Turkey cuts investment levels for acquiring citizenship

Turkey cuts investment levels for acquiring citizenship

Turkish President Recep Tayyip Erdogan signed the decree easing the required limits for foreigners to acquire Turkish citizenship. The decree was published in the country’s Official Gazette today.

The lower limit of fixed capital investments to acquire Turkish citizenship for foreigners has been reduced to $500,000 from $2 million.

Foreigners who own real estate in Turkey worth a minimum of $250,000, instead of $1 million, can avail Turkish citizenship.

The deposit requirement of minimum $3 million in Turkish banks has also been lowered to $500,000.

According to the decree, foreigners who generate jobs for minimum 50 people will also be able to take Turkish citizenship. The previous number required was 100.

Foreign investors should hold the properties or continue the minimum limit of financial investments for at least three years to meet the criteria for Turkish citizenship, Hurriyet Daily reported.