By Av. Serkan Kara, Istanbul Bar No. 53770
Last updated: 14 June 2026
The Foreign Exchange Purchase Certificate, known in Turkey as the Doviz Alim Belgesi or DAB, is a bank-issued document that proves foreign currency was brought into Turkey and sold to the Central Bank through a Turkish bank before it was used for a citizenship-by-investment transaction. It is not an optional banking receipt. Under the citizenship-by-investment framework made pursuant to Law No. 5901 on Turkish Citizenship, the investment funds must enter through the banking system and the currency conversion must be documented, and the DAB is the document that evidences that conversion. A file with a clean investment but a missing, late, or mismatched DAB can be queried or refused on the documentation alone.
This guide explains what the DAB is, why the citizenship-by-investment regime requires it, how it fits the fund-transfer sequence, the errors that weaken it, and how it connects to the rest of the evidentiary chain. For the full route overview, see our pillar guide on citizenship by investment.
What is the Foreign Exchange Purchase Certificate (DAB)?
The DAB is a certificate issued by a Turkish bank confirming that a specified amount of foreign currency was sold to the Central Bank of the Republic of Turkey and converted, recording the amount, the currency, the exchange rate, the date, and the parties. In a citizenship-by-investment file it is the bridge between the money the investor sends from abroad and the qualifying investment made inside Turkey. It turns an international transfer into documented, regulator-visible evidence rather than an unexplained inflow of funds.
The certificate exists because Turkish citizenship by investment is built on a documented money trail, not on the mere presence of an asset. Whether the investment is real estate, a bank deposit, a fixed capital contribution, or a fund holding, the regulator wants to see that the qualifying capital entered the country lawfully, passed through a Turkish bank, and was converted as required. The DAB is the standardized proof of that step.
Why does Turkish citizenship by investment require a DAB?
The regime requires a DAB because the rules expect the qualifying funds to be brought into Turkey, sold to the Central Bank through a Turkish bank, and converted into Turkish Lira before the investment is completed, and the certificate is the document that proves this happened. This requirement was tightened by regulatory amendments published in early 2022, after which conversion through the Central Bank became a documented condition rather than an informal practice. The exact wording and any later changes are set by regulation and can be amended, so the rule in force on your own filing date should be confirmed rather than assumed.
The deeper reason is anti-evasion and source-of-funds integrity. A passport granted on an investment is only as defensible as the trail that supports it. If the money cannot be traced from the investor, through a bank, to the qualifying asset, the file is fragile. The DAB anchors the financial side of that trail so the citizenship decision rests on documented capital rather than on a verbal account of where the money came from.
How does the DAB fit the fund-transfer sequence?
The DAB sits in the middle of the sequence: the investor transfers foreign currency into a Turkish bank, the bank sells that currency to the Central Bank and issues the DAB, and only then is the converted amount applied to the qualifying investment. Getting the order right is what keeps the file coherent, because a certificate produced out of sequence has to be explained rather than simply presented.
- Pre-transfer legal review. Confirm eligibility, the current rules, and the source-of-funds story before any money moves. Funds that move before review are the most common avoidable defect across investment files.
- Inbound transfer. Send the foreign currency to an account at a bank operating in Turkey, with sender, beneficiary, and purpose consistent with the eventual application.
- Sale to the Central Bank and DAB issuance. The bank sells the foreign currency to the Central Bank and issues the Foreign Exchange Purchase Certificate documenting the conversion.
- Qualifying investment. Apply the converted funds to the chosen route, whether a property purchase with a notarized contract recording the full price, a blocked deposit, or another eligible instrument.
- Certificate of conformity. Obtain the certificate confirming the qualifying investment meets the threshold, supported by the SPK-licensed valuation report for the property route.
- Residence permit, then citizenship filing. Secure the investor residence permit, then file the citizenship application, with the DAB sitting inside the supporting documentation.
For a deeper look at the valuation step that runs alongside this on the property route, see our note on the SPK-licensed valuation report within our real estate and property acquisition practice.
What must a DAB show to support a citizenship file?
A supporting DAB must match the rest of the file on amount, currency, date, bank identity, and the underlying transaction, so that a reviewer reading the certificate against the application sees one consistent story. Internal consistency is the whole point of the document; a technically valid certificate that contradicts the tapu records, the valuation, or the application dates creates exactly the discrepancy it was meant to prevent.
- Amount and currency. The converted sum should align with the qualifying investment and with the price recorded in the underlying contract.
- Date and sequence. The conversion date should sit logically before the investment step it supports, not after it.
- Bank identity and parties. The issuing bank and the named parties should match the accounts and persons in the application.
- Link to the transaction. The certificate should be traceable to the specific property purchase, deposit, or instrument it funds, supported by transfer records and the notarized contract.
What are the common DAB mistakes that weaken a file?
The most damaging mistake is treating the DAB as a standalone bank form and isolating it from the rest of the file, because a certificate that does not reconcile with the money trail, the contract, and the timeline can leave a formally valid document inside a fragile application. The other recurring errors are sequencing and after-the-fact repair, both of which force the applicant to explain inconsistencies instead of preventing them.
- Missing or late conversion. Funds used without the required sale to the Central Bank, or a certificate obtained after the investment, break the documented sequence.
- Amount or party mismatch. A DAB whose figure or named parties do not match the contract and the application invites a query.
- Bank credit counted as investment. Money borrowed from a Turkish bank does not count toward the qualifying amount; the capital should be the investor’s own funds, documented through the banking channel.
- Direct crypto payment. Paying directly in cryptocurrency does not satisfy the rule; value has to pass through the banking channel and be converted, with the conversion documented.
- Late corrections. Repairing the banking side after the file is built usually creates the very inconsistencies a reviewer looks for.
Because these defects are documentary rather than commercial, they are largely avoidable with the right sequence. Where a transfer has already gone wrong, our debt recovery and execution and corporate and commercial teams help reconstruct and document the money trail before the citizenship file is filed.
How does the DAB relate to full-value documentation?
The DAB is one pillar of full-value documentation, working alongside the notarized contract and the banking records to prove that the real, complete price moved through traceable channels. Full-value documentation matters because current administrative practice includes retrospective review of transaction values, and files that understated the price have been exposed to problems after the grant. Documenting the true amount, with the DAB confirming the converted sum, is what makes a file structurally consistent rather than merely hopeful.
This is a discipline question, not a tactic. The aim is a file where the notarized price, the converted amount on the DAB, the valuation, and the application all describe the same transaction. Where the figures agree, there is nothing to reconcile later. Any request to understate value should be declined outright, because it is the gap between the documents, not the size of the figure, that creates exposure.
Does the DAB requirement differ by investment route?
The principle is the same across routes because every route requires the qualifying capital to enter through the banking system and be documented, but the surrounding documents differ. The DAB evidences the currency conversion regardless of route; what changes is what it sits next to in the file.
| Route | Role of the DAB | Sits alongside |
|---|---|---|
| Real estate purchase | Documents conversion of funds used to buy the property | Notarized contract, SPK valuation report, title deed with the no-sale annotation |
| Bank deposit | Documents conversion of funds before they are blocked | Certificate of conformity, no-withdrawal undertaking |
| Fixed capital or fund holding | Documents conversion of the contributed capital | Certificate of conformity from the relevant authority, holding records |
The bank deposit route keeps the qualifying capital liquid, while the property route ties it to an asset that must be held and later sold. Investors comparing structures often run this alongside establishing a company or foreign direct investment work in Turkey, which should be coordinated under one legal plan to avoid conflicting timelines.
When should the DAB be reviewed?
The safest time to review DAB logic is before funds move, because designing the transfer and conversion correctly at the start prevents the inconsistencies that later corrections create. If the money has not yet moved, this is the point to set the sequence, the accounts, and the documentation so the certificate aligns with the file from the first transfer. If the transaction is already underway, the task shifts from design to defect detection, finding and fixing any mismatch before filing assumptions harden.
Either way, the DAB should be read as a control point in the evidentiary chain, not as a form to collect at the end. The investors who avoid problems are the ones who treat the banking step as part of the legal architecture from the beginning.
Frequently asked questions
Is the DAB just a routine bank formality?
No. In a citizenship-by-investment file the DAB is part of the evidentiary chain that links the investor’s funds to the qualifying investment. It has to reconcile with the contract, the timeline, and the application, so it functions as a control point rather than a disposable receipt.
Can the DAB be obtained after the investment is made?
It should not be. The regime expects the foreign currency to be brought in, sold to the Central Bank, and documented before the investment is completed. A certificate produced out of sequence has to be explained, which is exactly the kind of inconsistency that weakens a file.
Does paying in cryptocurrency satisfy the requirement?
No. Direct payment in cryptocurrency does not meet the rule. Value must pass through the banking channel and be converted, with the conversion documented, before it can support a citizenship application.
Does the DAB requirement or the investment threshold ever change?
Yes. The conversion rules and the qualifying thresholds are set by regulation and have been amended before, including the 2022 changes that formalized conversion through the Central Bank. Confirm the rules and the figure in force on your own filing date rather than relying on an older statement.
Request a confidential case assessment
If your file involves property or investment transfers tied to Turkish citizenship, a focused legal review will confirm whether the DAB and the wider money trail are clean before you rely on them. Request a confidential case assessment and our cross-border team will map the transaction sequence, flag any documentary gaps, and set a clear next step. You can also reach us through our contact page to start with a private, no-obligation review. Investors managing related matters can draw on our work in immigration and residence permits and tax and customs regulation so the banking, residence, and tax steps stay aligned under one plan.
This article provides general information on Turkish law and is not legal advice. No attorney-client relationship is formed by reading it; such a relationship arises only through a signed engagement with Serka Law Firm.