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Turkish Citizenship by Investment: Investment via Bank Deposit $500k

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Turkey has a Turkish Citizenship by Investment Program which grants qualifying applicants and their families the opportunity to obtain citizenship for life.

To qualify for the program, the applicant must be at least 18 years old and have a clean criminal record and must not have entered or stayed in Turkey illegally. There are no language or education requirements, and although successful applicants obtain the right to reside in Turkey, physical residency is no required.

The program offers citizenship to applicants through a number of qualifying investment options, including real estate investments or bank deposits. The required minimum investment via bank deposit is currently the equivalent of $500,000.

Investors can choose to deposit the $500,000 in more than one Turkish bank account, as long as the total amount is at least $500,000. The money must be deposited in a Turkish branch of a bank that operates in Turkey. It cannot be deposited in an overseas branch of the bank.

The applicant must undertake to hold the deposit for at least 3 years. Should the amount be withdrawn or fall below $500,000, the Ministry of Internal Affairs will be notified, and, the process for citizenship will be cancelled.

Once a Turkish naturalised citizen and passport holder, there are routes to relocate to the USA and the UK under specific categories available for Turkish nationals.

Under the Ankara Agreement, Turkish nationals can relocate to the UK through the Turkish Businessperson visa. This grants the holder the option to start a new business in the UK or come to the UK to help run an established business and bring their family with them. Turkish nationals can then obtain residency and become eligible for UK permanent residency and citizenship within 5-6 years.

The application process

Any foreigner who wants to apply for citizenship by investment must apply to the Turkish Ministry of Economy. Once the application is approved, the applicant can proceed with the investment.

Firstly, applicants must apply for a tax registration number in Turkey.

Applicants must complete the investment by opening a Turkish bank account and depositing the equivalent of $500,000 into the account.

To open a bank account, the investor needs:

  • A document (electricity or phone bill, for example) confirming a resident address in the investor’s home country.
  • A passport.
  • A Turkish tax number.

After completing the investment, the applicant must apply to the banking regulatory authority to obtain a certificate of conformity to confirm the deposit. The applicant can then apply for a short-term residence permit. This is normally issued on the day of the application. It is a formality since a person cannot legally apply for citizenship without being a legal resident in Turkey. The applicant does not need to stay in Turkey.

Once a residence permit is granted, the investor can apply for Turkish citizenship by submitting the paperwork to the Provincial Director of Census and Citizenship. No interview is required.

Required documents for citizenship application – Turkish Citizenship By Investment 

 The following documents must accompany the application for citizenship:

  • The applicant’s passport.
  • A document confirming the applicant’s date and place of birth.
  • A document confirming the applicant’s marital status, e.g. marriage certificate, divorce papers, death certificate.
  • If married, a copy of the family register indicating the number of children.
  • Criminal record (if requested).
  • Recent bio metric image.
  • Receipt of payment of application fees.
  • Health insurance.
  • Certificate of conformity.

All documents must be translated and notarized or certified by the Turkish Consulate.

The processing time for a citizenship application is between 3-6 months. The investor need not be physically present during this time.

CONSULTATION FROM LONDON IMMIGRATION LAWYERS

You can request consultation from our immigration lawyers over the phone as in person.

Mann’s Solutions is international immigration law firm with offices in London, Hong Kong and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration lawyers regulated by OISC (Office of the Immigration Services Commissioner).

For further information or to discuss your personal circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com or call +44 207 993 63 46.