he Government of Turkey has published amended citizenship regulations reducing the investment amounts to foster foreign direct investment in official gazette dated 18 Sep 2018.
According to the new amendments, foreigners buying real estate or invest in any of the following options will be eligible for turkish citizenship by investment
- Buy real estate atleast $250,000 not sold for 3 years
- Deposit atleast $500,000 in Turkish banks
- Buy $500,000 Turkish government bonds locked for 3 years
- Buy $500,000 worth of VC fund share
- Employ atleast 50 people
The decision came after the lira crisis began days after the US doubled steel and aluminium tariffs on Turkey. The Turkey’s currency, the lira plunged than 40 percent of its value against the US dollar last month causing a 20 percent inflation.
The new reduced prices provides an excellent opportunity for foreign investors to invest in Turkey, when the price of lira is historically low, makes it all the way cheaper to buy real estate in Turkey.
A large number of Iraqis and Saudis bought properties in Turkey last year.