This article provides a comprehensive analysis of acquiring Turkish citizenship by bank deposit. The present article will shed light on the relevant legal framework, procedural requirements and related administrative practices involved in this acquisition process.
The option for foreign nationals to acquire Turkish citizenship by bank deposit aligns directly with Turkey\'s international investment policies, significantly contributing to the nation's economic growth and global competitiveness. This citizenship acquisition program integrates various legal domains, including Foreign Investment Law, Immigration Law and Citizenship Law. Due to the evolving legislative and administrative landscape governing this process, a thorough and ongoing legal evaluation is essential.
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Legal Basis
The acquisition of Turkish citizenship by bank deposit is primarily formulated under Article 12 of the Turkish Citizenship Law Numbered 5901, titled \"Exceptional Cases in Acquisition of Turkish Citizenship\". This article stipulates that, provided there is no threat to national security and public order, foreign nationals who meet the specified criteria may be granted Turkish citizenship by decision of the President.
The detailed provisions regarding this regulation are outlined in the Regulation on the Implementation of the Turkish Citizenship Law. Particularly Article 20, paragraph 2(ç) of the Regulation explicitly states: A foreigner who is determined by the Banking Regulation and Supervision Agency to have deposited at least USD 500,000 or its equivalent in foreign currency in banks operating in Turkey, provided that he/she keeps the deposit for three years, may acquire Turkish citizenship by Presidential decree within the scope of subparagraph (b) of the first paragraph of Article 12 of the Law
How to Get Get Turkish Citizenship by Bank Deposit?
This section provides a general overview of the legal framework and fundamental aspects of the practice that allows foreign nationals to acquire Turkish citizenship by depositing a specified amount of foreign currency in banks.
The acquisition of Turkish citizenship by deposit of a certain amount of foreign currency in a Turkish bank is a practice granted by presidential decision under Article 12 of the Turkish Citizenship Law No. 5901 and is classified as an exceptional form of citizenship based on investment. This method enables foreign nationals who do not engage in any employment activity in Turkey but contribute a specified amount of economic value to obtain citizenship, provided that certain conditions are met.
What are Conditions For Turkish Citizenship by Bank Deposit?
How Much Investment is Required for Turkish Citizenship?
According to subparagraph (ç) of paragraph 2 of Article 20 of the Regulation on the Implementation of the Turkish Citizenship Law, a foreign national who deposits at least 500,000 US Dollars or an equivalent amount in foreign currency in banks operating in Turkey, on the condition that the deposit is maintained for a minimum of three years, as determined by the Banking Regulation and Supervision Agency [BDDK], may acquire Turkish citizenship by decision of the President, within the scope of subparagraph (b) of the first paragraph of Article 12 of the Law.
According to paragraph 10 of Article 20 of the same regulation, the foreign currency amounts stated in subparagraphs (b), (ç), (d), (e), and (f) of the second paragraph shall be sold to a bank operating in Turkey prior to the transaction, and that bank shall sell the currency to the Central Bank. As a result of this sale, the Turkish Lira amount obtained under subparagraph (ç) of the second paragraph shall be maintained in a Turkish Lira deposit account for a period of three years. The implementation procedures regarding this matter shall be determined by the Central Bank of the Republic of Turkey.
Type of Deposit and Duration
In accordance with current regulations, the deposited foreign currency must be sold to the Central Bank of Türkiye via the intermediary Turkish bank and converted into Turkish Lira (TRY). The resulting TRY amount must then be placed in a three-year fixed-term deposit, which cannot be withdrawn, transferred, pledged, or used as collateral during the entire period. The deposit account must be opened solely in the name of the applicant and once the conditions are met, the Banking Regulation and Supervision Agency (BDDK) issues a Certificate of Conformity, which is a mandatory document for this citizenship programme.
How Long Do You Have To Hold Investment To Get Cıtızenshıp In Turkey
To obtain Turkish citizenship through the bank deposit route, foreign investors must deposit at least USD 500,000 (or equivalent in TL or foreign currency) into a Turkish bank. This deposit must be maintained for a minimum period of three years without withdrawal. The funds can earn interest or profit share, but they cannot be moved or used during this holding period. Early withdrawal or transfer of the funds would invalidate the eligibility for citizenship. The process must be certified by the Banking Regulation and Supervision Agency (BDDK) to ensure compliance.
Opening a Banking Account Procedures
A bank account in USD and TRY can be opened with three basic requirements for the foreigners:
- a valid passport documentation,
- a phone number and address for account verification,
- a personal tax identification number.
Last but not least, in order for foreign nationals to obtain a tax identification number and to make an application for the residence permit, they shall first enter Turkey.
After the opening of the bank account, an amount of 500,000 USD must be transferred from the applicant account abroad to the USD account in Turkey. In accordance with the Law on the Protection of the Value of Turkish Currency, the Central Bank will convert the amount in the applicant USD account to Turkish Lira (TRY) and issue a foreign exchange purchase document. It is important to note at this juncture that the 500,000 USD will be converted into Turkish Lira (TRY).
A deposit in the amount of at least 500,000 US Dollars (or its equivalent in other specified currencies) will be made in Turkish Lira to banks operating in Turkey, with the condition that it will be held for a period of three years.
The foreign currencies eligible for sale to the Central Bank by the banks are: US Dollar, Euro, British Pound Sterling, and Swiss Franc.
It is not possible to change the currency for applications made before January 6, 2022. For applications made on or after January 6, 2022, the deposit account must be in Turkish Lira.
As stated in the Implementation Instruction on Foreign Exchange Sales to the Central Bank of the Republic of Türkiye, once the foreign exchange purchase process is completed, the foreign currency sale cannot be reversed or cancelled for any reason.
After the application is submitted to the relevant authority, it is not possible to transfer the deposit from one bank to another or to split the deposit among multiple banks during the three-year period.
Process of Banking Regulation and Supervision Agency (BDDK)
This certificate will be issued by the Banking Regulation and Supervision Agency [BDDK] to determine eligibility for Citizenship and it will be sent to the email address to be used for banking transactions.
Application for the Conformity Certificate
An application for the Investment Compliance Certificate must be submitted to the Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency [BDDK].
Residence Permit Application for Investors
After the completion of banking account procedures a second step is dedicated to the residence permit application in light of the article 31-j of the Law on Foreigners and International Protection Numbered 6458. The documents required for a residence permit within the scope of subparagraph (j) of Article 31 of Law No. 6458 are obtained, and the application is submitted to the Provincial Directorate of Migration Management in the applicant's place of residence.
Citizenship Application
After obtaining a residence permit certificate, the application for Turkish citizenship is first submitted to the Provincial Directorate of Population and Citizenship in the applicant's place of residence. Once the application file is prepared, it is forwarded to the General Directorate of Population and Citizenship Affairs (Nüfus ve Vatandaşlık Genel Müdürlüğü in Turkish). A background check is then conducted to assess whether the applicant poses any threat to national security or public order. If the results of the background check are positive, the file is submitted to the Ministry and subsequently referred to the Presidency. The final decision regarding the application is made by the President, and Turkish citizenship is granted if the decision is in favor of the applicants.
Does Turkey Allow Dual Citizenship?
Turkey allows dual citizenship. There is generally no legal obstacle preventing foreign nationals who acquire Turkish citizenship from retaining their existing citizenship. However, it is also important to consider whether the individual\'s home country permits dual citizenship. Some countries may restrict or entirely prohibit their citizens from acquiring or maintaining a second nationality. Therefore, both Turkish legislation and the citizenship laws of the applicant's home country should be carefully considered during the application process.
What is the Fastest Way to Get Turkish Citizenship?
There are several legal pathways to acquire Turkish citizenship, and the fastest option depends on the applicant's specific circumstances. Among the most expedited routes are citizenship by investment and exceptional circumstances (such as individuals with strategic contributions to the country). For most foreign investors, depositing USD 500,000 into a Turkish bank or purchasing real estate worth at least USD 400,000 can lead to citizenship. Each route should be carefully evaluated based on the individual\'s background, legal eligibility and purpose of residence in Turkey.
How Much Does it Cost to Get Citizenship in Turkey
The total cost of acquiring Turkish citizenship varies depending on the chosen method and the applicant's specific situation. In addition to the minimum investment amounts (e.g., USD 400,000 for real estate or USD 500,000 for bank deposit), there are additional expenses such as notary fees, sworn translation services, legal representation, and official application charges. These costs can fluctuate due to inflation and administrative pricing updates, so it is not possible to provide a fixed amount. Applicants are advised to seek personalized legal consultation to get an accurate cost estimate based on their case.
Conclusion
In summary, acquiring Turkish citizenship by bank deposit is a process that requires the support of a professional attorney. It should also be kept in mind that the acquisition of citizenship via this route falls within the broad discretionary authority of the Turkish state. Before initiating the process, it is essential to obtain both a legal opinion from a qualified attorney and relevant confirmations from the involved bank. Moreover, not only the primary investor but also their immediate family members may be eligible to acquire Turkish citizenship through this investment pathway.
Given that the process involves strict legal compliance and extensive documentation, professional legal guidance is strongly recommended. Importantly, it should be remembered that merely making a bank deposit does not automatically entitle an individual to apply for Turkish citizenship by capital investment. This article has been prepared as a practical guide to assist in understanding and navigating the procedure.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
