invest-in-turkey.jpg

The approach to Turkish citizenship has been alleviated on Wednesday with the official news paper publishing details of alterations to the citizenship law in force.

According to the new regulations, foreigners who buy real estate quality  at least $1 million with the special status of not selling it for at least three years, or those who invest at least $2 million in set up capital will be entitled to apply for Turkish citizenship.

The alterations brought to the law also supply the opportunity for foreigners who place deposits worth at least $3 million in banks operational in Turkey to apply for Turkish citizenship, or who buy government-issued bonds for the same amount, under the condition of not divesting before 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.