Introduction:
Acquiring Turkish citizenship through bank deposits is a unique pathway available for individuals interested in obtaining Turkish citizenship. By depositing a minimum of $500,000 USD or its equivalent in a foreign currency into a bank operating in Turkey and committing to maintaining the deposit for a minimum of three years, individuals can fulfill the necessary requirements to acquire Turkish citizenship. This article serves as a guide, providing information on the requirements, eligibility criteria, and application process for acquiring Turkish citizenship through bank deposits.
Requirements for Acquiring Turkish Citizenship through Bank Deposits:
Deposit Amount and Duration:
Applicants must deposit a minimum of $500,000 USD or its equivalent in a foreign currency into a bank account held by a Turkish bank. The deposit must remain in the account for at least three years. Your Money must be converted to Turkish Lira (TL) and can be invested in TL interest bearing accounts or Turkish Goverment Bonds for three years.
Approval by the Banking Regulation and Supervision Agency (BRSA):
The investment made through bank deposits must be approved by the Banking Regulation and Supervision Agency (BRSA) to deem applicants eligible for Turkish citizenship.
Declaration and Contact Information:
To obtain the suitability certificate, applicants must provide a signed declaration to the bank where the deposit is made, confirming their commitment to maintain the deposit for three years and expressing their intention to acquire citizenship through the investment. Additionally, applicants must provide their address and contact information.
Family Members:
Spouses and dependent children of the main applicant can also obtain Turkish citizenship through the bank deposit method.
Withdrawal of Funds:
While it is possible to withdraw the deposited funds before the completion of the three-year period, doing so will result in the rejection of the citizenship application. Furthermore, if citizenship has already been granted, it may be revoked. In such cases, if you wish to reapply through this method, the time elapsed during the previous application will not be considered, and the three-year period will restart.
The Process of Acquiring Turkish Citizenship through Bank Deposits:
To acquire Turkish citizenship through bank deposits, a deposit account will be opened in a Turkish bank in the name of the foreign individual, and a deposit of $500,000 USD or its equivalent in a foreign currency or Turkish Lira will be made into this account. Subsequently, the foreign individual will sign documents such as a commitment letter, a blocking instruction, and a consent form at the bank, affirming their commitment to maintain the deposit of $500,000 USD or its equivalent for a period of three years.
After the account is opened and the deposit is made, a request for assessment will be sent to the Banking Regulation and Supervision Agency (BRSA) to ensure compliance with the conditions specified in the laws and regulations. The request for assessment can be made by the bank itself or by the individual or their authorized representative.
Upon completing the assessment and confirming that the requirements stated in the legislation are met, the BRSA will send a suitability report to the General Directorate of Population and Citizenship Affairs and the General Directorate of Migration Management. If the bank has requested the assessment, a copy of the report will also be provided to the individual for informational purposes.
Once the suitability letter is obtained from the BRSA, an application for a short-term residence permit will be made to the Directorate General of Migration Management. The applicant will receive an “Application Document for Residence Permit” from the authorities, which allows them to legally stay in Turkey for 90 days from the date of application. After obtaining the short-term residence permit, an application for Turkish citizenship will be made to the General Directorate of Population and Citizenship Affairs.
Can the Application Process for Turkish Citizenship through Bank Deposits be conducted by an Attorney?
The application process for Turkish citizenship can be facilitated by a specialized citizenship attorney. However, according to the regulations, authorities may require face-to-face interviews and insist on the presence of the applicant during the application process. In such cases, it is mandatory for the individual to be present and participate in the interview.
Conclusion:
Acquiring Turkish citizenship through bank deposits offers a unique opportunity for foreign nationals seeking Turkish citizenship. By fulfilling the minimum deposit requirement, obtaining approval from the Banking Regulation and Supervision Agency (BRSA), and honoring the three-year commitment, individuals can embark on their journey to becoming Turkish citizens. It is advisable to consult with a Turkish citizenship attorney or relevant authorities for the most up-to-date information and guidance throughout the application process.
