Turkish President Recep Tayyip Erdogan addresses a meeting of local administrators in Ankara, Turkey, Wednesday, April 6, 2016. (Yasin Bulbul/Presidential Press Service, Pool via AP)
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Turkey 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 need only 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 dollars, the decree published in the Official Gazette said.Meanwhile 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 necessary of $1 million.Erdogan also met with representatives of U.S. companies working in Turkey at his presidential palace in Ankara.
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