Erdogan makes Turkish citizenship drastically cheaper for foreign investors

Old rules that required foreigners to invest at least two million USD to gain citizenship were eased to half a million USD.

ERBIL (Kurdistan 24) – In an attempt to infuse the Turkish economy with fresh cash flow in the face of a punishing currency crisis, Turkish President Tayyip Erdogan on Wednesday signed a new regulation into law, allowing foreign investors to become Turkish citizens with half a million US dollars-worth of capital investment.

That amount which can also be paid in its equivalent of Euros or Turkish Lira was previously two million USD.

The new law reversed the requirement not to sell for three years acquired real estate worth at least one million dollars.

Foreigners buying real estate worth 250,000 USD or those employing 50 people, instead of 100 as was formerly the case, also can now apply for Turkish citizenship.

Relevant ministries were to set up joint commissions to review and approve applications, the state media wrote.

Grappled with a steep depreciation of up to 40 percent of value loss in the Lira this year and a looming economic crisis, the Erdogan administration hopes to create liquidity in an 80 million people-market strapped due to a massive amount of debt owed to foreign countries and banks.

In a speech on the occasion of veterans’ day at his Ankara palace, Erdogan denied there was a crisis.

“Do not mind them [the reports]. These are all mere manipulation. We do not have such thing as a crisis. We are for sure walking more strongly to the future. We shall become even more powerful,” he told an audience of some 1,000 people.

“From now on, the Turkish Lira shall reign. Everything will be conducted in the Turkish Lira. If not [those doing business in foreign currency] will pay the price. This is Turkey, not America,” Erdogan said, condemning property owners renting their stores in big shopping malls in US dollars.

“Today, Turkey is so much more powerful, wealthier and mightier than it was 20 years ago. And Turkey, with [God’s] permission, will grow even more powerful, wealthier and mightier,” he added.

“When we elevate Turkey above the level of contemporary civilizations, embodied in our goals for 2023, everything will be all different.”

Later in the evening, he sat down with representatives of several US technology giants, among them Google and Microsoft.

During day trade on Wednesday, the Lira’s value against USD ranged from 6.23 to 6.42.

Editing by Karzan Sulaivany