Turkey to give citizenship to foreigners who buy real estate worth at least $1 million
The access to Turkish citizenship has been eased on Wednesday with the official gazette publishing details of alterations to the citizenship law in force.
According to the new regulations, foreigners who buy real estate worth at least $1 million with the special condition of not selling it for at least three years, or those who invest at least $2 million in firm capital will be entitled to apply for Turkish citizenship.
The alterations brought to the law also provide the opportunity for foreigners who place deposits worth at least $3 million in banks operating in Turkey to apply for Turkish citizenship, or who buy government-issued bonds for the same amount, under the condition of not divesting earlier than three years.
In addition, foreigners who are proved to have created jobs for at least 100 people will also be eligible for Turkish citizenship.
The selling rate issued by the Central Bank of the Republic of Turkey (CBTR) will be used as a benchmark to determine the actual values of operations.