According to a decree, the Turkish government has revised the rules for foreigners seeking citizenship in order to protect the lira, the country's currency.
Foreigners who make a specific investment in the country, such as buying real estate or making a fixed capital investment, may be eligible for Turkish citizenship, according to a decree issued in the official gazette, according to the State media.
Foreigners who possess real estate in Turkey worth at least $250,000 and have owned it for at least three years, for example, will be entitled to obtain Turkish citizenship. The foreign cash gained through the sale of property to foreigners will now be sold to the central bank through a local bank and converted into Turkish lira, according to the new regulation.
It was also said that the currency that foreigners maintain in the bank for investment purposes would be transformed into the local currency. The regulation comes in the midst of Turkey's currency crisis.
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