According to a decree published in the Official Gazette on Jan 12th, Turkey will grant citizenship to those foreign investors that meet the following conditions:
– those that purchase a minimum value of $1 million of immovable property (real estate) on the condition that they do not sell these assets for at least 3 years,
– those who make equity investments of more than $2 million.
– those who make a minimum $3 million deposit into the Turkish banking system or alternative debt instruments (loans, bonds, debentures etc.).
In addition, those that can prove the creation of a minimum of 100 jobs will also be offered citizenship.
At this stage, no further information is available. One of the major questions will be the length of the qualifying period before one becomes eligible for citizenship. In addition, we do not know when exactly the program will commence.
If the citizenship program proves to as successful as those that went before (in other EU region countries), then this will have a significant positive impact on the real estate industry.