New Turkish citizenship rules to encourage investment

By Tuba Sahin

ANKARA (AA) – Turkey has made changes to its citizenship laws to encourage investment, new regulations published Thursday have revealed.

Regulations in Turkey’s Official Gazette state foreigners who bring fixed capital investments of at least $2 million or own real estate in Turkey worth a minimum $1 million with the special condition of not selling it for at least three years will be able to access Turkish citizenship.

The regulation also covers foreigners who deposit a minimum of $3 million in Turkish banks on condition of not withdrawing it for three years. A similar regulation applies to those foreign investors who hold government-issued bonds worth at least $3 million which are not diversified for three years.

Foreigners who generate jobs for 100 people also will be able take Turkish citizenship, the gazette said.