The Turkish Citizenship by Bank Deposit program is widely regarded as the most straightforward and liquid investment path for obtaining a Turkish passport. For investors who prioritize security and a hands-off process, this option offers a clear and efficient route to citizenship. This comprehensive guide provides a step-by-step breakdown of the $500,000 USD deposit rule, the application process, and the critical legal points you need to know for 2025.

Turkish Citizenship by Bank Deposit

The option for foreign nationals to acquire Turkish citizenship by bank deposit aligns directly with Turkey’s international investment policies, significantly contributing to the nation’s economic growth and global competitiveness. This citizenship acquisition program integrates various legal domains, including Foreign Investment Law, Immigration Law and Citizenship Law. Due to the evolving legislative and administrative landscape governing this process, a thorough and ongoing legal evaluation is essential.

Legal Basis

The acquisition of Turkish citizenship by bank deposit is primarily formulated under Article 12 of the Turkish Citizenship Law Numbered 5901, titled \”Exceptional Cases in Acquisition of Turkish Citizenship\”. This article stipulates that, provided there is no threat to national security and public order, foreign nationals who meet the specified criteria may be granted Turkish citizenship by decision of the President.

The detailed provisions regarding this regulation are outlined in the Regulation on the Implementation of the Turkish Citizenship Law. Particularly Article 20, paragraph 2(ç) of the Regulation explicitly states: A foreigner who is determined by the Banking Regulation and Supervision Agency to have deposited at least USD 500,000 or its equivalent in foreign currency in banks operating in Turkey, provided that he/she keeps the deposit for three years, may acquire Turkish citizenship by Presidential decree within the scope of subparagraph (b) of the first paragraph of Article 12 of the Law

What Are the Core Requirements? A Simple Checklist

To qualify for Turkish citizenship through a bank deposit, you must meet several clear conditions set by the Turkish government. Here is a simple checklist of the core requirements:

Minimum Deposit: You must deposit a minimum of $500,000 USD or its equivalent in another foreign currency (such as Euros or Pounds Sterling) into a Turkish bank.
Holding Period: You must commit to keeping these funds in the account for a minimum of three years from the date of deposit.
Official Report: A “Certificate of Conformity” must be obtained from the Banking Regulation and Supervision Agency (BRSA / BDDK) to officially verify that the investment meets the legal requirements.
Turkish Bank Account: The deposit must be made into a personal account at a bank that is legally operating in Turkey.

The Step-by-Step Process: From Bank Account to Passport

While the concept is simple, the process involves several key legal and administrative steps that must be followed precisely.

Step 1: Opening a Special Bank Account: We assist you in opening a Turkish bank account in your name that is specifically structured for the citizenship application.
Step 2: Transferring and Depositing the Funds: You securely transfer the $500,000 USD (or equivalent) to your new account.
Step 3: The Legal Blockage and BRSA Report: This is a critical legal step where a formal request is made to the bank to block the funds for three years. The bank then applies to the BRSA on your behalf to obtain the mandatory conformity report, which is essential for your application.
Step 4: Residence Permit & Final Application: Once the investment is officially confirmed by the BRSA, our team handles the application for the mandatory short-term residence permit, followed immediately by the submission of your final citizenship application file to the government.

Type of Deposit and Duration

In accordance with current regulations, the deposited foreign currency must be sold to the Central Bank of Türkiye via the intermediary Turkish bank and converted into Turkish Lira (TRY). The resulting TRY amount must then be placed in a three-year fixed-term deposit, which cannot be withdrawn, transferred, pledged, or used as collateral during the entire period. The deposit account must be opened solely in the name of the applicant and once the conditions are met, the Banking Regulation and Supervision Agency (BDDK) issues a Certificate of Conformity, which is a mandatory document for this citizenship programme.

How Long Do You Have To Hold Investment To Get Cıtızenshıp In Turkey

To obtain Turkish citizenship through the bank deposit route, foreign investors must deposit at least USD 500,000 (or equivalent in TL or foreign currency) into a Turkish bank. This deposit must be maintained for a minimum period of three years without withdrawal. The funds can earn interest or profit share, but they cannot be moved or used during this holding period. Early withdrawal or transfer of the funds would invalidate the eligibility for citizenship. The process must be certified by the Banking Regulation and Supervision Agency (BDDK) to ensure compliance.

Why You Still Need a Lawyer for a “Simple” Bank Deposit

While depositing money may seem straightforward, the citizenship application tied to it is a complex legal process. Here’s where an expert Turkish citizenship lawyer provides essential value and security:

Protecting Your Capital: We ensure the bank, the account type, and the structure of your deposit fully comply with all government regulations, eliminating any risk to your application’s success.
Navigating Bureaucracy: We handle all official communication and procedures with the bank and the BRSA (BDDK) to obtain the critical Certificate of Conformity, saving you from complex and time-consuming administrative tasks.
Flawless Paperwork: We guarantee that your residence permit and citizenship files are prepared and submitted perfectly, preventing common errors that can lead to costly delays.
Remote Management: Through a power of attorney, our team can manage the entire process on your behalf, so you do not have to handle these steps in person in Turkey.

Opening a Banking Account Procedures in Turkey

A bank account in USD and TRY can be opened with three basic requirements for the foreigners:

a valid passport documentation,
a phone number and address for account verification,
a personal tax identification number.

Last but not least, in order for foreign nationals to obtain a tax identification number and to make an application for the residence permit, they shall first enter Turkey.

After the opening of the bank account, an amount of 500,000 USD must be transferred from the applicant account abroad to the USD account in Turkey. In accordance with the Law on the Protection of the Value of Turkish Currency, the Central Bank will convert the amount in the applicant USD account to Turkish Lira (TRY) and issue a foreign exchange purchase document. It is important to note at this juncture that the 500,000 USD will be converted into Turkish Lira (TRY).

A deposit in the amount of at least 500,000 US Dollars (or its equivalent in other specified currencies) will be made in Turkish Lira to banks operating in Turkey, with the condition that it will be held for a period of three years.

The foreign currencies eligible for sale to the Central Bank by the banks are: US Dollar, Euro, British Pound Sterling, and Swiss Franc.

It is not possible to change the currency for applications made before January 6, 2022. For applications made on or after January 6, 2022, the deposit account must be in Turkish Lira.

As stated in the Implementation Instruction on Foreign Exchange Sales to the Central Bank of the Republic of Türkiye, once the foreign exchange purchase process is completed, the foreign currency sale cannot be reversed or cancelled for any reason.

After the application is submitted to the relevant authority, it is not possible to transfer the deposit from one bank to another or to split the deposit among multiple banks during the three-year period.

Process of Banking Regulation and Supervision Agency (BDDK)

This certificate will be issued by the Banking Regulation and Supervision Agency [BDDK] to determine eligibility for Citizenship and it will be sent to the email address to be used for banking transactions.

Application for the Conformity Certificate

An application for the Investment Compliance Certificate must be submitted to the Department of Financial Consumer Relations of the Banking Regulation and Supervision Agency [BDDK].

Residence Permit Application for Investors

After the completion of banking account procedures a second step is dedicated to the residence permit application in light of the article 31-j of the Law on Foreigners and International Protection Numbered 6458. The documents required for a residence permit within the scope of subparagraph (j) of Article 31 of Law No. 6458 are obtained, and the application is submitted to the Provincial Directorate of Migration Management in the applicant’s place of residence.

Citizenship Application

After obtaining a residence permit certificate, the application for Turkish citizenship is first submitted to the Provincial Directorate of Population and Citizenship in the applicant’s place of residence. Once the application file is prepared, it is forwarded to the General Directorate of Population and Citizenship Affairs (Nüfus ve Vatandaşlık Genel Müdürlüğü in Turkish). A background check is then conducted to assess whether the applicant poses any threat to national security or public order. If the results of the background check are positive, the file is submitted to the Ministry and subsequently referred to the Presidency. The final decision regarding the application is made by the President, and Turkish citizenship is granted if the decision is in favor of the applicants.

Does Turkey Allow Dual Citizenship?

Turkey allows dual citizenship. There is generally no legal obstacle preventing foreign nationals who acquire Turkish citizenship from retaining their existing citizenship. However, it is also important to consider whether the individual\’s home country permits dual citizenship. Some countries may restrict or entirely prohibit their citizens from acquiring or maintaining a second nationality. Therefore, both Turkish legislation and the citizenship laws of the applicant’s home country should be carefully considered during the application process.

What is the Fastest Way to Get Turkish Citizenship?

There are several legal pathways to acquire Turkish citizenship, and the fastest option depends on the applicant’s specific circumstances. Among the most expedited routes are citizenship by investment and exceptional circumstances (such as individuals with strategic contributions to the country). For most foreign investors, depositing USD 500,000 into a Turkish bank or purchasing real estate worth at least USD 400,000 can lead to citizenship. Each route should be carefully evaluated based on the individual’s background, legal eligibility and purpose of residence in Turkey.

How Much Does it Cost to Get Citizenship in Turkey

The total cost of acquiring Turkish citizenship varies depending on the chosen method and the applicant’s specific situation. In addition to the minimum investment amounts (e.g., USD 400,000 for real estate or USD 500,000 for bank deposit), there are additional expenses such as notary fees, sworn translation services, legal representation, and official application charges. These costs can fluctuate due to inflation and administrative pricing updates, so it is not possible to provide a fixed amount. Applicants are advised to seek personalized legal consultation to get an accurate cost estimate based on their case.

Explore Other Pathways to Turkish Citizenship

While the bank deposit option offers excellent security and simplicity, it is just one of several routes available through the Turkish Citizenship by Investment program. Every investor’s goals and financial strategies are unique, and for many, other pathways may be more suitable.

For instance, the Turkish Citizenship by Real Estate option allows you to acquire a tangible asset with the potential for significant appreciation and rental income. Similarly, for those with existing family ties, the Turkish Citizenship by Marriage route offers a different set of opportunities and requirements.

To help you make the most informed decision, we have prepared comprehensive guides for each specific pathway. We highly recommend exploring these resources to understand which option best aligns with your long-term vision.

For a complete overview of all investment options, read our main guide: https://www.pilc.law/turkish-citizenship-by-investment/
To learn about the most popular route, see our guide on: https://www.pilc.law/turkish-citizenship-by-real-estate/
For those with family connections, explore our guide on: https://www.pilc.law/turkish-citizenship-by-marriage/

Frequently Asked Questions (FAQ)

Can I earn interest on my $500,000 deposit?

Yes, absolutely. You can place the funds in an interest-bearing account, such as a time deposit account (vadeli mevduat). You are free to receive and use the interest payments as you wish. The only legal requirement is that the principal amount of $500,000 (or its equivalent) is not withdrawn for three years.

What happens to my money after 3 years?

Once the mandatory three-year holding period is over, the legal block on your account is removed. You regain full, unrestricted access to your capital and can withdraw it, transfer it abroad, or continue to keep it in the bank.

Can I deposit in a currency other than USD?

Yes. The regulation allows for a deposit of $500,000 USD or its equivalent in another convertible foreign currency as determined by the Central Bank of Turkey.

Which banks are best for this process?

We work with all major, reputable national and international banks operating in Turkey. As part of our service, we can advise on the best options based on your individual needs and preferences.

Conclusion

In summary, acquiring Turkish citizenship by bank deposit is a process that requires the support of a professional attorney. It should also be kept in mind that the acquisition of citizenship via this route falls within the broad discretionary authority of the Turkish state. Before initiating the process, it is essential to obtain both a legal opinion from a qualified attorney and relevant confirmations from the involved bank. Moreover, not only the primary investor but also their immediate family members may be eligible to acquire Turkish citizenship through this investment pathway.

Given that the process involves strict legal compliance and extensive documentation, professional legal guidance is strongly recommended. Importantly, it should be remembered that merely making a bank deposit does not automatically entitle an individual to apply for Turkish citizenship by capital investment. This article has been prepared as a practical guide to assist in understanding and navigating the procedure.

The bank deposit option offers a secure and efficient pathway to Turkish citizenship. To navigate this process with confidence, partnering with an experienced law firm in Turkey is essential. At Pi Legal Consultancy, our expert team is ready to manage every legal detail on your behalf, ensuring your investment is protected and your application is successful.