A price hike for foreigners seeking citizenship through real estate investment is the latest attempt by the Turkish government to ease the country’s financial woes.

The move is estimated to help Turkey overcome its current account deficit and change the profile of foreign investors.

“Only up to June 3 you can apply for Turkish citizenship by investing $250,000. Obtain a Turkish passport and citizenship in the most prestigious projects in Istanbul,” a popular advertisement reads.

Amid widespread criticism of skyrocketing house prices in the country, which has hit Turkish nationals the most, the government recently raised the amount that foreigners must invest in property in order to become eligible for citizenship.

Accordingly, any foreign national who buys real estate worth at least $400,000 — raised from $250,000 in the previous legislation — can get Turkish citizenship. The money should be deposited to a Turkish bank, and the house should not be sold for three years.

Foreign nationals who fulfill this condition, as well as their spouses and children below 18, automatically receive Turkish passports.

The purchase of housing by foreigners is expected to ease Turkey’s widening current account deficit and support the real estate sector, as well as construction companies.

Turkey’s budget deficit tripled in April compared with the previous year and the fiscal gap reached 50.2 billion liras ($3.23 billion). The country also posted a current account deficit of $5.5 billion.

Foreign nationals who join the private pension system with at least $500,000 or foreign equivalent and stay within the system for three years are also entitled to obtain Turkish citizenship.

Foreign businessmen who provide employment opportunities for 50 people in Turkey or those depositing $500,000 to Turkish banks without withdrawing it for three years can also get Turkish citizenship, according to the amended law.

The legislative change will apply from June 13.

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