Hi, I am very happy that I discovered this website. I'm in a weird position and I'd really appreciate advice from experienced members.
I am able to write this post and develop these questions after literally more than 1000 hours of research over past 2 years about international taxation, sanctions, historical examples, geopolitics, talking with people from various countries on random forums. So I mean if you want to help me figure this out, I'd be grateful.
My position
-Citizen and resident of TR
-Financial accounts in US and EU. This is my only safety net. I don't have a support network like many others. So I don't want to bring my money to TR as I don't trust the government.
-Working on getting a residency from Latin America which has minimal maintenance requirements. If there are sanctions, plan is to go there and apply for naturalization after some years. Great passport but bad reputation.
-Can't afford to spend $100K on a citizenship
-I prefer to live in TR as long as I can. Mainly because of not having enough money and people usually like the country they grew up in, but I am mobile & can leave any day.
-TR is high tax on paper but its practically a tax haven if your business and accounts are offshore thanks to tax amnesties they publish every few years. They say "We'll close the books if you bring your money to TR and pay us a few percent". I don't.
My questions
1. Do you think I should get a citizenship as soon as possible, or stay in TR as long as I can?
2. I'm planning to open a new US bank account using my new residency even if I live in TR. Is this pointless if there are sanctions? Also is IRS ok with this? 2 different permanent residence addresses (and maybe FTIN) on W8 at different banks
3. Do you think I need a EU citizenship? PT wants 5 years on temp residency before you apply for the citizenship.
4. Would I stay under the radar, if I make $20K/yr with US account & US business and if I don't touch the money for 5 years? Right now I'm not making any money and not invested in equities, so maybe I should move to PT now and figure this out later?
5. After sanctions, I am assuming US/EU bank accounts close down your accounts based on your residency. Can I update my residency info remotely to not get effected after the sanctions? I guess not?
Details about TR and sanctions
I think probability of Russian level sanctions on Turkey in next 20 years is somewhere between 5% and 50%.
Sanctions are likely because
- You might not understand the severity of Turkey's position, if you're not Turkish with enough understanding of psychology, which in my experience is required to make accurate sense of any complex human behavior. So let me explain it. To me it often seems like TR is led by a government whose job description is to destroy Turkey, as in weaken the state, weaken the military, weaken the education system, decrease percentage of good genes in society, decrease amount of good engineers/doctors/etc, weaken the culture, weaken the society, prevent locals from reproducing, replace them with foreign groups who has no interest in integrating with society, decrease trust in society, crush average local's sprit from every possible angle, make people turn against their country, export talent and big earners to the west, import leeches... while appearing friendly to locals and muslims using religion and religious PR. They seem extremely successful at doing their job.
- TR is part of NATO but the government might leave NATO. TR probably wouldn't even need to leave NATO for the trouble to appear, since a contract is just a paper unless you have enough power to enforce it and TR being part of NATO might not mean anything.
- People are ready to believe in everything they see on the media, as we've recently seen. The amount of anti-Turk propoganda in the media over many decades would make most of the world celebrate the west attacking Turkey. Seems like they have everything in place in case they want to attack. They can decide that Turkey invaded say Greece anytime they want and people will believe it when they hear about it from all media companies and their favorite influencers. Sanctions might come after Turkey attacks or "attacks" another state or after TR turns into Syria (invaded, bombed).
- If this is how treat Russians, I can't imagine how they'd treat Turks. Russians are after all more similar to the west in terms of religion, culture, ethnicity.
Sanctions are unlikely because
1. We live in a highly interconnected world. Interests of groups are interconnected such that it's in our best interest if we don't kill each other.
2. Maybe TR is a puppet state but they're also trying to do whats good for locals when they can it seems like. So they're like a double agent in a way. I say this because they are doing some things right. E.g TR feels safer than US in daily life. I can write more examples if you like.
Last edited: Apr 21, 2022
I am able to write this post and develop these questions after literally more than 1000 hours of research over past 2 years about international taxation, sanctions, historical examples, geopolitics, talking with people from various countries on random forums. So I mean if you want to help me figure this out, I'd be grateful.
My position
-Citizen and resident of TR
-Financial accounts in US and EU. This is my only safety net. I don't have a support network like many others. So I don't want to bring my money to TR as I don't trust the government.
-Working on getting a residency from Latin America which has minimal maintenance requirements. If there are sanctions, plan is to go there and apply for naturalization after some years. Great passport but bad reputation.
-Can't afford to spend $100K on a citizenship
-I prefer to live in TR as long as I can. Mainly because of not having enough money and people usually like the country they grew up in, but I am mobile & can leave any day.
-TR is high tax on paper but its practically a tax haven if your business and accounts are offshore thanks to tax amnesties they publish every few years. They say "We'll close the books if you bring your money to TR and pay us a few percent". I don't.
My questions
1. Do you think I should get a citizenship as soon as possible, or stay in TR as long as I can?
2. I'm planning to open a new US bank account using my new residency even if I live in TR. Is this pointless if there are sanctions? Also is IRS ok with this? 2 different permanent residence addresses (and maybe FTIN) on W8 at different banks
3. Do you think I need a EU citizenship? PT wants 5 years on temp residency before you apply for the citizenship.
4. Would I stay under the radar, if I make $20K/yr with US account & US business and if I don't touch the money for 5 years? Right now I'm not making any money and not invested in equities, so maybe I should move to PT now and figure this out later?
5. After sanctions, I am assuming US/EU bank accounts close down your accounts based on your residency. Can I update my residency info remotely to not get effected after the sanctions? I guess not?
Details about TR and sanctions
I think probability of Russian level sanctions on Turkey in next 20 years is somewhere between 5% and 50%.
Sanctions are likely because
- You might not understand the severity of Turkey's position, if you're not Turkish with enough understanding of psychology, which in my experience is required to make accurate sense of any complex human behavior. So let me explain it. To me it often seems like TR is led by a government whose job description is to destroy Turkey, as in weaken the state, weaken the military, weaken the education system, decrease percentage of good genes in society, decrease amount of good engineers/doctors/etc, weaken the culture, weaken the society, prevent locals from reproducing, replace them with foreign groups who has no interest in integrating with society, decrease trust in society, crush average local's sprit from every possible angle, make people turn against their country, export talent and big earners to the west, import leeches... while appearing friendly to locals and muslims using religion and religious PR. They seem extremely successful at doing their job.
- TR is part of NATO but the government might leave NATO. TR probably wouldn't even need to leave NATO for the trouble to appear, since a contract is just a paper unless you have enough power to enforce it and TR being part of NATO might not mean anything.
- People are ready to believe in everything they see on the media, as we've recently seen. The amount of anti-Turk propoganda in the media over many decades would make most of the world celebrate the west attacking Turkey. Seems like they have everything in place in case they want to attack. They can decide that Turkey invaded say Greece anytime they want and people will believe it when they hear about it from all media companies and their favorite influencers. Sanctions might come after Turkey attacks or "attacks" another state or after TR turns into Syria (invaded, bombed).
- If this is how treat Russians, I can't imagine how they'd treat Turks. Russians are after all more similar to the west in terms of religion, culture, ethnicity.
Sanctions are unlikely because
1. We live in a highly interconnected world. Interests of groups are interconnected such that it's in our best interest if we don't kill each other.
2. Maybe TR is a puppet state but they're also trying to do whats good for locals when they can it seems like. So they're like a double agent in a way. I say this because they are doing some things right. E.g TR feels safer than US in daily life. I can write more examples if you like.
Last edited: Apr 21, 2022
