Turkey Launches Tech Visa to Attract Global Entrepreneurs

Turkey has recently introduced a tech visa program aimed at attracting foreign entrepreneurs to boost its economy and innovation sector. Industry and Technology Minister Mehmet Fatih Kacir announced the initiative, which offers expedited work permits for up to three years to foreign nationals starting businesses in the country. This comprehensive program includes tax benefits, mentoring, healthcare coverage, and access to innovation centers, according to Xinhua news agency.

Goals of the Tech Visa Program

The primary objective of the tech visa initiative is to enhance local workforce capabilities and diversify Turkey’s innovation ecosystem. This move addresses concerns regarding brain drain, as many highly educated Turks, particularly in fields like medicine and engineering, have been leaving for opportunities in Europe due to the country’s economic challenges. Accepted entrepreneurs will receive six months of consultancy covering the legal, financial, and technical aspects of their businesses. Kacir emphasized that the program aims to transform Turkey into a global attraction for tech innovation.

Growing Startup Ecosystem

In 2023, Turkey ranked 12th in Europe for startup investments, with Istanbul placing sixth among European cities for entrepreneurial activities. Entrepreneur Murat Belen highlighted that foreign entrepreneurs with expertise in new technologies are particularly welcome, noting that research and development in Turkey still lag behind more advanced nations. He also observed an increasing interest from individuals in Eastern Europe and Asia in establishing startups in Turkey.

Complementing Existing Initiatives

The tech visa program complements the Digital Nomad Visa introduced in April, which allows foreigners to live and work temporarily in Turkey while serving international clients. Ankara-based entrepreneur Tekin Kahraman pointed out Turkey’s strengths in sectors like defense, aviation, space, and fintech, making it an attractive location for tech-driven startups.

Ambitious Government Goals

The Turkish government aims to foster 100,000 tech-driven startups by 2030, with at least 100 achieving a valuation of $1 billion or more. Currently, six startups in Turkey meet that criterion, highlighting the potential for growth and investment. Kahraman suggested that foreign entrepreneurs could find valuable opportunities for collaboration with local professionals in a country that boasts Europe’s youngest population despite an overall aging trend.

Visa Costs and Benefits

While specific details about the cost of the tech visa are still emerging, the general fees for work and long-term residence permits in Turkey range from approximately 7,345 Turkish Lira (around Rs 18,000) per year. The government is expected to provide more information as the program develops.

Advantages of the Tech Visa Program

According to Evren Özmen, co-founder of a consultancy firm in Istanbul, the tech visa offers several advantages for tech professionals:

• Extended Work Permit: The three-year work permit allows tech workers to focus on long-term projects without frequent renewals, applicable to both employees and partners.
• Consultancy Services: The program provides assistance with the legal, tax, and logistical challenges of setting up a business in Turkey.
• Access to Technoparks: Participants gain access to state-of-the-art facilities in Turkey’s technoparks, promoting collaboration and innovation.
• Tech Visa Fund: Startups can apply for financial support through the Tech Visa fund, aiding in product development and scaling.
• Government Support: Various forms of financial assistance, including project financing and branding support, help startups grow and enter foreign markets.
• Tax Exemptions: Participants enjoy various tax incentives, allowing them to reinvest savings into their businesses.
• Free Healthcare: Employees under the Tech Visa program are covered by Turkey’s healthcare system, with the government paying insurance premiums.

Conclusion

Turkey’s new tech visa program represents a significant step towards enhancing the country’s innovation landscape and attracting foreign talent. By providing various benefits and support systems, the program aims to transform Turkey into a thriving hub for startups and tech-driven enterprises. With ambitious goals and a welcoming approach for international entrepreneurs, Turkey is poised to foster a vibrant and diverse tech ecosystem that can compete on a global scale.