Turkey facilitates foreigners access to their Citizenship
The Turkish government has clearly relaxed on the required conditions and the necessary financial and investment standards for foreigners to obtain Turkish nationality, according to revised rules published in the Official Gazette.
According to the new law, a foreigner can acquire Turkish Citizenship if he buys a property worth more than $ 250,000 instead of the previous value of $ 1 million, provided that the property is not sold within 3 years.
In another amendment, the requirement to deposit a sum of money in Turkish banks in exchange for citizenship has been amended. The condition stipulates that the amount of $ 500,000 is deposited after it was $ 3 million in the previous law, according to local newspaper Daily Sabah.
Another amendment provided for a reduction in the value of fixed investment in exchange for citizenship, as the capital required for this investment was reduced from $ 2 million to $ 500,000.
In addition, the entrepreneur, who provides employment opportunities for 50 Turkish citizens, has been able to obtain Turkish citizenship after having previously been required to employ 100 citizens.
These facilities are provided by the Turkish government to bring in more foreign funds following the economic crisis in the country. The lira lost about 40 percent of its value against the US dollar and inflation reached an unprecedented 18 percent.