Turkish Citizenship By Bank Deposit; The procedure and principles regarding acquisition of Turkish citizenship are regulated under 5901 numbered Law on Turkish Citizenship and under the Regulation to the Implementation of the Law on Turkish Citizenship. It is possible to acquire Turkish citizenship by exceptional means upon resolution of the President of Republic of Turkey, provided that the conditions specified in the relevant law are met by the applicant.
The acquisition of Turkish citizenship through exceptional means in subsequent stages is possible if the applicant willing to obtain Turkish citizenship has fulfilled at least one of the investment types specified in Article 20 of the Regulation on the Implementation of Turkish Citizenship Law. However it is important to emphasize that having conducted such an investment and fulfillment of the relevant legal requirements does not directly enable the acquisition of Turkish citizenship; the power of discretion of the administration is exercised in the acquisition of Turkish citizenship.
Fixed capital investment, purchase of a real estate property, providing employment, depositing money into a bank account, investment in treasury bonds or any type of government loan instruments, investment in real estate participation fund and capital investment trusts fund share, investment in private pension system separately are the ways that can lead the applicant to become a Turkish citizenship if the applicant meets the conditions specified in the legislation. Within this Article, we will be providing to our client candidates Acquisition of Turkish citizenship by bank deposit.
How Much Investment Required for Turkish Citizenship?
In accordance with the Regulation to the Implementation of the Law on Turkish Citizenship, a foreign individual who deposits an amount of at least 500,000 US Dollars or its equivalent amount in the foreign currency in banks operating in Turkey, with the condition of keeping the deposit for a period of three years, can exceptionally acquire Turkish citizenship.
The mentioned amount must be convertible and equivalent to minimum 500,000 USD. In the case of jointly opened accounts at a bank operating in Turkey, citizenship can also be granted through a joint account if the foreign applicant’s account partner provides explicit consent that the funds will not be withdrawn from the bank for a period of three years and that the amount will not decrease.
If a currency other than US Dollars is deposited in a bank operating in Turkey for the purpose of acquiring Turkish citizenship, the equivalent in US Dollars at the date of account opening is taken into account, and in terms of citizenship requirements, it is expected that the amount remains the same throughout the period of three years. In other words, exchange rate fluctuations that may occur during the three year period are not considered for the fulfillment of citizenship requirements.
When individuals deposit funds in banks to acquire Turkish citizenship, banks apply a blocking procedure according to the individuals’ requests. However, these amounts can be withdrawn by the applicant at any time.
Nevertheless, if the amount in the account is withdrawn by the applicant, this situation is immediately reported by the bank to the Banking Regulation and Supervision Agency, which then informs the General Directorate of Population and Citizenship Affairs under the Ministry of Interior and the General Directorate of Provincial Migration Administration. Such a withdrawal leads to the immediate termination of the process related to acquiring Turkish citizenship.
Is it possible to benefit from the returns of the money within three years after transferring it to the account?
Yes, in order to acquire Turkish citizenship, it is required to maintain the deposit of 500,000 US Dollars or the equivalent foreign currency amount in the bank account without decreasing it for a period of three years. During mentioned three years period, depending on the agreement with the respective bank and the type of account opened, it will be possible for the applicant to benefit from the interest, profit share, or similar returns arising from the relevant deposit and participation fund provided that the deposited amount shall not fall below the amount of 500,000 US Dollars.
Can I use an already existing amount in the bank as the basis for my citizenship application?
It is possible to utilize the deposit in a bank operating in Turkey as the basis for a citizenship application. However, the period that the amount rested before the Turkish citizenship application by bank deposit, cannot be considered as the basis for the citizenship application.
Can I transfer the amount from abroad?
Yes, the amount of 500,000 US Dollars can be transferred from abroad.
How is the Procedure for Acquiring Turkish Citizenship By Bank Deposit?
For the acquisition of Turkish citizenship through investment, it is required to carry out the investment specified in the regulation and obtain the relevant eligibility certificate (certificate of conformity), as well as obtain a short-term residence permit in accordance with Article 31/1-j of the 6458 numbered Law on Foreigners and International Protection, in a manner compliant with Article 32 of the same law, and to apply to the relevant Authority, namely the offices of the Directorate General of Migration Management in Istanbul or Ankara, to acquire Turkish citizenship.
Regarding the foreign individual applying to acquire Turkish citizenship, a file containing the documents requested for the application is prepared by the authorities upon the written instruction of the Ministry of Interior. These documents are listed in Article 20/3 of the Regulation on the Implementation the Law on Turkish Citizenship.
Once the file is completed, it is sent to the Ministry of Interior for issuance of a decision. The Ministry of Interior conveys individuals who are determined not to pose a threat in terms of national security and public order to the President and Turkish citizenship is acquired through resolution of the President of Turkish Republic.
In the case of an investment made by a foreign individual applying for Turkish citizenship, their family can also acquire Turkish citizenship. There is no need to make separate investments for each family member or to apply for a short-term residence permit separately for each family member. When applying for the acquisition of Turkish citizenship through investment, foreign individuals can apply on behalf of their family members, including their spouse and children under the age of 18.
Documents Required for Short-term Residence Permit Application in Turkey
The foreign individual willing to apply for Turkish citizenship by bank deposit must first enter to Turkey with a valid visa or through visa exemption.
Subsequently, after the foreign individual’s valid entry to Turkey with a visa or visa exemption, they must apply online for a short-term residence permit within a short time period. In accordance with the 6458 numbered Law on Foreigners and International Protection, short-term residence permits can be granted to foreigners who will not work in Turkey but will make investments within the scope and amount to be determined by the President, as well as to their spouses and their dependent foreign children or their spouses’ dependent foreign children.
By stating one or more of the reasons listed in the first paragraph of Article 31 and submitting the relevant documents related to the request and type of acquisition of Turkish citizenship through exceptional means, providing the address information where they will stay in Turkey, and presenting a document indicating the criminal record issued by the competent authorities of the country of nationality or legal residence upon request by Turkish authorities, a short-term residence permit can be granted to the foreign applicants.
The necessary documents for a short-term residence permit are kindly listed below:
- Valid visa.
- A notarized Turkish translation of the passport, along with the original passport with validity during the residence permit period.
- 4 passport-sized photos.
- A private health insurance valid for the duration of the residence permit.
- Address information. During the online residence permit application, the foreign individual is required to provide their residential address in Turkey. This address can be that of a hotel, but providing a notarized lease agreement, title deed document, or workplace address can be beneficial for the application.
- The eligibility certificate (certificate of conformity) required for the investment to be made must be presented. Eligibility certificate shall be obtained from the Banking Regulation and Supervision Agency – Financial Consumer Affairs Department.
- Evidence of payment for the fee and card.
- Power of attorney.
- Residence permit application form.
Documents Required for Turkish Citizenship by Bank Deposit
- VAT-4 application form.
- Notarized original copy of the passport translation.
- Two biometric photographs.
- An apostilled copy of the population registration document obtained from the country of nationality of the applicant, along with a notarized Turkish translation.
- An apostilled copy of the birth certificate from the country of nationality of the applicant, along with a notarized Turkish translation.
- An apostilled copy of the marital status certificate proving whether the foreign applicant is single, married, divorced, or widowed, along with a notarized Turkish translation. Depending on the applicant’s marital status, additional documents may also need to be submitted. For instance, if the applicant is married, the marriage certificate and a copy of the population registration showing the spouse and children must be provided. If the applicant intends for their children to also acquire Turkish citizenship, a document showing parental consent obtained from the competent authority where the other parent resides is also required. If the foreign applicant is divorced, the divorce certificate and court decision related to divorce and finalization statement should be presented. In case of the foreign investor being widowed, the death certificate of the spouse is required to be presented. All these documents must be apostilled. After translation, the documents will also be notarized by a notary public based in Turkey.
- Receipt indicating the payment of the service fee to the Revenue Office.
Our Services Related to Acquisition of Turkish Citizenship by Bank Deposit
- Translation and notarization of passport and required documents for the applications.
- Obtaining tax identification number for the client.
- Opening a bank account for client and assisting client for depositing the amount of 500,000 USD to a bank operating in Turkey, handling required transactions and preparing the documentation.
- Obtaining certificate of conformity from Banking Regulation and Supervision Agency (BDDK).
- Filing for short-term residence permit before the Provincial Directorate of Migration Management.
- Filing for Turkish citizenship by bank deposit before the General Directorate of Population and Citizenship Affairs.
What Should I do if my citizenship application is rejected?
In cases where the conditions specified in the relevant legal regulations cannot be met, incomplete documentation is submitted, or at the discretion of the administration, a citizenship application may be rejected. The foreign individual whose application is rejected can file a lawsuit before the relevant administrative court to challenge the legality of the rejection decision, providing reasons and evidence stating reasons of why the decision is unlawful.
Following the notification of the relevant rejection decision to the foreign applicant, within 60 days, the individual can directly initiate a cancellation lawsuit before the administrative courts located where the authority that rejected the application is situated. Prior to filing a cancellation lawsuit, the foreign individual can also make an administrative appeal within 60 days to request the removal of the rejection decision.
Such an appeal suspends the period for filing an administrative lawsuit. If no response is provided to this appeal within 30 days, the applicant’s request is considered as rejected. Following the rejection of this request, the foreign individual has the right also to file a cancellation lawsuit at the administrative courts. Our law firm in Turkey also handles these procedures for our clients efficiently.
Reach Us for Turkish Citizenship by Bank Deposit
In the evolving landscape of immigration and citizenship in Turkey, the concept of obtaining Turkish citizenship by means of exceptional procedures has garnered significant attention in the last couple of years. As individuals and families seek enhanced global mobility, expanded business and investment opportunities and improved quality of life, law firms specializing in acquisition of Turkish citizenship have become instrumental in navigating the complex legal procedures and requirements.
Among these firms, our law firm in Turkey stands out as a pioneering establishment, offering a wide range of legal services tailored to acquiring Turkish citizenship by bank deposits. One of the central services offered by our law firm in Turkey is assisting foreigners in obtaining Turkish citizenship by making a bank deposit. This novel approach entails depositing a minimum amount as stipulated by the Turkish government, into a designated Turkish bank account.
The primary purpose behind this requirement is to encourage foreign investors to inject capital into the Turkish economy contributing to its’ growth and development. Our law firm in Turkey offers a holistic approach to the Turkish citizenship acquisition process. We guide our clients and client candidates through the intricacies of setting up a Turkish bank account, complying with the financial and immigration regulations, and fulfilling documentation requirements. Our personalized services ensure that clients understand the entire process, from the initial application to the successful acquisition of Turkish citizenship. Should you require further information, please kindly reach us for Turkish citizenship by bank deposit.