Turkish Citizenship Through Bank Deposit

Turkish citizenship through a bank guarantee/deposit offers a fast and secure option for obtaining Turkish citizenship, once the investor provides the required cash guarantee to the bank in question and supplies the necessary documents. This requires the investor to be properly informed about the correct process for obtaining Turkish citizenship, and you can contact Hallak Services Company for full details and to begin the Turkish citizenship process correctly. In this article, we present the key points and questions related to this topic, following this table of contents:

• How can you obtain Turkish citizenship through a bank deposit

• Who is eligible to obtain Turkish citizenship through a bank deposit

• Steps to obtain Turkish citizenship through a bank deposit

• Frequently asked questions about obtaining Turkish citizenship through a bank deposit

How Can You Obtain Turkish Citizenship Through a Bank Deposit?

The process of obtaining Turkish citizenship through a bank deposit is 100% legal and was approved by the Turkish government through the most recent amendment to the Turkish citizenship laws in 2018. The amount was set at $500,000 US dollars, down from the previous $3 million. The number of applicants for Turkish citizenship has increased since these recent amendments.

Who Is Eligible to Obtain Turkish Citizenship Through a Bank Deposit?

The spouse and all children who are under the age of eighteen.

Steps to Obtain Turkish Citizenship Through a Bank Deposit:

• Obtaining a tax number in Turkey, which is required in order to open an account to deposit the amount designated for obtaining Turkish citizenship.

• Any official document from the investor's home country, or the foreign country in which they reside, showing their full home address, dated within the last three months — for example, an address document from the local muhtar (district headman) or a water or electricity bill.

• Opening a bank account at any official Turkish bank.

• Making the deposit of at least $500,000, or its equivalent in Turkish lira or other foreign currencies.

• Ensuring that the deposit is made in accordance with the regulations governing the acquisition of Turkish citizenship.

• A freeze order on the account for a period of 3 years.

• An undertaking to keep the account frozen for 3 years.

• Approval of the freeze order placed on the account.

• After signing the documents, approval is obtained from the Banking Regulation and Supervision Agency (BRSA).

• The Banking Regulation and Supervision Agency then corresponds with and notifies the General Directorate of Civil Registration and Citizenship, and sends an electronic copy by email to inform the person concerned that they have obtained the required document.

• Afterward, an application is made for investor residence for the person concerned and the appropriate family members, according to the citizenship conditions.

• After the investor residence permit is approved for the person concerned and their family, the application is submitted to the civil registry office to apply for Turkish citizenship.

What Documents Are Required to Obtain Turkish Citizenship? It Is Very Important to Prepare Them Before Arriving to Begin the Process, in Order to Save Time.

• A special power of attorney for the legal team or legal representatives in Turkey to follow up on the procedures on the investor's behalf. This power of attorney can be drawn up at the notary, or at Turkish embassies and consulates outside Turkey.

• If the spouse is being added, she must draw up a separate power of attorney to apply for and obtain Turkish citizenship. As for children, both parents together draw up the power of attorney on behalf of their minor children.

• Translation of all passports into Turkish and certification at the notary.

• Civil status document: the marriage certificate, certified by the foreign ministry of the country where the marriage took place or the country of residence, followed by certification from the Turkish embassy or consulate in that same country. If single, a certificate proving single status must be provided, certified in the same manner as above. These are, of course, translated into Turkish by a certified legal translator and certified at the notary.

Note: the documents must be from the same country whose nationality the investor holds. For example, if the investor is an Egyptian national, the documents submitted must be Egyptian, regardless of their country of residence — if documents from another country are submitted, for example Saudi Arabia, being the country of residence, this will delay the procedures or the documents will simply be rejected.

• The birth certificate for every family member wishing to obtain Turkish citizenship, along with a family register statement and an individual civil registry extract for each person, certified by the foreign ministry of the country issuing the document, followed by the Turkish embassy in that same country. They are then translated into Turkish and certified at the notary. These documents must contain information on the place of birth, date of birth, and the parents' details — if they do not contain this information, they will not be accepted.

• Two recent biometric personal photos for each person, less than 6 months old.

• The Turkish citizenship application form via bank deposit, filled out precisely in capital Latin letters, and signed by the applicant in person or by their representative.

• Every document issued outside Turkey must be translated and certified in Turkey; it must be certified by the embassy of the country that issued the document, followed by the governor's office (Valilik), followed by a certified legal translation into Turkish, and then certification at the notary.

Frequently Asked Questions About Obtaining Turkish Citizenship Through a Bank Deposit

Question: Is the deposit amount required to be in US dollars?

Answer: No, the deposit is not required to be in US dollars, and it can be in other currencies, provided it is equivalent to $500,000 US dollars.

Question: Does the depositor of the Turkish citizenship amount earn interest on the deposit?

Answer: Yes, interest can be earned on the deposit, but you must request an interest-bearing account when opening the account and making the deposit; interest rates vary from bank to bank and depending on the deposit currency.

Question: Can the deposit amount be affected by changes in the lira's exchange rate?

Answer: The amount is held in a secure account, meaning its value remains fixed at $500,000 regardless of fluctuations in the Turkish lira's exchange rate.

Question: Is it required to transfer the amount from my personal account to the deposit account in Turkey?

No, this is not required — it can be deposited in cash, provided the source of the funds is shown, or it can be transferred from another person's account.

Question: Is it required to deposit the full amount in one payment?

Answer: No, it is not required to be paid in one installment, and it can be distributed across multiple payments.

Question: If I want to withdraw the deposit amount before the years have passed, is this possible?

Answer: It is possible, but you must renounce the Turkish citizenship obtained through the bank deposit.

Question: If the bank goes bankrupt, what happens to my deposit?

Answer: If it is a private bank, the state compensates a percentage of the amount depending on the circumstances. If it is a government bank, the government guarantees the bank and repays the full amount.

Question: Is real estate investment better, or a bank deposit, for obtaining Turkish citizenship?

Answer: Both methods legally enable you to obtain Turkish citizenship. However, if you are thinking about long-term investment, real estate investment is financially better. But if you want the easiest, simplest option with the fewest procedures, the bank deposit is better.