Turkey offers citizenship in exchange for investment

Turkey property

Turkey has launched a citizenship program for high net worth individuals in a bid to boost foreign exchange reserves and boost its economy.

Joining other countries with similar programs in the region, such as Greece and Cyprus, Turkey will provide investors with the Turkish nationality if they invest between $1-$3 million in real estate, shares of Turkish companies or government bonds. Investors will then be requires to retain the investments for three years, according to a announcement published in Turkey’s government gazette last month.

Turkey already offers residency to foreigners who buy property in the country but that permit is valid only for six months before it needs to be renewed.