Turkish citizenship by bank deposits
Obtaining Turkish citizenship by bank deposits is one of the exceptional ways to acquire Turkish citizenship as we will see in this article from Ebla Real Estate.
Turkish citizenship by bank deposits:
According to the amended Regulation Regarding Application of the Turkish Citizenship Code, foreigners have a number of investment options to become eligible to acquire Turkish Citizenship for themselves as well as their families. The applicant’s spouse and children who are less than 18 years old. One of these investment options is a bank deposit.
In this option, the investor deposits a minimum of 500,000 $ or its equivalent currency or equivalent Turkish Lira to banks that operate in Turkey (prior to amendment such amount was 3.000.000 $). With the condition to keep such a deposit in the relevant bank for at least 3 years.
Conditions for obtaining Turkish citizenship by bank deposits:
The applicant should deposit a minimum of USD 500,000 or its equivalent currency or equivalent Turkish Lira to banks that operate in Turkey. Thus, it is not possible to assume the amount as convenient for the Turkish citizenship application.. That is deposited with a bank abroad even if it is a branch office or association of the Turkish Bank.
Moreover, the investor must keep the deposit in the bank for 3 years.
This amount must be convertible (freely convertible into foreign currency) and equivalent (such as convertible currencies, and precious metals specified by the Central Bank of the Republic of Turkey) to USD 500,000.
Moreover, there is no condition for foreigners to deposit the amount in question by opening an account in a single bank operating in Turkey. In addition, it is possible to apply for Turkish citizenship if it is determined that the total amount of deposits in different accounts opened at banks operating in Turkey provides USD 500,000 provided.
The investor has the right to take the benefits of the amount at any time during the 3 years.
Documents required to obtain Turkish citizenship by bank deposits:
- A copy of the notice to transfer the value of 500,000 $ to the Turkish Bank.
- A document proving the deposit is blocked in the bank account.
- A document (suitable for Turkish citizenship) to be granted by the Turkish Ministry of Environment and Urbanization.
- Passports of the investor and his family members with a validity of 6 months or more.
- The investor’s tax number.
- A translated and notarized family statement.
- Personal Photos.
How to obtain Turkish citizenship by bank deposits:
After extracting the tax number and obtaining the address residence document.. The applicant should open a bank account in a private or public bank.
Moreover, after the deposit account is opened and the sufficient amount of money is blocked in the bank account for 3 years.. An application should be submitted to the bank where the deposit account is held.. Or directly to the Banking Regulation and Supervision Agency.. With a petition prepared by the foreign person or by the attorney of the foreign person.. And a proof must be presented evidence that the deposit is blocked in the bank account.
Undoubtedly, if the Banking Regulation and Supervision Agency decides that the conditions are met, a residence permit application should be submitted to the General Directorate of Migration Management, receiving a “Certificate of Conformity”. After obtaining a short-term residence permit issued in accordance with subparagraph (j) of the first paragraph of Article 31.. The citizenship application must be submitted to the Provincial Directorate of Civil Registration and Citizenship Affairs.
Thus, we talked about obtaining Turkish citizenship by bank deposits.
Edited by: Ebla Group Real Estate
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