international image. It may be viewed as a restrictive measure, creating barriers for foreign individuals who wish to contribute to the country’s economic development. This could result in a less favorable perception of Turkey as a welcoming and attractive destination for entrepreneurs and international business ventures.

READ MORE: DECLINING AUTO INDUSTRY IN TURKEY

To mitigate these implications, it would be crucial for Turkish authorities to provide clarity on their long-term residency policies, streamline the permit application process, and offer suitable alternatives to ensure foreign entrepreneurs can continue operating their businesses smoothly.

Creating an environment that fosters international collaboration and welcomes foreign investment will be key to sustaining Turkey’s attractiveness as a destination for entrepreneurship and business.


Thank You For Your Support!


— Compiled by By Seda Işleyen, Team ‘Voice of EU


— More Information & News Submissions: info@VoiceOfEU.com


— Anonymous News Submissions: press@VoiceOfEU.com


Culture

Assessing Property Size: What Square Footage Can You Get With The Average UK House Price In Your Area?

Assessing Property Size In The UK

In the United Kingdom, there is a prevailing tendency to gauge the size of residences based on the number of bedrooms rather than square footage. In fact, research indicates that three out of five individuals are unaware of the square footage of their property.

However, a comprehensive analysis conducted by ‘Savills’ reveals significant variations in property sizes throughout the country. For instance, with the average property price standing at £340,837, this amount would typically afford a studio flat spanning 551 square feet in London, according to the prominent estate agency.

Conversely, in the North East region, the same sum would secure a spacious five-bedroom house measuring 1,955 square feet, nearly four times the size of a comparable property in London.

Best value: Heading to the North East of England is where buyers will get the most from their money

In Scotland, the median house price equates to a sizable investment capable of procuring a generous four-bedroom residence spanning 1,743 square feet. Conversely, in Wales, Yorkshire & The Humber, and the North West, this sum affords a slightly smaller four-bedroom dwelling of approximately 1,500 square feet, while in the East and West Midlands, it accommodates a 1,300 square foot home. In stark contrast, within the South West, £340,837 secures a modest 1,000 square foot property, and in the East, an even more confined 928 square feet.

London presents the most challenging market, where this budget offers the least purchasing power. Following closely, the South East allows for 825 square feet of space or a medium-sized two-bedroom dwelling. Lucian Cook, head of residential research at Savills, emphasizes the profound disparity in purchasing potential across Britain, ranging from compact studio flats in London to spacious four or five-bedroom residences in parts of North East England.

While square footage serves as a critical metric, with a significant portion of Britons unfamiliar with their property’s dimensions, the number of bedrooms remains a traditional indicator of size. Personal preferences, such as a preference for larger kitchens, may influence property selection. For those prioritizing ample space, Easington, County Durham, offers a substantial 2,858 square foot, five-bedroom home, while Rhondda, Wales, and Na h-Eileanan an Iar, Scotland, provide 2,625 and 2,551 square feet, respectively. Conversely, in St Albans, Hertfordshire, £340,837 secures a mere 547 square feet, equivalent to a one-bedroom flat.

The disparity continues in central London, where purchasing power diminishes considerably. In Kensington, the budget accommodates a mere 220 square feet, contrasting with the slightly more spacious 236 square feet in Westminster. Conversely, in Dagenham, the same investment translates to 770 square feet. Three properties currently listed on Rightmove exemplify the diversity within this price range across the UK market.

South of the river: This semi-detached house is located near to three different train stations

South of the river: This semi-detached house is located near to three different train stations

2. Lewisham: One-bed house, £345,000

This one-bedroom property in Lewisham, South London, is on the market for £345,000.

The semi-detached house is set over two floors, and has a private patio.

The property is located near to bus links and amenities, as well as Catford train station.

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

3. Edinburgh: Three-bed house, £350,000

This three-bedroom detached house in Edinburgh could be yours for £350,000.

The house, which has a two-car driveway, boasts a large kitchen diner, and is within easy reach of Newcriaghall train station.


Continue Reading

Culture

Top 10 Florida Cities Dominate The Business Startup Landscape In The U.S.

Top 10 Florida Cities And Business Startup Landscape In The U.S.

The Voice Of EU | Florida emerges as a hub for entrepreneurial endeavors, with its vibrant business landscape and conducive environment for startups. Renowned for its low corporate tax rates and a high concentration of investors, the Sunshine State beckons aspiring entrepreneurs seeking fertile grounds to launch and grow their businesses.

In a recent report by WalletHub, Florida cities dominate the list of the top 10 best destinations for business startups, showcasing their resilience and economic vitality amidst challenging times.

From Orlando’s thriving market to Miami’s dynamic ecosystem, each city offers unique advantages and opportunities for entrepreneurial success. Let’s delve into the chronologically listed cities that exemplify Florida’s prominence in the business startup arena.

1. Orlando Leads the Way: Orlando emerges as the most attractive market in the U.S. for business startups, with a remarkable surge in small business establishments. WalletHub’s latest report highlights Orlando’s robust ecosystem, fostering the survival and growth of startups, buoyed by a high concentration of investors per capita.

2. Tampa Takes Second Place: Securing the second spot among large cities for business startups, Tampa boasts a favorable business environment attributed to its low corporate tax rates. The city’s ample investor presence further fortifies startups, providing essential resources for navigating the initial years of business operations.

3. Charlotte’s Diverse Industries: Claiming the third position, Charlotte stands out for its diverse industrial landscape and exceptionally low corporate taxes, enticing companies to reinvest capital. This conducive environment propels entrepreneurial endeavors, contributing to sustained economic growth.

4. Jacksonville’s Rising Profile: Jacksonville emerges as a promising destination for startups, bolstered by its favorable business climate. The city’s strategic positioning fosters entrepreneurial ventures, attracting aspiring business owners seeking growth opportunities.

5. Miami’s Entrepreneurial Hub: Miami solidifies its position as a thriving entrepreneurial hub, attracting businesses with its dynamic ecosystem and strategic location. The city’s vibrant startup culture and supportive infrastructure make it an appealing destination for ventures of all sizes.

6. Atlanta’s Economic Momentum: Atlanta’s ascent in the business startup landscape underscores its economic momentum and favorable business conditions. The city’s strategic advantages and conducive policies provide a fertile ground for entrepreneurial ventures to flourish.

7. Fort Worth’s Business-Friendly Environment: Fort Worth emerges as a prime destination for startups, offering a business-friendly environment characterized by low corporate taxes. The city’s supportive ecosystem and strategic initiatives facilitate the growth and success of new ventures.

8. Austin’s Innovation Hub: Austin cements its status as an innovation hub, attracting startups with its vibrant entrepreneurial community and progressive policies. The city’s robust infrastructure and access to capital foster a conducive environment for business growth and innovation.

9. Durham’s Emerging Entrepreneurship Scene: Durham’s burgeoning entrepreneurship scene positions it as a promising destination for startups, fueled by its supportive ecosystem and strategic initiatives. The city’s collaborative culture and access to resources contribute to the success of new ventures.

10. St. Petersburg’s Thriving Business Community: St. Petersburg rounds off the top 10 with its thriving business community and supportive ecosystem for startups. The city’s strategic advantages and favorable business climate make it an attractive destination for entrepreneurial endeavors.

Despite unprecedented challenges posed by the COVID-19 pandemic, the Great Resignation, and high inflation, these top Florida cities remain resilient and well-equipped to overcome obstacles, offering promising opportunities for business owners and entrepreneurs alike.


Continue Reading

Culture

European Startup Ecosystems Awash With Gulf Investment – Here Are Some Of The Top Investors

European Startup Ecosystem Getting Flooded With Gulf Investments

The Voice Of EU | In recent years, European entrepreneurs seeking capital infusion have widened their horizons beyond the traditional American investors, increasingly turning their gaze towards the lucrative investment landscape of the Gulf region. With substantial capital reservoirs nestled within sovereign wealth funds and corporate venture capital entities, Gulf nations have emerged as compelling investors for European startups and scaleups.

According to comprehensive data from Dealroom, the influx of investment from Gulf countries into European startups soared to a staggering $3 billion in 2023, marking a remarkable 5x surge from the $627 million recorded in 2018.

This substantial injection of capital, accounting for approximately 5% of the total funding raised in the region, underscores the growing prominence of Gulf investors in European markets.

Particularly noteworthy is the significant support extended to growth-stage companies, with over two-thirds of Gulf investments in 2023 being directed towards funding rounds exceeding $100 million. This influx of capital provides a welcome boost to European companies grappling with the challenge of securing well-capitalized investors locally.

Delving deeper into the landscape, Sifted has identified the most active Gulf investors in European startups over the past two years.

Leading the pack is Aramco Ventures, headquartered in Dhahran, Saudi Arabia. Bolstered by a substantial commitment, Aramco Ventures boasts a $1.5 billion sustainability fund, alongside an additional $4 billion allocated to its venture capital arm, positioning it as a formidable player with a total investment capacity of $7 billion by 2027. With a notable presence in 17 funding rounds, Aramco Ventures has strategically invested in ventures such as Carbon Clean Solutions and ANYbotics, aligning with its focus on businesses that offer strategic value.

Following closely is Mubadala Capital, headquartered in Abu Dhabi, UAE, with an impressive tally of 13 investments in European startups over the past two years. Backed by the sovereign wealth fund Mubadala Investment Company, Mubadala Capital’s diverse investment portfolio spans private equity, venture capital, and alternative solutions. Notable investments include Klarna, TIER, and Juni, reflecting its global investment strategy across various sectors.

Ventura Capital, based in Dubai, UAE, secured its position as a key player with nine investments in European startups. With a presence in Dubai, London, and Tokyo, Ventura Capital boasts an international network of limited partners and a sector-agnostic investment approach, contributing to its noteworthy investments in companies such as Coursera and Spotify.

Qatar Investment Authority, headquartered in Doha, Qatar, has made significant inroads into the European startup ecosystem with six notable investments. As the sovereign wealth fund of Qatar, QIA’s diversified portfolio spans private and public equity, infrastructure, and real estate, with strategic investments in tech startups across healthcare, consumer, and industrial sectors.

MetaVision Dubai, a newcomer to the scene, has swiftly garnered attention with six investments in European startups. Focusing on seed to Series A startups in the metaverse and Web3 space, MetaVision raised an undisclosed fund in 2022, affirming its commitment to emerging technologies and innovative ventures.

Investcorp, headquartered in Manama, Bahrain, has solidified its presence with six investments in European startups. With a focus on mid-sized B2B businesses, Investcorp’s diverse investment strategies encompass private equity, real estate, infrastructure, and credit management, contributing to its notable investments in companies such as Terra Quantum and TruKKer.

Chimera Capital, based in Abu Dhabi, UAE, rounds off the list with four strategic investments in European startups. As part of a prominent business conglomerate, Chimera Capital leverages its global reach and sector-agnostic approach to drive investments in ventures such as CMR Surgical and Neat Burger.

In conclusion, the burgeoning influx of capital from Gulf investors into European startups underscores the region’s growing appeal as a vibrant hub for innovation and entrepreneurship. With key players such as Aramco Ventures, Mubadala Capital, and Ventura Capital leading the charge, European startups are poised to benefit from the strategic investments and partnerships forged with Gulf investors, propelling them towards sustained growth and success in the global market landscape.


We Can’t Thank You Enough For Your Support!

— By Darren Wilson, Team VoiceOfEU.com

— Contact us: info@VoiceOfEU.com

— Anonymous submissions: press@VoiceOfEU.com

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!