For foreigners wishing to obtain a Turkish passport, there is more than one way through which they can obtain Turkish citizenship, among these ways to obtain Turkish citizenship through a bank deposit in a Turkish bank in the amount of 500 thousand dollars.
It is also possible to obtain a Turkish passport by purchasing a property whose value exceeds 250 thousand dollars, and before this value was estimated at one million dollars. It is also required that the property not be sold within a period of three years.
Click to find out the details of obtaining Turkish citizenship by owning a house in Turkey
The law on granting a Turkish passport to investors in return for a deposit of 500 thousand dollars
The Presidency of the Republic of Turkey issued a law on 9/18 of 2018 issuing a presidential decree that includes the conditions for granting a Turkish passport to attract the largest number of foreign investors.
According to Anadolu Agency, the text of the law amending the special conditions for granting Turkish citizenship to foreigners has been published in return for depositing an amount of 500 thousand dollars in a public or private bank in Turkey.
According to the new amendments, obtaining a Turkish passport through a bank deposit in a Turkish bank has a value of 500 thousand dollars , after the value was estimated at 3 million US dollars.
According to the new regulation, the law on obtaining Turkish citizenship has also been amended by opening a factory or company in Turkey and employing 50 Turkish citizens, after it was employing 100 Turkish citizens
According to what was published in the Official Gazette, any foreign person who fulfills the required conditions is entitled to apply for Turkish citizenship.
According to Anatolia, a committee will be formed to monitor and follow up all applicants for Turkish citizenship, and the committee will be represented by the ministries (Treasury, Finance, Environment, Interior, Urban Development and Labor, Social and Family Services, Industry and Technology)
It should be noted that offices were opened in Ankara / Istanbul to receive applications for Turkish citizenship through a bank deposit in one of the Turkish banks, with a value of 500 thousand dollars for civil registration and provision of services to facilitate the affairs of applicants for obtaining Turkish citizenship.
Steps to obtain Turkish citizenship for investors according to this law
These are the steps to obtaining a Turkish passport through a bank deposit in a Turkish bank, with a value of 500 thousand dollars
- Having health insurance for one year.
- Opening a bank account with the address of the applicant for Turkish citizenship in the country in which he resides, including (tax number, bill (water / gas / electricity).
- Make a bank deposit of 500 thousand US dollars.
- To obtain Turkish citizenship with a bank deposit, the applicant signs a statement to seize the amount and not dispose of it for a period of three years, and he is not entitled to withdraw money during that period.
- A passport that fulfills all the conditions, documented and approved, and contains all the information relating to the applicant for Turkish citizenship, including the dates of entry and departure.
- Official documents proving the applicant’s date of birth, place of birth/parents’ names.
- Submit a copy of the identity card notarized and certified by the Turkish Consulate.
- In the absence of a nationality (Bidoon), documents stating their statelessness, notarized and certified by the Turkish Consulate, must be submitted.
- Submit a civil status certificate for the applicant, whether he is married / widowed / single, and submit the certificates notarized and approved by the Turkish Consulate or the representative of the judiciary.
- If the applicant is married and dependent, he submits documents related to the identity of the children, translated, notarized and certified by the Turkish Consulate.
- Criminal record (if requested).
- Attach 6 recent personal photos 50×60 with white background.
- Submit all papers and documents translated into Turkish to the Turkish Consulate in the applicant’s country.
- After completing all the required documents, they are submitted to the Immigration Department.
- All papers and documents are sent to the Banking Supervision Institution of the Central Bank of Turkey.
- The investor will be given a special number to follow up on the application via the website for obtaining Turkish citizenship online.
- After verifying the papers, Turkish citizenship is issued in a period of no less than 60 days.
- On this basis, the applicant is granted an investor residence permit valid for one year.
- Attach a certificate of quality or customs conformity. This is in the case of submitting an application for obtaining Turkish citizenship under the purchase of real estate, it must be submitted to the Directorate of Land Registry to obtain a certificate of conformity, which states that the purchase value of the property has exceeded the required amount of 250.000 US dollars, and this is acknowledged in the registry Real estate, and that the property reservation is ratified for a period of three years and that it will not change during the three years.
What after obtaining a Turkish passport through a bank deposit for investors
After the Turkish citizenship is granted to the investor, the following will be done:
- All family members are automatically and directly granted Turkish citizenship, as the investor’s wife and children have the right to obtain Turkish citizenship, and under the new Turkish citizenship law, the foreigner becomes a first-class Turkish citizen with the same rights and duties under the cash deposit.
- When obtaining Turkish citizenship through a bank deposit in a Turkish bank with a value of 500 thousand dollars, it is not possible to distinguish the original Turkish citizen from the one who obtained Turkish citizenship (naturalized) according to the cash deposit, and the Turkish passport does not contain any indication that this person is Foreigner.
- Also, throughout the three-year period and during the period of holding the $500,000, the depositor earns bank interest according to the amount, whether it is in dollars or in Turkish currency. ; In the case of depositing the amount in US dollars, in this case, he will receive an interest of 3%.
The repercussions of obtaining Turkish citizenship through a bank deposit in a Turkish bank, with a value of 500 thousand dollars
After the announcement of the new amendments to the Turkish Nationality Law, the General Directorate of Souls and Citizenship Affairs in Turkey stated that 9 thousand and 11 new foreign investors had obtained Turkish citizenship, which was obtained in return for investing in Turkey, according to the conditions that the Directorate amended and published in the Official Gazette by a presidential decree. According to these amendments, the volume of investment in Turkey has become about 3 billion and 261 million and 500 thousand US dollars.
Under the amendments that have already entered into force, anyone who wants to invest in Turkey and obtain Turkish citizenship can submit the required papers, which will be studied and verified to grant the applicant Turkish citizenship and become a Turkish citizen of the first degree, according to what was published by the General Directorate of Civil Registration and Nationality affiliated Ministry of the Interior.