Turkish nationality of more than 5,000 investors
Turkish nationality is shared by more than 5,000 foreign investors, according to the Ministry of Interior, following legal amendments that facilitated the requirements for obtaining citizenship for investors.
Which was approved a year ago. This is expected to reflect positively both on investors and the Turkish economy.
Turkish Interior Minister Suleyman Soylo told Anatolia news agency on Friday that applications for citizenship by investors were on the rise.
Some 5,111 investors have obtained citizenship so far, while 9,000 applications are being processed.
There are 1,382 investors who have completed the citizenship process, but have not yet received it, Suilo said.
$1.7 billion worth of investments
Investors who have acquired citizenship have so far made $1.7 billion in investments in the country.
Once the 1,382 investors have received their nationalities, they will make additional investments of $407 million, according to Suilo, who confirmed that once the 1,382 investors have received their nationalities, they will make additional investments of $407 million.
The minister concluded that if the number of people who have not yet completed their applications is added, the total value of investments made by foreign investors into the country will be approximately $2.7 billion.
The increase in citizenship applications by foreign investors is the result of legal amendments approved on 19 September 2018
Which facilitated the way in which turkish citizenship was obtained for this category.
According to these amendments, foreigners who buy property in Turkey for at least $250,000.
They can apply for Turkish citizenship. The amendments also reduced the limit on investments eligibing investors for Turkish citizenship from $2 million to $500,000.
The amendments also reduced deposits that foreigners are required to deposit in Turkish banks to enable them to apply for citizenship, from $3 million to $500,000.
It also reduced the value of government bonds that foreign citizens can purchase so that they can apply for citizenship from $3 million to $500,000.
The amendments also reduced the number of Turkish citizens required by any foreign investor to provide employment opportunities to be able to apply for citizenship, from 100 to 50.
In addition to the investments made by these amendments, they have also moved turkey's real estate market.
According to the Turkish Institute of Statistics (Turkstat), approximately 1.35 million housing units were sold in Turkey in 2019
Foreigners bought 45,500 units, up 14.7 percent from the previous year.