According to the Banking Regulation and Supervision Agency (BRSA), foreign investors can acquire Turkish citizenship by investing at least 500,000 US Dollars or equivalent foreign currency or Turkish Lira deposits (this amount was at least 3,000,000 US Dollars before the amendment) to banks operating in Turkey for three (3) years.
The foreigner is required to deposit at least 500,000 USD or equivalent foreign currency or equivalent Turkish Lira deposit or participation fund in any bank operating in Turkey for three (3) years. It is sufficient for the amount to be convertible (such as convertible currencies, precious metals, etc. specified by the Central Bank of the Republic of Turkey) and equivalent to 500,000 USD.
The foreign investor is not required to open an account and deposit the relevant amount in a single bank operating in Turkey. It is also possible to apply for Turkish citizenship if it is determined that the total amount in the different accounts opened at banks in Turkey is 500.000 USD. The main condition is to keep this amount for three (3) years as a basis for the citizenship application.
It is essential to deposit the relevant amount in a bank established in Turkey. In this context, it is not possible to accept the amount deposited to a foreign branch, affiliate, or representative office of a bank operating in Turkey as a basis for citizenship application.
For accounts opened jointly in a bank operating in Turkey (for example, an account opened with the spouse of a foreign person), it is possible to apply for citizenship through a joint account, in this case, the account partner has the express consent of the account not to be withdrawn from the bank for three (3) years.
It is possible to convert the amount deposited to the bank into another convertible exchange rate equivalent to 500,000 US Dollars or Turkish Lira within three (3) years, upon the request of the investor, or to another type of investment regulated in other provisions of the Regulation. However, in case of conversion to another type of investment, it must be fulfilled in a way that does not disrupt the supply and continuation of the three (3) year period, and the other investment type must be notified to the Ministry of Interior by the relevant institution without causing any interruption. Otherwise, the BRSA will notify the Ministry of Interior of the resulting interruption.
Within three (3) years, if the amount in the account does not fall below USD 500,000 according to the contract concluded with the relevant bank and the type of account opened, it is possible to benefit from interest, dividends, and similar returns arising from this deposit or participation fund.
In the case of depositing a currency other than US Dollars in banks, the US Dollar equivalent at the time the account is opened will be determined and the amount will be expected to remain the same amount determined for three years. Therefore, exchange rate differences that may occur during the three (3) year period will not be considered.
Money deposited in banks for citizenship purposes is blocked by banks in line with the demands of individuals, but it is always possible to withdraw these amounts. In the event of a decrease or withdrawal of the amount in the account on which the citizenship application is based, or any legal
restrictions including but not limited to liens, pledges, and measures that will prevent or ensure the use of the amount on the account, the BRSA shall be notified by the relevant bank without delay. This situation is immediately reported by the BRSA to the Ministry of Interior, General Directorate of Population and Citizenship Affairs, and General Directorate of Migration Management, and the citizenship acquisition process is terminated, and if citizenship is acquired, will be canceled. In the case of a new citizenship application to be made following the realization of this situation, the period related to the previous application is not considered.
Foreign real persons who open an account in banks operating within the borders of the Republic of Turkey and deposit money in the bank on the condition that they keep a deposit of 500.000,00 USD in the account for 3 years can apply for citizenship.
The spouse and children under the age of 18 of the investor who applies for citizenship by depositing money in the bank will also be able to apply for citizenship based on the deposit deposited in the same bank account.
For children over 18 years of age or other spouses (s), a citizenship application must be made separately.
The money can be transferred from abroad or already be in Turkey and further deposited in the bank to acquire citizenship. Both methods will be accepted.
According to the agreement with the bank to which the money will be deposited or the type of account, all kinds of returns can be benefited as long as this amount does not fall below 500,000.00 USD.
In case of depositing a currency other than the US Dollar in banks, the US Dollar equivalent on the date of the determination by the BRSA will be taken as the basis by the banks and the amount will be considered that the equivalent will remain in the banks at the same rate determined for 3 years.
Foreigners who have a residence permit in Turkey or who have a potential tax number will be able to open an account if they provide all documents requested by the banks.
The documents to be requested by the bank where they will open the deposit account vary according to each bank. Generally, the foreigner's potential tax number, residence permit, passport, and mobile phone number obtained from Turkish operators are requested by the banks.
Accounts can be opened in all private and public banks that allow foreigners to open bank accounts in Turkey. It does not matter whether the bank account to be taken as the basis for citizenship is a private or public bank.
In cases such as opening an account with information and documents in compliance with the legislation, carrying out the procedures related to the determination of the account, signing the necessary documents, the special authorized representative (in this case attorney) may perform all these transactions on behalf of the foreigner on the condition that the special authorization is provided by the foreigner investor (Power of Attorney).
On behalf of the applicant, his/her representative or a third person can make a deposit. The main condition here is that the deposited money is of 500.000,00 USD and remains in the account for 3 years.
Costs of Opening an Account in the Bank; There are no account opening transaction fees in banks operating in Turkey.
Expenses for Keeping the Deposit in the Bank Account for 3 years; While some banks do not charge for this, some banks charge an account operating fee, and the relevant amount varies from bank to bank.
It is possible to apply for citizenship through the joint account if the account partner other than the foreigner who applies for citizenship in the accounts opened jointly in the bank located in Turkey gives
explicit consent that the money in the account will not be withdrawn from the bank for 3 years and will not be reduced.
Therefore, it does not matter if the account partner is his wife or someone else. What is important here is that the account partner commits not to withdraw the money for 3 years.
The total amount can be deposited over different accounts, provided that the amount required by the regulation is provided and the blocking declaration is made as a basis for the citizenship application.
It is possible to use the deposit or participation fund in a bank operating in Turkey before and after the regulation as a basis for the citizenship application. However, it is not possible to accept the pre-application period as the basis for the citizenship application. As a matter of fact, the Regulation on the Implementation of the Turkish Citizenship Law is based on the determination of the BRSA and the notification of this determination to the Ministry of Interior in order to initiate the citizenship process, and the 3-year period sought in the aforementioned Regulation starts from the date of the determination.
The amount deposited in the bank must be USD 500,000.00 or its equivalent in foreign currency or Turkish Liras, for example, it is possible to convert the amount deposited in US Dollars into another convertible exchange rate or Turkish Lira equivalent to USD 500,000.00 within 3 years at the request of the investor.
Money deposited in banks for citizenship purposes is blocked by banks in line with the demands of individuals, but it is always possible to withdraw these amounts.
If the blocked amount is reduced or withdrawn in its entirety below USD 500,000.00, the BRSA will be informed by the bank and the BRSA will inform the Ministry of Interior, General Directorate of Population and Citizenship Affairs, and the General Directorate of Migration Management by the BRSA.
In this case, if the citizenship application is not accepted, the process is terminated; and if the citizenship is acquired, it is canceled. In the case of a new citizenship application to be made following the realization of this situation, the period related to the previous application is not considered.
The blocking process established on the bank accounts on which the applications are based within the scope of the Regulation is voluntary and does not prevent the right of the account holders to dispose of their accounts. Account holders have the right to stop or cancel the citizenship process by withdrawing the amount they have deposited. In this context, if the legal restriction procedures such as liens, pledges, and measures to be applied to their accounts by 3rd parties prevent the condition that the 500.000,00 USD in the account is blocked for 3 years, the citizenship application may be rejected, or the accepted citizenship may be canceled.
A signed statement that the foreigner will submit the deposit to the bank to which he/she has deposited, that the deposit will be kept in the bank for 3 years and that there is a request to gain citizenship by investment,
Address and contact information of the foreigner (e-mail, telephone number)
After the deposit of USD 500,000.00 determined within the scope of the Regulation on the Implementation of the Turkish Citizenship Law has been deposited by the foreign person or his/her special authorized representative to the bank/banks established in Turkey, he/she requests the determination of the bank to which the deposit has been deposited together with the petition containing the request and declaration.
The BRSA's determination regarding the applications meeting the conditions specified in the Regulation shall be notified in writing to the General Directorate of Population and Citizenship Affairs and the General Directorate of Migration Management and a copy of the letter shall be sent to the relevant bank for informing the person.
Citizenship and residence applicants do not have to be in Turkey. Persons authorized by the special power of attorney will be able to apply and follow the processes.
Exceptionally, in some cases, the competent authorities may invite applicants for a face-to-face interview/interview. In this case, it is mandatory to attend the interview.
After the acceptance of the citizenship application, it is necessary to apply in person for fingerprints, and to sign the necessary documents to obtain a passport.
Step 1 = Deposit an amount of USD 500,000.00 in Banks Operating in Turkey
Step 2 = Obtaining a " Conformity Letter" from the BRSA-Financial Consumer Relations Department
Step 3 = Short-Term Residence Application or Conversion from the existing residence permit to the new one. (Provincial Directorate of Migration Management)
Step 4 = Citizenship Application (Provincial Directorate of Population and Citizenship Affairs)
In the legislation, a certificate of conformity, residence permit, and a period for the finalization of the citizenship application are not determined. "Joint Service" units have been established for the coordination between public institutions and the conclusion of the processes in a short time.
Considering the security investigation and bureaucratic procedures, it is estimated that the application can be concluded in an average of 3 to 6 months at the latest.