210
foreign investors applied for Turkish citizenship after Turkey facilitated the
process of acquiring the Turkish citizenship, Interior Minister Suleyman said
on Oct. 31.
On
October 22, the first efforts began to test the new procedures, as of 30th the
same month, 210 applications were submitted in Istanbul and Ankara, according
to Soylu after a visit to the Directorate of Immigration in the Turkish
capital.
Turkey
has amended the requirements for foreigners to acquire Turkish citizenship to
encourage investment. The new regulations were published in the Official
Gazette on September 19, in October the Ministry of Interior announced that it
would open an office to facilitate the process of obtaining a long-term
residence permit for foreign investors.
The
ministry will monitor the conditions of applicants, support investors, advise,
and track requests, the ministry said.
Foreigners who want to be Turkish citizens need to invest $ 500,000, buy property worth $ 250,000 or provide jobs for at least 50 Turkish citizens, Soylu said.
According
to the new regulations, foreigners who own real estate in Turkey worth at least
$ 250,000, instead of an earlier $ 1 million limit, can now apply for Turkish
citizenship.
A
minimum fixed capital investment to obtain Turkish citizenship for foreigners
has been reduced to $ 500 thousand from $ 2 million.
The
regulation also covers foreigners depositing at least $ 500,000 in Turkish
banks reduced from $ 3 Million.
A
similar regulation applies to foreign investors with government bonds of at
least $ 500,000 for a period of three consecutive years. Previously, the
minimum requirement for government bonds were $ 3 million worth.
In
addition, foreigners who provide employment for at least 50 Turkish citizens,
compared to the previous requirement of 100, will be able to apply for Turkish
citizenship.
As
soon as eligible investors apply for citizenship through private offices
throughout Turkey, their procedures will be completed within 45 days, Interior
Minister Soylu said.