Shooooo! Turkey offers citizenship to foreign property buyers worth 1m$

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 urkey has changed its law to offer citizenship to foreigners who buy property worth at least $1m in the country.

The decree on the changes published in Turkey’s Official Gazette on Thursday also grants citizenship to foreigners who make a fixed capital investment of at least $2m,
keep at least $3m in a bank account for at least three years or create at least 100 jobs in the country.

Ugur Civelek, a Turkish economist and columnist, said the changes mainly sought to increase property sales, a crucial part of the Turkish economy and a financial sector suffering from excess supply.
“The excess supply in the real-estate market creates vulnerabilities in the country’s financial sector.

 The real estate’s share in total bank loans is very large and keeps on increasing. A sharp fall in the real-estate business might push Turkish economy into debris,” Civelek told Al Jazeera.

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