How to Become Turkish Citizen by Bank Deposit?

Turkish Citizenship By Bank Deposit

Living in Turkey can be equated to the pampering of one’s life with grandiloquent scenes, surrounding with fantastic views, munching on flavorsome food, and being greeted by affectionate neighbors. The people of Turkey live a jazzy and quality life compared to the citizens of many countries. Also, the country is of prime geo-strategic importance, since it lies on the cross-border of Europe and Asia. Who wouldn’t wish to live in such a positive place? A country, Euro-Asia, and not to mention, the entrance to Turkey was never easier with the latest programs allowing citizenship. And, most significantly, foreign business opportunities here are simply awesome, and investing in Turkey is profitable.

With the amendment, the regulation for applying the Turkish Citizenship Code provides a foreign individual with a lot of options for investment to become eligible in order to be able to acquire Turkish Citizenship for himself and his family. In such a case, it is deemed that the spouse and children of the applicant who is under 18 years old will also be granted Turkish citizenship if one of the following investment options is proceeded under duly required conditions.

One of such investment options is a bank deposit. In this alternative, the applicant must deposit, at least 500,000 USD or its equivalent currency into the banks operating in Turkey and keep this deposit in the bank for 3 years. This amount shall be convertible and equivalent to USD 500,000 (freely convertible into foreign exchange other than the currency of China and precious metals by the Central Bank of the Republic of Turkey).

Who Can Apply?

Only foreign individuals can make a deposit for citizenship application purposes. Therefore, foreign individuals who deposit a certain amount of money into a bank operating in Turkey, subject to certain conditions, can become Turkish citizens.

Family Members in the Case of Acquiring Turkish Citizenship through Bank Deposit

The spouse of the foreign individual who makes the deposit for citizenship application purposes, as well as their dependent or minor children, can also apply for citizenship by opening a bank account in Turkey. However, for adult children, a different method must be followed to apply for citizenship.

Managing the Process with a Lawyer

It is possible to appoint a special authorized representative to manage the process of acquiring Turkish citizenship through bank deposit. The tasks that can be performed by the representative on behalf of the foreign citizen include opening an account at the bank in compliance with the regulations and providing necessary information and documents, depositing the required amount for citizenship application, managing the identification of the account, and signing the necessary documents.

Foreigners are not required to deposit the specified amount in a bank account opened only in one of the banks operational in Turkey. The applicant may apply for Turkish citizenship in case it is ascertained that a total amount of deposits, opened at banks operating in Turkey, provides 500,000 USD.

Stages for Turkish citizenship by cash deposit in the bank:

1. Getting tax number
2. Opening investment account
3. Deposit money in the bank
4. Application for certificate of conformity
5. Application residency
6. Application for Turkish citizenship
7. Application for Turkish ID Card and passport

Stage 1: Get the Tax Number

The first step in obtaining Turkish citizenship by bank deposit is acquiring a tax number, which is crucial for every registration and financial transaction in Turkey. Each individual is assigned a unique tax identification number. Foreigners need this number to open bank accounts, purchase property, subscribe to utilities, issue insurances, access health services, execute notarial processes, and apply for residence permits. You can obtain a tax number from any tax office in Turkey or via the interactive tax office’s website. Required documents include passport details and the names of both parents.

Stage 2: Open Investment Account

After securing a tax number, the next step is to open an investment account. Essential documents for account opening include a passport, an official tax registration document with a Turkish address declaration.

Stage 3: Deposit Money in Bank

In this stage, the applicant must deposit either $500,000, its equivalent in Turkish Lira, or an equivalent value in a convertible foreign currency as determined by the Central Bank of the Republic of Turkey or precious metals. The deposit must be convertible and equivalent to $500,000. The amount is to be blocked in a Turkish bank for three years, but it remains accessible to the owner. If the amount is withdrawn or falls below $500,000, the bank will notify the Banking Regulation and Supervision Agency (BRSA), which will then inform the Ministry of Internal Affairs to start the citizenship cancellation process. The deposited amount can be transferred from abroad or be declared funds already present in Turkey, adhering to international and national regulations related to counter-terrorism and anti-money laundering.

Stage 4: Application For Certificate of Conformity

The fourth stage involves applying for a certificate of conformity. After opening a bank account, several documents must be signed by the investor or their proxy, including a written contract, an order to block, a letter of consent, and the investor’s passport. These documents are submitted to the BRSA by the bank, which in turn notifies the General Directorate of Population and Citizenship Affairs and the Directorate General of Migration Management. The bank shares this documentation with the customer, who can then submit their application in person or through a proxy to the respective directorates, along with the proof provided by the BRSA.

Stage 5: Application for Residency

The application for a residence permit is the fifth stage in obtaining Turkish citizenship through bank deposit investment. This residence permit, valid for one year, is issued to the investor first, while other family members must wait until their citizenship application concludes. If other family members need a residence permit, they must enter Turkey with a valid visa. The investor is also required to visit Turkey to obtain this permit. Required documents for an investor residence permit include:

1. Notary-certified translations of passports
2. Certificate of Conformity
3. Two biometric photos and one jpeg version (50×60 mm, white background)
4. Valid health insurance covering the intended duration of the residence permit
5. Receipt for the residence permit fee from the tax office
6. Investor’s passport visa page (if applicable)

Stage 6: Application for Turkish Citizenship

The sixth stage involves applying for Turkish citizenship. An investor can reclaim their investment and any legal revenues after three years. The citizenship process typically takes 3-4 months following the submission of the application. Investors do not need to renounce their current citizenships, as Turkey allows dual citizenship. After three years, the investor can either withdraw their investment or sell it. The citizenship granted is lifelong, and any children born will be Turkish citizens. Documents required for the citizenship application include:

1. Scanned copies of the passports of all applicants
2. One of the following: Family Registration Document, Birth Certificate (if no family registration form is available) including date of birth, place of birth, and parent’s names
3. Marital status certificate, Marriage certificate, Single certificate, Divorce certificate, Death certificate of spouse
4. Six photos for each adult applicant and two photos for each child (biometric, 50x60mm, white background, identified, plus one jpeg photo)

Stage 7: Application for Turkish ID Card and Passport

The final stage is the application for a Turkish ID card and passport. Investors with a settlement address in Turkey can collect these documents from the Provincial Directorate of Census and Citizenship. Otherwise, applicants can obtain their ID and passport through the Turkish embassy in their region by registering their fingerprints.

Additional Details on Turkish Citizenship by Bank Deposit: Foreigners must deposit at least $500,000 or its equivalent in foreign currency or Turkish Liras in Turkish banks, maintaining the deposit for at least three years. The deposited amount must be convertible and equivalent to $500,000. This deposit does not need to be in a single bank. Foreigners can distribute the deposit across multiple banks in Turkey as long as the total equals $500,000 and is maintained for the required period. Joint accounts are permissible if co-holders agree to maintain the deposit for the required duration.

Here are some key points about obtaining Turkish citizenship by bank deposit:

1. Flexibility in Investment Types: You can change the currency or type of investment specified in the regulation, such as purchasing real estate investment fund shares or capital investment trust fund shares worth at least $500,000. However, if you choose to shift your investment, this transition must be instantaneous and without interruption for a three-year period. If there’s an interruption, the Banking Regulation and Supervision Agency (BRA) will promptly inform the Ministry of Internal Affairs.

2. Earning from the Investment: During the three-year period, you may earn interest, dividends, and other returns from your deposited funds, based on the contracts executed with the banks and the type of account held. Importantly, the deposited amount should never fall below $500,000.

3. Currency Considerations: If you deposit a currency other than the U.S. dollar in Turkish banks, the U.S. Dollar equivalent at the time of account opening will be determined. The deposited funds are then expected to be maintained at the same equivalent rate for three years.

4. No Restrictions on the Account: It’s crucial that there be no restrictions such as sequestration or other legal limitations on the deposit account. Any restrictions must be reported to the Ministry of Internal Affairs.

Benefits of Turkish Citizenship by Bank Deposit:

1. Freedom in Turkey: This citizenship allows you and your family to live, work, and study freely in Turkey.
2. Streamlined Citizenship Process: It provides a quick and straightforward path to acquiring citizenship.
3. Family Reunification: Your family can join you and benefit from the citizenship.
4. Visa Advantages: It facilitates easier access to Schengen visas and the E2 visa for the USA.
5. Dual Citizenship: Turkey allows dual citizenship, providing broader international mobility.
6. Profitable Investment: The investment can yield profitable returns.
7. Visa-Free Travel: Offers extensive visa-free or visa-on-arrival travel to many countries.

Suitable Banks for Turkish Citizenship by Bank Deposit

The deposit must be made in a bank that is established within the Republic of Turkey. Amounts deposited in foreign branches, subsidiaries, or representative offices of Turkish banks are not eligible for citizenship applications. If the account is jointly held, such as with a spouse, the other account holder must agree that the funds will not be withdrawn or reduced for three years.

Eligibility for Citizenship by Bank Deposit

Any real person can apply for Turkish citizenship by opening an account in a bank operating within Turkey and depositing $500,000, provided that this amount remains untouched for three years. The applicant’s spouse and children under 18 can also become eligible for citizenship through the same account. The investment must be approved by the Banking Regulation and Supervision Agency.

Processing Time for Acquiring Turkish Citizenship through Bank Deposit

There is no specific time limit for obtaining an eligibility certificate, residence permit, or finalizing a citizenship application through bank deposit. To expedite the process, “Joint Service” units have been established between public institutions. Considering security checks, bureaucratic procedures, and other factors, the application for acquiring Turkish citizenship through bank deposit is estimated to take an average of 4 to 6 months to be finalized.

Other Ways to Obtain Turkish Citizenship

Turkey offers various pathways to citizenship, including:

1. Turkish Citizenship by Investment (Click for details): Options include:
2. Investing in property worth at least $400,000.
3. Making a fixed capital investment of at least $500,000.
4. Employing at least 50 people.
5. Depositing at least $500,000 in Turkish banks, under the condition that the deposit is not withdrawn for three years.
6. Purchasing government debt securities worth at least $500,000, to be held for at least three years.
7. Buying shares in a real estate investment fund or venture capital investment fund worth at least $500,000, with a holding period of three years.
8. Company Registration in Turkey & Work Permit: This route requires a work permit and company registration for five years.
9. Citizenship by Birth or Marriage.

Conclusion About Turkish Citizenship by Bank Deposit

Turkey, with its pleasant climate, modern infrastructure, strong family culture, and robust economy, is highly attractive to immigrants. The straightforward pathway of citizenship through bank deposit is particularly appealing for those seeking a new life in Turkey, offering significant benefits such as the power of a Turkish passport and the ability to live freely within the country. Your and your family’s life could transform significantly with Turkish citizenship.