More than 9,000 foreign investors have gained Turkish citizenship with the legislative amendments that make it possible for foreigners to acquire it with a $500,000 (TL 3.38 million) investment.
A tweet by General Directorate of Population and Citizenship Affairs said Thursday that 9,011 foreign investors have been granted citizenship since the amendment was introduced. The investors have brought about $3.2 billion worth of investments to the country.
The rise comes as a result of the amendment initially introduced on Sept. 19, 2018, that eased the way for foreign investors to gain Turkish citizenship.
According to the regulation, foreigners who own real estate in Turkey worth a minimum of $250,000, instead of the previous limit of $1 million, can now acquire Turkish citizenship. Also, the lower limit of fixed capital investments to acquire Turkish citizenship for foreigners was reduced to $500,000 from $2 million.