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TURKISH CITIZENSHIP THROUGH BANK DEPOSIT AND THE PROCESS

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 * Turkish Citizenship Through Bank Deposit and The Process

The Deposit Method, which is one of the ways to apply for Turkish citizenship
through investment, is a commitment that deposits amounting to 500,000 USD or
equivalent foreign currency or equivalent Turkish Lira specified in Article 20
of the Regulation on the Implementation of Turkish Citizenship Law[1]  No. 5627
will be deposited in banks operating in Turkey and held for three years.

The applicant has the right to apply for citizenship with deposits deposited in
one or more accounts or in different accounts on different banks in all private
and public banks operating in Turkey. For applications made at different banks,
the investment requirement is met when the total amount in the accounts reach
500,000 USD. However, it should be noted that the deposits deposited in the
subsidiary, foreign branch, or representative of the banks operating in Turkey
are not valid.

In order for the foreign applicant to open a bank account, personal information
including their mother’s maiden name, contact information, address document
indicating foreign residence, potential tax number and tax number in the country
where the investor is subject to taxation, and the Notarised passport
translation are requested by banks. Considering that each bank has different
procedures, it should be noted that the information and documents requested by
the banks will differ.

It is possible for a third party or a representative to deposit money into the
account on behalf of the applicant. In addition, the money can be transferred
from the applicant’s company account. Sending the money from a company account
that does not belong to the applicant is accepted by some banks if the
applicant’s first name, surname, and the purpose of the money transfer (which is
to obtain Turkish citizenship) are written in the transfer description.

One of the most frequently asked questions that applicants ask is whether the
citizenship applications made through Deposits using joint accounts or not. If
the account partner gives clear consent that the money in the bank will not be
reduced within three years, the citizenship application can be made through the
joint account.

One of the conveniences of the Deposit method is that citizens of certain
countries who cannot apply for Turkish Citizenship through real estate can apply
through the Deposit method. Thus, we recommend Deposit method for those that
want to obtain Turkish Citizenship but cannot purchase a real estate in Turkey,
and we can help you throughout the Turkish Citizenship by Deposit process.
Citizens of countries such as Armenia, Cyprus, Syria, Taiwan, and North Korea
who cannot obtain real estate from Turkey can obtain Turkish citizenship
provided that they meet the conditions in the legislation.

Applicants can transfer the money from abroad or apply for citizenship using
their deposits that is already in Turkey. In fact, the deposits in Turkey that
were deposited before the Regulation can be the basis for the application of
citizenship by putting an annotation on it. In this case, the period before the
application will not be included in the three-year period sought for citizenship
application. It should also be known that the money transferred from abroad will
be evaluated[2] by the banks within the framework of the Financial Crimes
Investigation Board regulations and transactions deemed suspicious will be
cancelled.

When the deposit amount reaches 500,000 USD; the investor’s commitment to not
withdraw the deposit for three years is overseen by the Banking Regulatory
Supervision Agency (BRSA). If BRSA examines the applicant’s file and finds that
the investment meets the conditions sought in the legislation, a document under
the name of “Investment Letter” is issued and send to the e-mail address
provided by the applicant within two or three weeks from the date of
application. Subsequently, the applicant can apply for [3] “Short Term Residence
Permit” and “Turkish citizenship” in accordance with paragraph “j” of article 31
of the Law No. 6458, based on this Investment Letter.

The three-year period committed for the citizenship process begins when the BRSA
deems it eligible and informs the Ministry of Interior of the eligibility. Based
on the investment made by the main applicant; citizenship applications can also
be made for the individual’s spouse, non-adult children, and dependent children.

Banking transactions, including the opening of a bank account, initiation, and
execution of the investment eligibility process, signing of necessary documents,
residence, and citizenship application; can also be carried out by the proxy
authorised by a special authorisation Power of Attorney document. Thus, all
transactions can be completed remotely with a Power of Attorney document without
the need for the foreign applicant to enter Turkey.

If another convertible foreign currency other than US Dollar or Turkish Lira is
deposited into the bank, the BRSA determines whether the 500,000 USD requirement
is met or not, based on the dollar rate at that date (at the time of eligibility
determination).

The amount deposited in US Dollars can be converted into a different convertible
currency of the BRSA or Turkish Lira within the period of three years with the
request of the applicant. This will not cause the applicant’s Investment Letter
to be revoked. In addition, the process initiated by a deposit can be continued
with a different type of investment that is specified in the Regulation. In this
case, it should be reported to the Ministry of Interior, the three-year period
should not be interrupted and there should be no deduction on the amount
invested.

One of the questions we often face is whether deposits can be withdrawn within
the three-year period. Our legislation grants the applicant the freedom to
withdraw the amount he/she has invested at any time. If the amount is reduced or
withdrawn, the BRSA will be notified by the relevant bank without delay, and the
situation will be immediately reported to the General Directorate of Population
and Citizenship Affairs of the Ministry of Interior and the General Directorate
of Migration Management. Thus, the citizenship acquisition process will be
terminated and if citizenship is obtained is will be cancelled. If a new
citizenship application has been made following this, the period of the previous
application will not be taken into account[4].

One of the problems that can be encountered in the process is the imposition of
legal restrictions such as pledges and foreclosures, which will prevent or
reduce the use of money over the promised amount. In case of such a restriction,
the situation is immediately notified by the bank to the BRSA and the matter in
question is forwarded to the Ministry of Interior. Therefore, the applicant’s
citizenship application can be rejected, or the acquired citizenship can be
cancelled.

One of the reasons why the deposit route is frequently preferred by the
applicants is that all kinds of interest, dividends and similar returns can be
used if the deposits are not reduced below the limit sought in the Regulation.

Finally, it should be mentioned that applying for Turkish Citizenship through
Deposit method can be considered as the most practical and risk-free way
compared to other methods. Many factors such as the applicant’s freedom to
withdraw the money and terminate the process whenever they wish, their ability
to benefit from the returns of their deposits or make savings on the deposit,
and the fact that the money is not affected by the exchange rate within three
years, distinguish this method from others and allow the investor to invest in a
safe ground.

[1]
https://www.mevzuat.gov.tr/mevzuat?MevzuatNo=2010139&MevzuatTur=3&MevzuatTertip=5

[2] https://www.bddk.org.tr/Sss-Kategori/Yabanci-Kisi-Vatandaslik-Basvurulari/11

[3]
https://www.mevzuat.gov.tr/mevzuat?MevzuatNo=6458&MevzuatTur=1&MevzuatTertip=5

[4] https://www.bddk.org.tr/Sss-Kategori/Yabanci-Kisi-Vatandaslik-Basvurulari/11

Author: Zümrüt Özgür

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RECENT POSTS

 * The Position of Turkish Citizenship Programmes Amongst Global Citizenship
   Programmes
 * Turkish Citizenship by The Acquisition of Immovable Property
 * The Vat Exemption Process for Foreign Individuals Acquiring Immovable
   Property from Turkey

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