Russians in Turkey have been granted residence permits because of the situation in Ukraine

Russians have become the largest group of foreigners with residence permits in Turkey in 2022, up from sixth place in 2021. Especially wealthy Russians prefer Turkey as a safe haven after having to flee Western countries due to sanctions imposed after Russia's invasion of Ukraine. Also Russians fleeing war prefer Turkey. The fact that the Turkish government has emphatically and repeatedly stated that it will not participate in Western sanctions against Russia has played an important role in the increase in the number of residence permits for Russians.

According to official statistics obtained by Nordic Monitor, only 1,349,559 foreigners with residence permits will live in Turkey in 2022, compared to 1,314,181 in 2020. The most''Erdogan apparently saw an opportunity to capitalize on offering the Russians a way to overcome restrictions and circumvent sanctions. In March 2022, returning from a NATO summit in Brussels, he urged Russian businessmen facing global sanctions to move their businesses to Turkey.

Turkey has also simplified the process of bringing foreign capital into the country. With the latest change in August 2022, the application process for Turkey's Wealth Amnesty Law has been extended until March 31, 2023. The law covers the importation of foreign assets, such as gold and foreign currency, into Turkey through a bank or intermediary organization, as well as the physical movement of cash. Beneficiaries do not pay taxes on declared assets.