Turkey cuts investment levels for citizenship

Galtero Lara
Setiembre 20, 2018

People who own $250,000 worth of real estate in the country will now be eligible to acquire citizenship, where once the threshold was $1 million.

Turkey made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenshipForeigners now need only to have $500,000 deposits in Turkish banksANKARA: Turkey on Wednesday made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship, according to a decree from President Recep Tayyip Erdogan.

The Official Gazette announcement said that foreigners who employ at least 50 people will have a path to a Turkish passport.

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The crisis began days after US President Donald Trump announced via Twitter a doubling of steel and aluminium tariffs on Turkey as Washington pushed Ankara to release Evangelical Christian pastor Andrew Brunson, who is being held on terrorism charges.

In the decision Erdogan ruled that contracts for the sale, rent and leasing of property in or indexed to foreign currencies would not be allowed.

The new measures come weeks after Turkey's currency, the lira, lost more than 40 percent of its value against the USA dollar last month, prompting a 20 percent inflation.

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