How to Apply for Turkish Citizenship By Bank Deposit
Foreign investors who deposit a minimum of 500.000 USD or equivalent in exchange in Turkish banks, will be able to acquire Turkish citizenship with the condition of not to withdrawn for three years. Foreign investors who fulfill these conditions will apply for Turkish citizenship by investment. However, Turkey has made changes to the conditions for foreigners to acquire Turkish citizenship as we explained below :
- According to the new regulation, which was published in the Official Gazette on 06 January 2022, the amount of foreign currency must be sold to the Central Bank through a bank operating in Turkey and must converted into Turkish Liras (TL). After the foreign currency is sold, the ‘’Foreign Exchange Purchase Certificate’’ which is issued by the bank, must be submitted to competent authorities. The Turkish lira amount obtained as a result of the sale will be kept in Turkish lira deposits or government debt instruments for at least three years.
- However, with a positive amendment made in the ‘’Regulation about Deposit and Participation System for Residents Abroad (YUVAM) ’’ on 22 March 2022, you can also make a profit while your money is kept in the bank for 3 years.
With this amendment, the opportunities previously provided to Turkish citizens living abroad with ‘’YUVAM’’ were expanded to include foreign natural and legal persons who meet the conditions for opening an account in banks.
- A YUVAM account is a Turkish lira account that encourages foreigners, non-resident citizens and their companies abroad to bring their savings to Turkey by offering a Central Bank guarantee of protection against exchange rate volatility and provides an additional return. With YUVAM account, foreigners and citizens residing abroad can also benefit from the foreign currency protected lira deposit system, which Turkish citizens residing in Turkey already benefit from.
- If you have any intention of opening a YUVAM account to get opportunities while depositing your money , we offer you the best interest rates and the most reliable banks we have contracted with.
Advantages of YUVAM Account
- It protects the value of your savings against the exchange rate risk.
- Principal and additional returns are guaranteed at maturity. Additional return is the additional Turkish lira-denominated amount to be paid by the Central Bank over the foreign exchange (FX) principal, depending on the maturity. (Rates of additional return are showed the chart below.)
- If the exchange rate is lower at maturity, the account holder gains high returns in FX terms.
- It offers you an FX principal guarantee as well as additional return at maturity.
- You do not have to pay a transfer fee in Turkey for your FX transfers from abroad.
- The exchange rate difference and your additional return are under the guarantee of the Central Bank.
- Therefore, the account holder wins in any case.
For citizenship application, foreign investors must submit the necessary documents to the competent authorities which we will list below :
Required Documents for Turkish Citizenship by Investment
- Application form containing the relevant application path,
- Identity card (which nationality the foreigner has)
- If the foreign investor is married, his/her spouse’s identity card. (If foreigner has children under the age of 18, also their identity card is required),
- Documents proving family ties with family members (marriage certificate, etc.),
- Passport photos of other family members,
- Birth certificate,
- If the foreign investor is divorced, the official document stating that he/she is divorced,
- If the foreign investor is a widow, a document showing that he/she is a widow (death certificate, etc.),
- Residence permit or tourist visa issued to the foreign investor,
- ‘’Foreign Exchange Purchase Certificate’’, which issued by the bank after the foreign currency is sold
- ’’Certificate of Conformity, which shows that the minimum investment requirement is met.
- If the spouse or other relatives of the foreign investor applying are Turkish citizens, their ID photocopies and residence information,
- Document, receipt, etc. regarding the payment made before the application.
The foreign investor who fulfills all the conditions stated above, together with his spouse, if any, and all his children under the age of 18 will acquire Turkish citizenship and remain as Turkish citizens for life. Also, their future children will be born as Turkish citizens. If there are applicants with missing, incorrect or misleading documents, their citizenship applications will be suspended and their applications will not be considered even if they have fulfilled all the criteria. Therefore, it is important to get professional advice during the application and evaluation process.