January 7, 2022
1 min read

Turkey changes regulation for granting citizenship

The Turkish government has changed the regulation for foreigners to acquire citizenship in a bid to support the national currency, or the lira, according to a decree…reports Asian Lite News

Foreigners who make a certain investment in the country, buy real estate or make a fixed capital investment could get Turkish citizenship, Xinhua news agency quoted the decree issued in the official gazette as saying.

For example, foreigners who own real estate in Turkey worth at least $250,000 and hold the property for at least three years will be able to acquire Turkish citizenship.

ALSO READ: Turkey’s annual inflation surged to 36.08 percent, highest in 20 years

According to the new regulation, the foreign currency obtained from the sale of the property to foreigners will be sold to the central bank through a local bank and converted into Turkish lira.

The currency that foreigners keep in the bank for investment will also be converted into the local currency, it said.

The regulation comes amid the currency turmoil in Turkey.

Previous Story

No women allowed in Afghan coffee shops

Next Story

Dubai offers $100 million for the world’s largest blue sapphire found in Sri Lanka

Latest from Arab News

Iran Calls on India to Break Sanctions Barrier 

Calls grow louder from Iran’s industry leaders for India and international bodies to mediate financial and shipping barriers imposed by Western sanctions.  Top Iranian manufacturers are appealing to India and global organisations

India, Saudi Hold Inaugural Army Staff Talks 

A key highlight of the talks was the exploration of collaboration in operational logistics, battlefield management systems, and niche technologies.  The inaugural Army-to-Army Staff Talks (AAST) between the Indian Army and the

Arab World Condemns Kashmir Terror Attack 

The Arab world has strongly condemned the deadly terrorist attack in Pahalgam, with leaders from Kuwait, Saudi Arabia, the UAE, Qatar, Iraq, Jordan, and the broader League of Arab States offering condolences

Virgin Atlantic Launches Heathrow–Riyadh Route

With Riyadh rapidly evolving into a dynamic hub for commerce, tourism, and cultural exploration, the new route strengthens the city’s position as a gateway to the Kingdom’s diverse offerings King Khalid International
Go toTop

Don't Miss

Iran demands ‘verifiable guarantees’ for possible nuclear deal

Iranian Ambassador to the United Nations, Majid Takht-Ravanchi, said his

Trump seeks to keep records from Capitol riot probe panel

The court at the time of its ruling halted the