Turkey has significantly eased the required limits for foreigners to acquire Turkish citizenship to encourage investment, according to new regulations published in the country’s Official Gazette on Sept. 19.
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.
Foreigners who generate jobs for minimum 50 people will also be able to take Turkish citizenship, the decree signed by President Recep Tayyip Erdoğan said. 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.