19.7 C
Frankfurt am Main

Turkey requires foreigners to purchase real estate for at least $400K for citizenship

Must read

Changes to a regulation on the requirements for the acquisition of Turkish citizenship by means of investment require foreigners to pay at least $400,000 for a piece of real estate, instead of $250,000, to be eligible for citizenship on the condition of holding the property for three years, local media reported on Wednesday.

The increase in the amount required for Turkish citizenship, which was decided on during a cabinet meeting on Tuesday, was announced by the Interior Ministry.

According to Turkish media reports, the changes to the regulation will go into force after they are published in the Official Gazette.

Citizenship applications will be examined by the Ministry of Environment, Urbanization and Climate Change, and those who are found eligible will be granted citizenship with a decision by President Recep Tayyip Erdoğan, local media reports also said.

A September 2018 decision had reduced the cost of purchasing real estate for Turkish citizenship from $1 million to $250,000.

Liked it? Take a second to support Turkish Minute on Patreon!
Become a patron at Patreon!
More News
Latest News