Turkish authorities are preparing to revoke the citizenship of 687 foreign nationals after uncovering what officials describe as a large‑scale scheme involving fraudulent real estate transactions used to obtain Turkish citizenship.
Justice Minister Akin Gürlek announced that coordinated raids were carried out across 16 provinces, with operations centred in Istanbul. Of the 90 suspects targeted, 72 were detained as part of an expanding investigation into an organised criminal network accused of manipulating Turkey's citizenship‑by‑investment program.
According to Gürlek, the network allegedly inflated the value of inexpensive properties using falsified appraisal reports, then arranged sham sales designed to meet the minimum investment threshold required for citizenship. Investigators say the scheme effectively bypassed the program’s financial requirements.
Authorities estimate that roughly ₺2.5 billion ($52.6 million) in investment capital that should have entered Turkey never materialised. Instead, officials say they uncovered fabricated financial transfers while suspects allegedly profited from foreign nationals seeking expedited citizenship.
As part of the operation, authorities seized seven companies and appointed trustees to oversee them. They also confiscated 1,045 properties, a hotel in Bodrum, 15 vehicles, a yacht, and 10 bank accounts believed to be linked to the scheme.
Turkey's citizenship‑by‑investment program has undergone several changes since its introduction. In September 2018, the minimum real estate investment requirement was reduced from $1 million to $250,000 to attract foreign capital. The threshold was later raised to $400,000 in June 2022, while maintaining the three‑year no‑sale condition for qualifying properties.
Officials say the investigation is ongoing and further legal action is expected as authorities work to dismantle the network and assess the full scope of the alleged fraud.
