How to Become Turkish Citizen by Bank Deposit?
Discover how to obtain Turkish citizenship by depositing a certain amount of money in a bank account in Turkey, including application requirements and process.
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.
YUVAM Bank Account
Opening a YUVAM account can provide significant benefits for Turkish citizens living abroad or foreign investors. YUVAM accounts offer protection against exchange rate fluctuations, additional returns on savings, and tax-free earnings. These accounts can be opened for 3, 6, 12, or 24 months, with the Central Bank of Turkey providing extra returns based on the term length. For example, a 24-month YUVAM account offers a 6% annual return. You can open multiple accounts and renew them as needed, even through online banking if you don’t have an account in Turkey.
For those applying for Turkish citizenship through bank investment, it’s important to note that YUVAM accounts have a maximum term of 24 months. If you need to keep your investment for 3 years to meet citizenship requirements, you can extend your existing YUVAM account for another 12 months after the initial 24 months end. This ensures you can fulfill the 36-month requirement without any issues, allowing you to withdraw your money with returns once the period is complete.
More info: What is YUVAM Account and How Can I Benefit?
Stages for Turkish citizenship by cash deposit in the bank:
- Getting tax number
- Opening investment account
- Deposit money in the bank
- Application for certificate of conformity
- Application residency
- Application for Turkish citizenship
- Application for Turkish ID Card and passport
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:
- Freedom in Turkey: This citizenship allows you and your family to live, work, and study freely in Turkey.
- Streamlined Citizenship Process: It provides a quick and straightforward path to acquiring citizenship.
- Family Reunification: Your family can join you and benefit from the citizenship.
- Visa Advantages: It facilitates easier access to Schengen visas and the E2 visa for the USA.
- Dual Citizenship: Turkey allows dual citizenship, providing broader international mobility.
- Profitable Investment: The investment can yield profitable returns.
- 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:
- Turkish Citizenship by Investment (Click for details): Options include:
- Investing in property worth at least $400,000.
- Making a fixed capital investment of at least $500,000.
- Employing at least 50 people.
- Depositing at least $500,000 in Turkish banks, under the condition that the deposit is not withdrawn for three years.
- Purchasing government debt securities worth at least $500,000, to be held for at least three years.
- 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.
- Company Registration in Turkey & Work Permit: This route requires a work permit and company registration for five years.
- 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.
