Ankara cuts investment criteria for foreigners seeking Turkish citizenship

Ankara on Wednesday made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship, according to a decree from President Recep Tayyip Erdogan. Foreigners now only need to have $500,000 deposits in Turkish banks, down from $3 million before, while fixed capital investment was reduced from $2 million to $500,000, AFP reported, citing the decree published in the Official Gazette. Individuals can obtain citizenship if they employ 50 people, down from the previous 100, while those who own property worth $250,000 can become Turkish citizens, compared to the previous value of $1 million. The decree is the latest in a series in what appears to be a bid to prop up the embattled Turkish lira and the economy which slowed down in the second quarter.