Turkish Citizenship by depositing 500.000 for 3 years

December 31, 2019 Gökhan Cindemir 0 Comments

Turkish Citizenship by Bank Deposit

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As per the new regulations published in the Official Gazette on September 18, 2018, foreigners who meet any of the following conditions may be eligible for Turkish citizenship, subject to the decision of the President of the Republic of Turkey:

· Proven by the Banking Regulation and Supervision Agency to have deposited at least USD 500,000 or equivalent foreign currency or Turkish lira in banks operating in Turkey with the condition of not to withdraw for at least three years.

· Proven by the Ministry of Treasury and Finance to have bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of government bonds with the condition that they cannot be sold for at least three years.

· Proven by the Capital Markets Board of Turkey to have bought at least USD 500,000 or equivalent foreign currency or Turkish lira worth of real estate investment fund share or venture capital investment fund share with the condition that they cannot be sold for at least three years.

Foreigners can apply to Turkish citizenship as an “exceptional” status basis on

Foreigners, their spouse and their children who has residence permit under article 31/1 (please click article 31) of Protection on LAW ON FOREIGNERS AND INTERNATIONAL PROTECTION

Turquois Card Owners, their spouse and their children

Accordingly, after the investment foreigner will have the right to apply residence permit under article 31 or Turquois Card. Turquois Card is almost similar to U.S green card. It gives work and residence permit for the foreigner and its family. 250.000 usd investment grants to a foreigner to apply to obtain Turquois Card or short residence permit under Article 31. This procedure (having Turquois Card or Short Residence Permit) may take few months after purchase.

Holder of Turquois Card and Short Residence Permit can apply Turkish Citizenship under Exceptional Status. Application can be done via consulate of the country that foreigner stays or via Turkish Administration in Turkey . Citizenship application will be sent to the interior ministry and then Council of Turkish Ministry for approval. During the application, administration gives a tracking number to follow up the outcome of application.

Procedures can be done by giving a power of attorney to a Turkish Lawyer remotely.

A)Power of Attorney to authorize lawyer (Powers regarding Obtaining Tax Number, Opening Bank Account, Application to Residence Permit and Turkish Citizenship

B)Acquirement of Potential Tax Number from Tax Administration (Please consult to the nearest consulate or embassy of Turkey in your country, few of them has capability to give potential tax number. If not, you need to come to Turkey for this process or you can give me power of attorney and I can get it on behalf of you.)

Tax administration requires documents and information as below:

Passport and Passport Photocopy

If transaction will be done by lawyer based on power of attorney.

Power of attorney

True copy of passport validated by Turkish Consulate.

Adress you stay in Turkey

Father Name

Turkish Phone number

Opening a bank account (you need to ensure not to withdraw Money for 3 years) (It can be also proceeded by power of attorney)

Application to BDDK (Banking Regulation and Supervision Agency) to get proof and detection of the Money in the bank account.

Subsequent to above applications ,

To apply Turkish Residence Permit under Law number 6458 under Article 31 / J – Short Residence Permit

Or

Turquios (Turkuvaz Card) which is similar to U.S green card. It gives work permit not only residence. (very new option and not settled yet on july 2017 its passed from the parliament)

Application to governor of Istanbul for acquisition of citizenship. If you live abroad you can also apply from Turkish Consulate

Citizenship application will be sent to the interior ministry and then Council of Turkish Ministry for approval. (This process will take 6 months – 1 year)

Turkish Citizenship by depositing 500.000 for 3 years was last modified: March 3rd, 2020 by Gökhan Cindemir