In today's globalized world, acquiring citizenship in a foreign country has become an enticing prospect for many investors seeking international opportunities. One such avenue that has gained popularity is the Turkish Citizenship through Bank Deposit program. This comprehensive guide provides foreign investors with key insights and a step-by-step walkthrough of the process in 2024.
Eligibility and Application Process
Who Can Acquire Turkish Citizenship by Deposit Money in a Bank?
Foreign investors looking to obtain Turkish citizenship through a bank deposit have a straightforward process to follow. Individuals, along with their spouses and children under 18, are eligible to apply by depositing a minimum of $500,000 or its equivalent in a Turkish bank. Notably, there are no nationality restrictions, making this opportunity open to citizens of all countries.
Conditions for Turkish Citizenship by Deposit Money in a Bank
To initiate the process, investors must open accounts in both Turkish Lira and their chosen foreign currency. The next crucial step involves transferring $500,000 from their own country or any foreign account to the Turkish bank. The deposited amount must then be converted into Turkish Lira and locked in the account for a mandatory 3-year period. This process requires careful navigation, and professional assistance is recommended to avoid potential pitfalls.
Currency Requirements and YUVAM Account
Currency Options and YUVAM Account
Investors have flexibility in choosing the currency for their deposit, including USD, EUR, GBP, CHF, or Turkish Lira. However, a notable development since January 2022 is the mandatory conversion of all foreign currencies into Turkish Lira. To mitigate currency risks, the government introduced the YUVAM account, a tailored solution for foreign investors.
Yuvam Account Return on Foreign Currency
The YUVAM account offers attractive returns, combining interest yields and protection against exchange rate differences. The interest rates vary based on the maturity period:
YEAR OF MATURITY
INTEREST RATE ON USD, EUR, GBP, CHF
For investors eyeing Turkish citizenship, it's recommended to consider a 2-year account with a 6% interest rate initially, followed by a recurring 1-year period with a 5% interest rate. This strategic approach can yield substantial returns, providing an additional incentive for foreign investors.
YUVAM Account’s Return on Foreign Exchange Differences
The YUVAM account shields investors from exchange rate fluctuations. At the end of the 3-year maturity period, investors are guaranteed not to lose money due to exchange rate differences. This structure ensures that the principal amount of $500,000 initially deposited is secure.
Documentation and Application Process
Documents Required for Opening Bank Accounts
Before diving into the application process, investors need to prepare the necessary documentation for opening accounts in Turkish banks. These documents include passport translations, Turkish tax identification numbers, occupational and educational backgrounds, contact addresses, and proof of address in their home country.
Steps After Blocking the Investment Amount for 3 Years
Once the money is blocked, a conformity letter is issued by the Banking Regulation and Supervision Agency. This letter confirms that the investor has fulfilled the required investment amount and that the account is locked for the mandated 3-year period. This document forms the basis for subsequent residence and citizenship applications.
Residence Permit and Citizenship Application
After receiving the conformity letter, the investor is required to enter Turkey once for fingerprinting. Following this, a 1-year residence permit for the investor is requested. The required documents include the conformity letter, notarized passport translation, entry and exit stamps, visa copy (if applicable), application form, biometric photographs, birth certificate, and health insurance.
Upon approval of the residence permit, the legal representative applies for citizenship on behalf of the investor's entire family. The documents required for citizenship application include biometric photographs, marital status certificates, birth certificates, passport translations, and power of attorney.
Elevate Your Global Opportunities with Kurucuk & Associates Law Firm
Embark on the journey to Turkish citizenship and international investment security with Kurucuk & Associates Law Firm. Our expert legal team, based in the vibrant city of Istanbul, Turkey, is committed to guiding you through the intricacies of the Turkish Citizenship through Bank Deposit program. Secure your family's future and financial well-being by leveraging our in-depth knowledge and experience. Let us be your trusted partners in this transformative venture. Contact Kurucuk & Associates Law Firm today to initiate your seamless path to Turkish citizenship and unlock a world of possibilities. Your prosperous future awaits – take the first step with us!