A note recently issued by the Turkish Government has confirmed that foreigners who buy property worth at least $1million can obtain Turkish citizenship. The note confirms that citizenship will also be offered to foreigners who deposit a minimum of $3million in Turkish banks on the condition that they do not withdraw it for 3 years.
Foreign investment in real estate is on the decline in Turkey due largely to security concerns. Russians, Kuwaitis, Saudis, and Iraqis are the biggest investors and it remains to be seen whether the “carrot” of citizenship will be enough to halt the decline.
This article features in the Hughes Paddison Property Disputes Update. View the newsletter here.
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