Turkey to offer citizenship to foreigners investing in property

Turkey will grant citizenship to foreigners who buy properties worth at least one million USD and invest a minimum of two million USD for more than three years, local media reported on Thursday.

According to a new decree published in the Official Gazette, foreigners who buy real estate worth at least one million USD with the special condition of not selling it for at least three years, or those who invest at least two million USD in firm capital will be entitled to apply for Turkish citizenship, Dogan News Agency reported.

Foreigners who deposits worth more than three million USD in banks in Turkey or keeps that amount of money in the country's debt instruments for a minimum of three years will be granted Turkish citizenship.

In addition, foreigners who are proved to have created jobs for at least 100 people will also be eligible for Turkish citizenship, the decree said.

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

source: Xinhua