At CIP Turkey, we place a very high value on our clients and their desire to save time and money. That is why we are always striving to find new and better ways to improve our efficiency and performance when it comes to helping them acquire Turkish citizenship.
We already pride ourselves on providing some of the fastest processing times in the industry, but now we can offer even more speed, and cost savings, by facilitating money transfers in digital (crypto) currency.
Digital currency has already had a decade to embed itself into our daily lives, and there is now widespread adoption from major institutions, retailers and service providers throughout the world.
The main advantage to facilitating transactions in digital currency is the time and money saved in comparison to using the traditional SWIFT transfer system – which incurs high transaction fees and can take up to several business days to arrive at its intended destination.
Once the digital currency is received, it is immediately converted back into fiat currency (such as USD), allowing us to immediately get started on preparing our clients’ applications.
According to an IMI article published in 2019, the investment migration industry had steadily increased to a conservative estimate of $21.4 billion of revenue during that year. The article also went on to project an annual revenue of $100 billion by 2025, as long as the 23% CAGR rate would persist, which in our opinion is a fairly safe bet considering recent world events.
Banking institutions have been a bedrock within our society for hundreds of years. However, their monopolization of the world of financial transactions during that time has virtually given them free rein when it comes to attaching high costs for cross-border transactions.
Most banks have also infamously acquired a knack of charging slightly higher rates when converting currencies, adding yet another layer of stealth charges, and amassing hundreds of millions of dollars a year in the process.
It is estimated that SMEs make approximately $10 trillion in international bank transfers annually, costing a whopping $200 billion in exorbitant bank fees. This is particularly prevalent within the global investment migration industry, in which international fund transfers are a major component.
More people than ever are voicing their grievances about the outdated and unfair world of excessive bank fees, which is a large part of the reason why digital currency is beginning to take centre stage.
One of the directors of CIP Turkey is also a partner in an advanced cryptocurrency trading platform, based in Sweden. This important connection provides CIP Turkey with the expertise to seamlessly integrate the use of digital currencies, such as Bitcoin and a host of other altcoins, when facilitating cross-border fund transfers on behalf of investors.
It is worth mentioning that this is not just a concept, as we know that some of the Caribbean programs are already accepting digital currencies from investors. Additionally, CIP Turkey have recently enabled one of our CIP investors to transfer funds via digital currency – which arrived in less than a minute, and we have many more investors showing a strong interest in following suit.
We would also be willing to extend such a facility to other RCBI providers who would like to take advantage of the many benefits that digital currency transactions would provide.
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