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Turkish Law on Granting Citizenship to Investors Goes into Effect | ASHARQ AL-AWSAT English Archive 2005 -2017
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Business and financial district of Levent, which comprises leading Turkish companies’ headquarters and popular shopping malls, is seen from the Sapphire Tower in Istanbul, Turkey May 3, 2016. REUTERS/Murad Sezer

Ankara- The law on granting the Turkish citizenship to foreigners entered into force after it was published in the official Gazette on Friday.

According to the law, foreign investors will receive the citizenship in case they invest $1.5 million in Turkey.

The Turkish government approved on January 12 amendments to the law on granting the Turkish nationality to foreigners. The new amendments stipulate granting the citizenship to those who buy immovable properties worth more than 2 million dollars and who don’t sell them within the next three years.

Under the new amendments, foreigners will acquire the Turkish nationality if they invest no less than 550,000 dollars or deposit 3 million in Turkish banks.

Businessmen who employ more than 100 Turkish citizens in their projects are also entitled to acquire the nationality.

The amendments were introduced after Turkey suffered from lack of foreign investments as a result of the failed coup against President Recep Tayyip Erdogan last July and several terrorist attacks that have struck the country.

But following the recent referendum on granting Erdogan more powers, Turkey has become more attractive for investors, Saudi businessmen said.

The future of the real estate sector looks more promising, they said.

Around 4,270 properties were sold in the first three months of 2017. Iraqis topped the list of buyers, followed by Saudis and Kuwaitis.