Turkey has eased the capital investment criteria for foreigners to obtain Turkish citizenship, according to regulations published in the Official Gazette today.
The fixed capital investment requirement was cut to $500,000 from $2 million, and the minimum bank deposit has been slashed to $500,000 from $3 million.
Under the new rules, foreigners can become citizens in Turkey if they own property worth $250,000 for three years, down from a previous value set at $1 million, and if they hold Turkish debt for three years valued at $500,000, down from $3 million.
Citizenship will also be granted to foreigners who create 50 jobs for citizens, instead of the previous 100 jobs.
To meet the criteria, foreign investors should hold ownership of their properties or meet the minimum investment amount for three years, the decree signed by President Recep Tayyip Erdoğan said.
The new regulations come as Turkey looks to bolster its economy and strengthen the lira, which has lost 40 percent of its value this year.
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