Bank Deposit Option for Turkish Citizenship
Another route to gain citizenship in Turkey is through a bank deposit in a savings account into a Turkish State Bank. This is the most straight-forward way for an investor to achieve Citizenship in Turkey and the method that takes the least amount of time to achieve. Prior to the recent changes, investors were required to invest $3,000,000 into a bank account. This has been drastically reduced now, and the amount now required to be deposited and held into a Turkish bank account is $500,000 or the equivalent in Turkish Lira. This is supervised by the Banking Regulation and Supervision Agency (BRSA). As with the real estate purchase, the deposit must be held for a minimum of three years in this institution with no access to any of the funds during this period.
The move to reduce the deposited amount is aimed to drastically increase the amount of foreign investment into the country. Despite this, there has been no changes to the great benefits that investors receive through their Turkish passport such as free access to education and health care as well as visa free travel to over 110 countries. Through the bank deposit scheme, the Turkish Government are allowing investors to leave their investment ‘liquid’ rather than tying it up into fixed assets such as real estate. Due to this criteria, the Turkish Citizenship program offers one of the most flexible and affordable investments compared to other Citizenship by Investment programs.
Investment Will Earn Interest as per the Banks Interest Rates
Through this route to citizenship, with a Power of Attorney which can be organized at your local Turkish Embassy, our team at Terranova Global are able to open the bank account directly for you, meaning initially there is no need to travel to Turkey. Once you have deposited this money into the Turkish bank account, you will be issued confirmation by the BRSA, which will be included as part of your application. Throughout the three years your investment will earning interest as per the banks interest rates. Terranova Global will assist you in choosing the right bank account to ensure your earnings are maximized.
This bank deposit scheme currently has no restrictions on any nationality applying. It also does not require the investor to reside in Turkey for any length of time, making this one of the most flexible and desirable citizenship programs globally. Investors can also include their Spouse in the application as well as children under the age of 18. It also allows for investors to include a second wife in the application.
No Need to Renounce Current Nationality
Due to the simplicity in nature of this bank deposit scheme, citizenship can be achieved in as little as 3 months and is a quicker route to citizenship than a real estate investment. Dual citizenship is allowed under Turkish law, therefore there is no need to renounce currently nationality. As with all other methods of acquiring Turkish Citizenship, a full due diligence will be undertaken by the Turkish Government. There will be the need for the main applicant to travel to Turkey for identity purposes and for biometrics. The remaining family members however can travel to any Turkish embassy for the biometrics.
Once you receive your citizenship and Turkish passport, you will be able to live and work in Turkey, although the choice is completely yours. The Turkish Government do not require you to declare your international earnings therefore you will not be taxed on any money made outside of Turkey.