New Turkish citizenship rules to encourage investment

Cornelia Mascio
Settembre 20, 2018

Turkey made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenshipForeigners now need only to have $500,000 deposits in Turkish banksANKARA: Turkey on Wednesday made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship, according to a decree from President Recep Tayyip Erdogan. Previously, non-Turks were required to have US$3 million in the bank or at least US$1 million worth of real estate.

But there had been investor concerns over domestic economic policy and Erdogan's continued opposition to high-interest rates, although the central bank aggressively hiked its main policy rate 6.25 percent to 24 percent last week.

A diplomatic row between Ankara and Washington saw US President Donald Trump doubling steel and aluminium tariffs last month in retaliation to Turkey's refusal to release imprisoned US pastor Andrew Brunson, sending the lira into freefall.

Current agreements in foreign currencies must be changed within 30 days, according to the order.

The new measures come weeks after Turkey's currency, the lira, lost more than 40 percent of its value against the United States dollar last month, prompting a 20 percent inflation.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE