Turkey’s citizenship-by-investment program has become one of the most attractive pathways for foreign investors seeking European citizenship with global mobility benefits. Among the various investment options available, obtaining Turkish citizenship by bank deposit offers a secure and straightforward route that has gained significant popularity since its introduction in 2016.
At Akkas & Associates Law Firm, we have been guiding international clients through complex immigration processes since 1992, and we understand the intricacies of Turkish citizenship law. This comprehensive guide will provide you with everything you need to know about acquiring Turkish citizenship through bank deposits, including the latest requirements, procedures, and strategic considerations for 2025.
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Why Choose Turkish Citizenship by Investment? A Gateway to Global Opportunities
Before we explore the specifics of the bank deposit route, it’s crucial to understand why Turkish citizenship is such a compelling proposition. Beyond merely acquiring a second passport, it offers a wealth of advantages for investors and their families:
- Global Mobility: A Turkish passport grants visa-free or visa-on-arrival access to over 118 countries, including key destinations in Asia, South America, and parts of Africa. This significantly enhances international travel and business opportunities, making it a valuable asset for the globally-minded individual. While Turkey is not yet part of the European Union, there are ongoing efforts to strengthen visa-free access to Schengen countries.
- Dual Citizenship: Turkey permits dual and even multiple citizenships, meaning you are not required to renounce your current nationality. This flexibility is a significant benefit for those who wish to maintain ties with their home country while enjoying the advantages of Turkish citizenship.
- Family Inclusion: The program extends to your immediate family, including your spouse and children under the age of 18, who are automatically eligible for citizenship without any additional investment. This makes it an ideal solution for families seeking a secure future.
- Economic Prospects: As a G20 economy, Turkey offers a robust and growing market with diverse sectors like tourism, manufacturing, and technology. Turkish citizens can own land, establish businesses, and invest freely, tapping into this dynamic economic landscape.
- Strategic Location: Bridging Europe and Asia, Turkey’s unique geographical position provides unparalleled access to both continents, making it a crucial hub for international trade and commerce.
- No Residency or Language Requirements: Unlike many other citizenship programs, there are no mandatory residency requirements in Turkey, nor is there a language proficiency test. This makes the process highly convenient for international investors who may not wish to relocate immediately.
Turkish Citizenship by Bank Deposit: The Definitive Path
The Turkish Citizenship by Investment program offers several avenues, but the bank deposit option is widely recognized for its simplicity and efficiency. It involves depositing a significant sum into a Turkish bank and committing to keep it there for a specified period.
The Investment Threshold: A Clear Benchmark
To qualify for Turkish citizenship through a bank deposit, applicants must deposit a minimum of USD 500,000 (Five Hundred Thousand US Dollars) or its equivalent in Turkish Lira or other convertible foreign currency, in a bank operating within Turkey. The most crucial condition is the commitment to keep this deposit in the bank for a minimum period of three years.
It is important to note that while the principal amount must remain in the account, investors are generally permitted to benefit from the interest, profit share, or similar returns generated by the deposit, provided the base amount does not fall below the USD 500,000 threshold.
The Streamlined Application Process: A Step-by-Step Guide
Navigating the application process for Turkish citizenship by bank deposit can be complex, requiring meticulous attention to detail and adherence to legal protocols. Akkas & Associates Law Firm provides comprehensive guidance and representation throughout each stage to ensure a smooth and successful outcome. Here’s a general overview of the process:
- Obtain a Turkish Tax Identification Number (TIN): This is the foundational step for any financial transaction in Turkey. Our firm assists clients in obtaining their TIN efficiently.
- Open a Bank Account in Turkey: We guide clients through the process of opening a Turkish bank account, which can be done remotely through a Power of Attorney. The account must be with a bank operating under the supervision of the Banking Regulation and Supervision Agency (BDDK).
- Deposit the Required Funds: The minimum of USD 500,000 (or equivalent) must be deposited into the newly opened bank account. It’s crucial to ensure that the funds are transferred legally and comply with international anti-money laundering regulations.
- Secure a Certificate of Conformity from the BDDK: After the deposit is made, the bank will apply to the Banking Regulation and Supervision Agency (BDDK) to confirm that the investment meets the criteria for citizenship. The BDDK will then issue a “Certificate of Conformity.” This certificate is a vital document that verifies the investment’s eligibility.
- Apply for a Short-Term Residence Permit: While the citizenship application is being processed, the main applicant and their family members will apply for a special short-term residence permit, often referred to as an “investor residence permit.” This permit provides legal stay in Turkey during the application period.
- Submit the Turkish Citizenship Application: Once the Certificate of Conformity and the residence permit are secured, the full citizenship application is prepared and submitted to the General Directorate of Population and Citizenship Affairs. This involves compiling a comprehensive set of documents, including personal identification, birth certificates, marriage certificates (if applicable), and proof of the bank deposit.
- Undergo Security Clearance and Review: The application undergoes rigorous security background checks and a thorough review by the relevant government authorities.
- Obtain Turkish ID Card and Passport: Upon successful approval, the applicant and their family will be granted Turkish citizenship, followed by the issuance of their Turkish ID cards and passports. The entire process, from initial deposit to passport issuance, typically takes between 3 to 6 months, although recent administrative shifts have sometimes led to longer processing times.
Crucial Considerations for a Seamless Application
- Source of Funds: While Turkey does not typically require a declaration of overall personal wealth, the source of the USD 500,000 deposit must be legitimate and verifiable to comply with anti-money laundering (AML) regulations. This due diligence is a critical part of the process.
- Currency Fluctuations: If the deposit is made in Turkish Lira or another foreign currency, its USD equivalent will be determined on the date of deposit, and the amount must not fall below the USD 500,000 equivalent throughout the three-year holding period, regardless of exchange rate fluctuations.
- Legal Representation: Engaging an experienced Turkish law firm like Akkas & Associates is paramount. We provide expert legal advice, assist with document preparation, liaise with government agencies, and ensure that every step of the process aligns with Turkish law and regulations. Our deep understanding of Turkish immigration law and a strong track record of success with over 160 clients on the bank deposit route ensure a secure and efficient application.
- Remote Application: It is possible to complete the entire process remotely by granting a Power of Attorney to your legal representative in Turkey. This means you do not need to be physically present in Turkey for the majority of the application. However, recent changes may require the main applicant and their spouse to be physically present for fingerprinting during the residence permit application.
Beyond the Deposit: Additional Benefits and Our Expertise
Beyond the core benefits mentioned earlier, acquiring Turkish citizenship by bank deposit also offers:
- E-2 Investor Visa Eligibility for the USA: Turkey has an E-2 Treaty with the United States, allowing Turkish citizens to apply for a U.S. E-2 Investor Visa. This provides a potentially faster and more accessible path to live and work in the USA for eligible investors.
- Inheritance: Turkish citizenship is passed down by descent, offering a valuable legacy for future generations of your family.
- Access to Quality Healthcare and Education: Turkish citizens enjoy access to high-standard public healthcare and education systems.
At Akkas & Associates Law Firm, our commitment to our clients goes beyond merely processing applications. We provide:
- In-depth Knowledge: Our team possesses a profound understanding of Turkish immigration laws, regulations, and the latest procedural updates.
- Personalized Solutions: We offer tailored solutions to meet each client’s unique needs and circumstances.
- Transparent Communication: We maintain prompt and transparent communication throughout the entire process, keeping you informed at every stage.
- Proven Success: Our extensive experience and successful track record in assisting numerous clients in obtaining Turkish citizenship by bank deposit speak for themselves.
We also offer comprehensive legal services related to real estate in Turkey, which can be an alternative investment route for citizenship. For more detailed information on other investment options and a comparison of their advantages, please refer to our article on Turkish Citizenship by Investment: A Comprehensive Guide.
Furthermore, for those interested in setting up a business in Turkey, which can also be a path to citizenship through job creation, our expertise in Company Formation in Turkey can prove invaluable.
We have successfully represented clients from Iran, Palestine, Jordan, Lebanon, Morocco, Egypt, Tunis, Pakistan, Bangladesh, Hong Kong, Macao, China (we obtained more than 100 passports for Chinese), Djibouti, India, Russia, France, Romania, Algeria, Saint Kitts and Nevis, South Africa, South Korea, Vanuatu, and the USA and we know how to get required paperwork done in each country.
Reach us for Turkish Citizenship by Bank Deposit
The decision to acquire a second citizenship is a significant one, and choosing the right legal partner is paramount. Akkas & Associates Law Firm, with our decades of experience and unwavering commitment to client success, stands ready to guide you through every step of your Turkish citizenship by bank deposit journey.
Let us guide you through this transformative journey and open doors to a world of opportunities in Turkey and beyond. Contact Akkas & Associates Law Firm today to begin your path to Turkish citizenship by bank deposit!
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