Real foreigners who open an account in banks operating within the borders of the Republic of Turkey can obtain Turkish citizenship by bank deposit, provided that they deposit money in the bank, provided that they keep 500.000.00 USD in the account, to apply for citizenship.
Some questions and inquiries remain regarding Turkish citizenship by bank deposit, which will be clarified later.
Turkish citizenship by bank deposit
Spouse and children under the age of 18 can obtain Turkish citizenship by bank deposit of the person applying for citizenship by depositing money in the bank and then applying for citizenship based on the deposit made in the same bank account.
Special cases in applying for Turkish citizenship by bank deposit
For children over the age of 18 or other spouse, the citizenship application must be submitted in another way.
But can Syrians apply for Turkish citizenship by depositing money in the bank.
Unlike applying for citizenship through real estate purchase, Syrian citizens can apply for citizenship by depositing money in a bank.
Here another question arises, what are the requirements to apply for citizenship by depositing with the bank?! The answer is as follows:
- Deposit 500.000.00 USD to the bank.
- A pledge to keep the deposit in the bank account for at least 3 years.
- Approval of the Investment Banking Regulation and Supervision Authority.
Accordingly, a new question arises. Should the bank’s financial deposit come from abroad? Is it possible to apply with the funds in Turkey?!
Answer There is no difference between bringing money from abroad to use or obtain it in Turkey, both methods will be accepted.
Handling funds allocated for Turkish citizenship by bank deposit
But can I take advantage of the interest, profit share, or income similar to bank money?!
According to the agreement to be concluded with the bank in which the funds will be deposited or the type of account, as long as this amount is not less than 500.000.00 USD, all types of income can be used freely.
As for the deposit currency, should the deposit with the bank be in US dollars?! No.. Deposits in the bank should not be in US Dollars 500.000.00 US Dollars and/or Turkish Lira, convertible currencies determined by the Central Bank of the Republic of Turkey, precious metals) can be deposited to correspond with this amount, and it is sufficient that the amount be convertible and equal to 500,000 .00 USD.
If the account is opened in Turkish Lira or any exchange rate other than US Dollars, will the US Dollar deposit be followed within 3 years? And are currency changes taken into account during follow-up?
If a currency other than the US dollar is deposited in the banks, the US dollar equivalent on the date specified by the BRSA will be taken as basis by the banks and the equivalent amount will remain in the banks at the same exchange rate determined for 3 years.
As for the existence of any limits for foreigners to open a bank account in Turkey, foreigners who have a residence permit in Turkey and have a tax number will be able to open an account if they submit the documents required by the banks in full.
Documents required for foreigners regarding Turkish citizenship by bank deposit. The documents required by the bank that will open the deposit account differ from one bank to another between:
- The potential tax number for a foreigner.
- Residence permit.
- passport.
- Mobile phone number obtained from Turkish operators.
- And other information and documents generally requested by banks
Some may think that the bank should be open, governmental to apply for citizenship by investment in the bank or it should be a public bank, on the contrary.
Accounts can be opened in all private and public banks that allow foreigners to open a bank account in Turkey.
It does not matter whether the bank account that will be taken as the basis for citizenship is a private or public bank.
For the lawyer in the process of conducting banking transactions for foreigners, in the event of obtaining a special authorization by the foreigner in such matters as opening an account with banks with information and documents in conformity with the legislation, carrying out procedures related to identifying the account, and signing the necessary documents, the special authorized representative may do so, and all of these transactions On behalf of the foreigner.
Fees for Turkish citizenship procedures by bank deposit
Is the applicant required to deposit the money in the bank, can the lawyer or the third person pay in the name and account of the applicant.
The agent or the third person can deposit the money on behalf of the applicant, the main thing here is that the deposit is 500.000.00 USD and it remains in the account for 3 years.
Are there any fees for depositing money in the bank? And the costs of opening an account in the bank?
No, there are no transaction fees for opening an account in banks operating in Turkey.
Costs for keeping the deposit in a bank account for 3 years While some banks do not charge a fee for this, they rarely charge an account maintenance fee, which varies from bank to bank.
Is the bank account owned by the person who will apply for citizenship through bank deposit? If he is using a joint account with his wife, can he apply for citizenship with the money invested in that account.
It is possible to apply for citizenship through a joint account if the account partner, with the exception of a foreigner, who is applying for citizenship in jointly opened accounts in a bank in Turkey, gives express consent not to withdraw funds in the account from the bank for 3 years It will not be reduced.
So it doesn't matter if the account partner is a spouse or someone else, the important thing here is that the account partner commits not to withdraw funds for 3 years.
As for opening the deposit in one account, can the total amount be spread through different accounts?
The total amount can be deposited through different accounts, provided that the required amount is put in the regulation and the statement of prohibition is made as the basis for the citizenship application.
Students obtaining Turkish citizenship by bank deposit
Can a foreign student who wants to apply for citizenship through bank deposit funds?
Showing the deposit in the bank before the regulation as a basis for applying citizenship, before and after the regulation, it is possible to use the deposit box or participate in one of the banks operating in Turkey as a basis for applying for citizenship.
However, the pre-application period cannot be accepted as the basis for the citizenship application, in fact, the regulation on the implementation of the Turkish Citizenship Law is based on the determination of BRSA and the notification of the Ministry of Interior of this decision in order to initiate the citizenship process, and the 3 year period required in the aforementioned regulation which Starting from the date selected.
For the possibility of changing the exchange rate deposited with the bank before the citizen’s application is submitted, the amount deposited in the bank must be 500.000.00 USD or its equivalent in foreign currency or Turkish lira.
With regard to withdrawing funds deposited in the bank before the end of the commitment period of 3 years, banks apply a ban on funds deposited in banks for citizenship purposes in line with the requests of individuals, but it is always possible to withdraw these amounts.
In case the amount withheld is less than USD 500.000.00 or has been withdrawn in full, the Bank will notify the BRSA, and BRSA will notify the Ministry of the Interior, the Directorate General of Population and Citizenship Affairs and the General Directorate of Migration Management.
In this case, if the citizenship application is not accepted, the process is terminated, and if citizenship is obtained, it is canceled.
In a new citizenship application that will be submitted after realizing this situation, the time period for the previous application is not taken into account.
Thus, the method of obtaining Turkish citizenship by bank deposit is the best way for those who have the sufficient amount to obtain it as long as the conditions are met.
Sources