Foreigners, Except Armenians, Purchasing at Least $300,000 Worth of Real Estate in Turkey Can Obtain Turkish Citizenship
Turkish authorities have changed the procedure and lowered the amount for buying real estate in Turkey and being granted Turkish citizenship, in return.
As News.am reports, referring to Diken news website, under a new law that will come into force in May 2018, a foreigner who purchases at least $300,000 worth of real estate in Turkey can obtain Turkish citizenship without any conditions.
In the past, Turkish citizenship was granted to those who purchase at least $1 million worth of real estate. But the authorities have realized that most real estate being sold in Turkey costs in the whereabouts of $300 thousand.
Turkish authorities are resorting to this measure, since the rates of real estate sales are dropping in country.
Armenian and North Korean citizens in Turkey, however, cannot purchase real estate in the country.
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