The Government of Turkey has finally approved slashing the prices from $1m to $250,000 for its citizenship by investment program to become a turkish national. The new rules are published in official gazette slashing the investment by 75%.
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.
In 2008, a draft bill was discussed in parliament, with amendments related to citizenship acquisition for foreigners who establish industrial plants in Turkey as well as those that provide significant contributions to the social, cultural, economical, scientific and technological life of the country will have the right to become Turkish citizens. In 2017 new regulations published in the Official Gazette on January 12, 2017, foreigners who invest $1m in real estate, $2m capital investment, $3m bank deposit or created 100 jobs, may be eligible for Turkish citizenship, subject to the proposal of the Ministry and the decision of the Council of Ministers
With the new decision, the real estate investment cut to $250,000 from $500,000 to become a turkish citizen.
According to the new decisions, the new conditions for passport by investment are..
- Real estate investment $250,000 (cut from $500,000)
- Bank deposits was cut to $500,000 (from $3 million) and
- Capital investment was reduced to $500,000 from $2m or
- Employ 50 Turkish citizens, down from 100 people.
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.
According to Turkey’s Hurriyet Daily News, French actor Gerard Depardieu, will be applying for Turkish citizenship by investment program.
Turkish passport is ranked 49th powerful passport in the world, with visa free access to 111 countries according to Henley passport index.
Source: aljazeera.com
