Turkish Citizenship by depositing 3 million dollars in a Turkish Bank for 3 years

Obtaining Turkish citizenship became easier for foreign investors with the changes made to Turkey’s current citizenship law. The recent regulations were published in the Official Gazette on January 12, 2017.

Foreigners who satisfies following condition would be eligible to obtain citizenship under the recent regulations.

As a condition a phrase added to Article 20 of Regulation concerning Implementation of Turkish Citizenship Law (dated and numbered 06.04.2010/27544) :

“- Proven by the Banking Regulation and Supervision Agency to have deposited at least USD 3,000,000 in banks operating in Turkey with the condition of not to withdraw for at least three years

- Proven by the Turkish Treasury to have bought at least USD 3,000,000 worth of government bonds and provided they are not sold over the course of three years

The effective selling rate of the Central Bank of the Republic of Turkey as of the proving date will be used as a benchmark to determine the actual values of operations.

Prior to this change on 28.07.2016, a paragraph is added to an article 12 of Turkish Citizenship Law (Law not a regulation)

Foreigners can apply to Turkish citizenship as an “exceptional” status basis on

  1. Foreigners, their spouse and their children who has residence permit under article 31/1 (please click article 31) of Protection on LAW ON FOREIGNERS AND INTERNATIONAL PROTECTION
  2. Turquois Card Owners, their spouse and their children

Accordingly, after the investment foreigner will have the right to apply residence permit under article 31 or Turquois Card. Turquois Card is almost similar to U.S green card. It gives work and residence permit for the foreigner and its family. 3 million usd investment grants to a foreigner to apply to obtain Turquois Card or short residence permit under Article 31. This procedure (having Turquois Card or Short Residence Permit) may take few months after purchase.

Holder of Turquois Card and Short Residence Permit can apply Turkish Citizenship under Exceptional Status. Application can be done via consulate of the country that foreigner stays or via Turkish Administration in Turkey . Citizenship application will be sent to the interior ministry and then Council of Turkish Ministry for approval. During the application, administration gives a tracking number to follow up the outcome of application.

Procedures can be done by giving a power of attorney to a Turkish Lawyer remotely.

  1. Power of Attorney to authorize lawyer (Powers regarding Obtaining Tax Number, Opening Bank Account, Application to Residence Permit and Turkish Citizenship)
  2. Acquirement of Potential Tax Number from Tax Administration (Please consult to the nearest consulate or embassy of Turkey in your country, few of them has capability to give potential tax number. If not, you need to come to Turkey for this process or you can give me power of attorney and I can get it on behalf of you.)

Tax administration requires documents and information as below:

  1. Passport and Passport Photocopy

If transaction will be done by lawyer based on power of attorney.

  1. Power of attorney
  2. True copy of passport validated by Turkish Consulate.
  3. Adress you stay in Turkey
  4. Father Name
  5. Turkish Phone number
  1. Opening a bank account (you need to ensure not to withdraw Money for 3 years) (It can be also proceeded by power of attorney)
  2. Application to BDDK (Banking Regulation and Supervision Agency) to get proof and detection of the Money in the bank account.

Subsequent to above applications ,

To apply

1 - Turkish Residence Permit under Law number 6458 under Article 31 / J – Short Residence Permit

Or

2- Turquios (Turkuvaz Card) which is similar to U.S green card. It gives work permit not only residence. (very new option and not settled yet on july 2017 its passed from the parliament)

  1. Application to governor of Istanbul for acquisition of citizenship. If you live abroad you can also apply from Turkish Consulate

Citizenship application will be sent to the interior ministry and then Council of Turkish Ministry for approval. (This process will take 6 months – 1 year)

  1. Acquirement of Turkish Citizenship

 



ABOUT THE AUTHOR: Atty. Gökhan Cindemir
He graduated from Anatolian High School of Karadeniz Eregli, after his graduation he studied in Belgium with AFS intercultural exchange program. He obtained his law license degree from Marmara University of Law Faculty. During his university education, he participated in Philip C. Jessup International Law Moot Court Competition on behalf of the Marmara University. After his admission to Istanbul Bar Association in 2009, he obtained master degree (LL.M) from Gent University / Belgium in the field of European and Comparative law. His master research was about Freedom of Establishment In Relation With Turkish rep. and EEC in the frame of Ankara Agreement. He is specialized in International Private Law, European Law, Real Estate Law, Penal Law and Tort Law. He speaks fluent English and has good command of Dutch and French. He is also authorized as a solicitor, barrister.
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