Foreign investors are required to deposit a minimum of USD 500,000 or equivalent amount of foreign currency or Turkish lira deposit or participation fund in any bank operating in Turkey, with the condition of keeping for 3 (three) years. This amount must be convertible (freely convertible into foreign currency) and equivalent (such as convertible currencies, precious metals, etc. specified by the Central Bank of the Republic of Turkey) to USD 500,000.
There is no condition for foreign investors to deposit the amount in question by opening an account in a single bank operating in Turkey. 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 that it is blocked with the condition of keeping it for 3 (three) years, as a basis for the citizenship application.
Which banks are eligible for Turkish citizenship?
The mentioned amount must be deposit in a bank established in Republic of Turkey. Therefore, it is not possible for the amounts deposited to a foreign bank branch, subsidiary or representative office of a bank operating in Turkey to be accepted as a basis for a citizenship application.
For accounts opened collectively in a bank operating in the Republic of Turkey (for example: account opened with the spouse of the foreigner), if the partner, other than the person applying for citizenship, has clearly consented that the account will not be withdrawn from the bank for 3 (three) years and will not be reduced, it will be possible to apply for Turkish citizenship with collective account.
It is possible to convert the amount to be deposited in the bank into another convertible exchange rate equivalent to USD 500,000 or TL within a period of 3 (three) years, upon the request of the investor. However, it is also possible to convert it 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 continuity and supply of the 3-year process. The other type of investment must be notified to the ministry (Ministry of the Interior) by the relevant institution without causing any interruptions. Otherwise, the Banking Regulation and Supervision Agency (BDDK) will quickly notify the Ministry of Interior of the resulting cut.
Things to Know For 3 Years Process for Citizenship
It is possible to benefit from profit share, interest and similar income types arising from this participation fund or deposit, if the amount in the account does not decrease below USD 500,000, depending on the type of contract and account opened with the relevant bank within a period of 3 (three) years.
If foreign investor deposit a different currency except USD in banks , USD equivalent on the date of opening the account is determined and the amount is expected to remain the same for 3 (three) years. Thus, the differences that may occur in the exchange rate in the 3 (three) year period will not be taken into account.
The concept of blocking process is applied by the banks to the money deposited in banks for citizenship purposes in line with the requests of the foreign investors, but, it is always possible to withdraw these amounts. In case of withdrawal or decrease of the amount in the account, which is the basis of the Turkish citizenship application, or any legal restrictions, including (but not limited with this) pledges, liens, measures that will prevent the use of the amount on the account or reduce it, the relevant bank will immediately inform the Banking Regulation and Supervision Agency (BDDK). This situation is immediately notified to the ministry (Ministry of Interior) and the Directorate of Population and Citizenship Affairs and the Directorate of Migration Management by the Banking Regulation and Supervision Agency (BDDK), and the citizenship acquisition process is terminated, and if Turkish citizenship is acquired, it is cancelled. In a new Turkish citizenship application to be made in the period following the realization of this situation, the time passed for the previous application is not taken into account, the 3-year period starts from the beginning.
