Turkey to offer citizenship to foreigners who buy $1 mln in property, invest $2 mln

ANKARA

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Turkey will grant citizenship to foreigners who buy properties worth at least $1 million and invest a minimum of $2 million or deposit at least $3 million in a bank account for more than three years, according to a revised decree that was published in the Official Gazette on Jan. 12, Doğan News Agency reported. 

“Foreigners who buy a minimum of $1 million worth of immovable properties on the condition that they do not sell them for at least three years, who make an equity investment worth over $2 million or who prove that they have made a deposit of more than $3 million at a Turkish lenders or kept that amount of money in the country’s debt instruments for a minimum of three years will be granted Turkish citizenship,” said the decree.

The decree also stipulated that foreigners who document their creation of a minimum of 100 jobs in the country will also be offered citizenship. 

Meanwhile, Turkish real estate companies earlier claimed they could sell a minimum of $10 billion worth of property to foreigners if citizenship or residence permits were offered to foreigners who buy houses in the country.