Turkey cuts investment criteria for foreigners seeking citizenship

Foreigners now need only to have $500,000 deposits in Turkish banks. (File/AFP)
Updated 19 September 2018

Turkey cuts investment criteria for foreigners seeking citizenship

  • Turkey made it easier for foreigners to become Turkish citizens by cutting the financial and investment criteria required for citizenship
  • Foreigners now need only to have $500,000 deposits in Turkish banks

ANKARA: Turkey on 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.
The decree is the latest in a series by Erdogan in what appears to be a bid to prop up the embattled Turkish lira and the economy which slowed down in the second quarter.
Last week, the president ordered that contracts for the sale, rent and leasing of property in or indexed to foreign currencies would not be allowed.
The Turkish currency fell against the US dollar drastically in August after one of the most bitter spats between Ankara and Washington over the detention of an American pastor.
The lira lost nearly a quarter in value against the greenback in August.
But there had been investor concerns over domestic economic policy and Erdogan’s continued opposition to high interest rates, although the central bank aggressively hiked its main policy rate 6.25 percent to 24 percent last week.
Erdogan will later meet with representatives of American companies working in Turkey at 1500 GMT at his presidential palace in Ankara, according to the presidential website.
He will meet with 30 senior executives, according to HaberTurk daily, including representatives from Microsoft and Google.


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.