Some regulations regarding requirements for foreigners to acquire Turkish citizenship were changed by a presidency decree signed by President Erdogan. The decree with number 106 was published in the Official gazette and has gone into effect as of today.
Article 20 of regulation regarding implementation of “the Law for Turkish Citizenship” enacted in 2010 specifying requirements for foreigners to acquire Turkish citizenship, was amended by the decree signed by Erdogan.
Based on amended text, the fixed capital amount required to apply for citizenship was reduced from US$ 2 million to US$ 500 thousand.
According to the new regulation foreigners who own real estate in Turkey worth a minimum of $250,000, instead of $1 million, can apply for Turkish citizenship.
Moreover, the expression “providing employment to at least 100 people” which is among the conditions of eligibility for citizenship, was changed as “50 people”.
The amount of deposit to keep in banks in Turkey to acquire citizenship was also reduced from US$ 3 million to US$ 500 thousand.
On the other hand foreign investors should hold the properties or continue the minimum limit of financial investments for at least three years to meet the criteria for Turkish citizenship.