An announcement in the official Gazette of Turkey reports revised changes for gaining Turkish citizenship by investment. Financial criteria has been massively reduced in an aim to attract more foreign investment into the country.
Previously the required financial outlay for gaining citizenship through real estate acquisition was 1 million USD. The revised figure is just a quarter of that, and now anyone buying a home worth $250,000, can become a Turkish citizen.
Capital investment requirements have been reduced from 2 million USD to $500,000, while bank deposits held for three years have been reduced from 3 million USD to $500,000.
Foreign business executives will also be pleased because gaining citizenship by creating jobs has been reduced from 100 people to 50.
The news will be welcomed by many industry experts, especially the real estate sector who have repeatedly asked for the citizenship investment level to be lowered. The Turkish real estate market already appeals to various nationalities for investment and expat living.
In recent years, it has experienced a surge in demand from Middle Eastern nationalities who particularly prefer areas like Trabzon in the North East coast, due to similarities in culture. European, Russian and British nationalities buy in the Aegean and Mediterranean coastal resorts.
The revised amount puts Turkey ahead of other countries, who also offer citizenship through property purchases. Greece charges $300,000, the smallest requirement for the USA is $500,000, while Cyprus is one of the world’s priciest citizenship investment participants by charging a staggering $2.4 million Dollars.