Turkey has cracked down on a loophole allowing foreigners to secure citizenship at below the going rate by purchasing property and then receiving cashback on the deal, Reuters reported on Thursday. Under the scheme, foreign buyers would pay an inflated price of $250,000 for a home, the minimum investment required to be eligible for a Turkish passport, before receiving as much as $100,000 back from the construction company. However, new regulations introduced last month sees the land registry office appoint an independent appraiser to properties, thwarting efforts to artificially meet the foreign investment threshold, Reuters said. Ibrahim Babacan, chairman of Babacan Holding, told the news agency that the new rules were likely to six of his ten recent sales to foreigners cancelled. “The customer buys the property with the aim of citizenship but when the appraiser reports a lower valuation, he cancels the contract,” he said. Turkey has become an increasingly popular property market for affluent individuals from countries such as Iraq, Iran, and Russia. Government figures show as many as 7,000 foreigners received Turkish citizenship through investing in homes between 2017 and 2020, Reuters said.