Turkish Citizenship by Depositing $500,000 in a Turkish Bank

Turkey’s Citizenship by Investment program has four qualifying routes, and the bank deposit option is the only one where the full investment comes back to you. Place $500,000 in a regulated Turkish bank, hold it for three years, collect interest throughout, and withdraw the principal in full when the commitment ends. Citizenship is not a fee; it is a temporary placement of funds.

What the Bank Deposit Route Involves

The deposit must go into a bank regulated by Turkey’s Banking Regulation and Supervision Agency, known by its Turkish abbreviation BDDK. Once the funds arrive, the bank places a formal block on the account and issues a blocking certificate confirming the three-year commitment. That certificate is the foundation of the entire citizenship application.

Two government bodies are central to what follows. The Banking Regulation and Supervision Agency (BDDK) reviews the investment to confirm it meets the program criteria and issues an investment conformity paper. The Directorate General of Migration Management (DGMM) then handles the citizenship application itself, and the Presidency of the Republic issues the final naturalisation decree.

Your spouse and unmarried children under 18 are covered by the same application. No additional investment is required for family members.

Who Can Use This Route?

The route is open to foreign nationals of most countries. Turkey does not impose blanket nationality restrictions, though citizens of a small number of countries may face additional scrutiny depending on Turkey’s diplomatic and regulatory position at the time of application. Confirming whether your nationality presents any particular considerations before committing funds is a sensible early step.

Turkey does not require you to give up your current citizenship. Dual nationality is permitted under Turkish law, so many applicants end up holding both a Turkish passport and their original travel document. Whether your home country permits dual citizenship is governed by its own laws, and worth confirming before you begin, since receiving Turkish citizenship cannot be reversed.

The Deposit Amount and Acceptable Currencies

The minimum deposit is $500,000, as of the time this article is written. The deposit must be made in US dollars, euros, or British pounds. Turkish lira is not an accepted currency for this route. The foreign currency amount is converted into Turkish lira at the official Turkish Central Bank exchange rate on the date of deposit, and the lira equivalent is held for the three-year period.

Before issuing the blocking certificate, the bank carries out anti-money-laundering checks. You will need documentation showing the origin of the funds: recent bank statements, proceeds from the sale of property or a business, dividend records, or inheritance documents are among the materials typically requested. The bank may ask for more depending on the source and structure of your funds.

The Application from Start to Finish

Getting from deposit to naturalisation decree follows a defined sequence. Completing each step correctly from the outset avoids unnecessary delays.

• Open a Turkish bank account. Some banks accept non-resident applications remotely; others require a short visit in person.
• Transfer the $500,000, or the equivalent in another eligible currency, and obtain the formal blocking certificate from the bank.
• Gather your core documents: passport, birth certificate, marriage certificate if applicable, and birth certificates for any children. Foreign documents must be apostilled and translated into Turkish by a sworn translator.
• Submit the blocking certificate and supporting documents to BDDK to obtain the investment conformity paper confirming the deposit qualifies under the program.
• Apply for a short-term Turkish residence permit. This step typically runs in parallel with the conformity application.
• Submit the full citizenship application to DGMM. Security and background checks are conducted at this stage.
• Complete biometric registration, including fingerprints and a photograph, at a DGMM office in Turkey.
• Receive the naturalisation decree and apply for your Turkish passport and national identity card.

The Documents You Will Need

The exact document list varies by nationality and personal circumstances. The standard requirements are as follows:

• Valid passport with a notarised Turkish translation
• Birth certificate, apostilled and translated into Turkish by a sworn translator
• Marriage certificate, if applicable, with apostille and sworn Turkish translation
• Birth certificates for each child included in the application
• Blocking certificate from the Turkish bank confirming the deposit is held for three years
• Bank statements and source-of-funds documentation
• Proof of residential address in your home country
• Biometric photographs meeting Turkish government specifications
• Completed DGMM application forms
• Short-term residence permit, or a simultaneous application for one

How Long the Process Takes

Once a complete application is submitted to DGMM, the authorities typically process it within three to six months, as of the time this article is written. Preparing the bank account, arranging the blocking certificate, collecting apostilled documents, and obtaining the certificate of conformity adds several weeks before formal submission begins. In practice, most applicants receive their naturalisation decree within four to eight months of first opening their Turkish bank account.

Processing times fluctuate throughout the year as application volumes change. Submitting a complete, correctly organised application at the first attempt is the most reliable way to avoid delays.

The Four Routes Compared

Turkey’s Citizenship by Investment program currently offers four qualifying routes. All figures are as of the time this article is written and are subject to revision by government regulation:

• Real estate purchase: minimum $400,000, held for three years. The property value must be certified by a licensed appraiser.
• Bank deposit: minimum $500,000, held for three years. The deposit earns interest and the full principal is returned at the end.
• Government bonds: minimum $500,000, held for three years via a bank or licensed intermediary.
• Fixed capital investment: minimum $500,000, confirmed by the Ministry of Industry and Technology, with no defined end date.

The bank deposit route carries a higher minimum than the real estate option, but it involves no property market risk. The return of principal after three years is guaranteed by the structure of the commitment itself.

What Turkish Citizenship Gives You

As a Turkish citizen, you have the right to live, work, and own property in Turkey without a separate residence permit or work permit. The Turkish passport currently provides visa-free or visa-on-arrival access to over 110 countries, including Japan, South Korea, Singapore, and much of the Caribbean. Turkey continues to negotiate additional travel agreements.

For investors, Turkey sits at the junction of Europe, Asia, and the Middle East, with a large domestic market, a young working-age population, and a growing economy. Turkish citizens have access to public healthcare and public education. Children born in Turkey to Turkish parents are automatically Turkish citizens.

The financial case for the deposit route is clear. Your $500,000 earns interest or profit-sharing returns throughout the three-year commitment. When the holding requirement ends, the principal is returned in full. The effective cost of citizenship is the opportunity cost of three years of funds held in Turkey, not a permanent loss of capital.

How Gordion Partners Supports Your Application

Gordion Partners has been guiding foreign investors through the Turkish citizenship by bank deposit process since 2020. Our advisors are based in central Istanbul and work in English, French, Turkish, Chinese, and Russian.

We manage every stage: introductions to banking partners that work efficiently with foreign investors, coordination of document preparation and sworn translation, submission of the conformity application to TKGM, citizenship application management with DGMM, and follow-up with the Presidency until your passport is in hand. We are an advisory and consulting firm, and our advisors communicate clearly in English throughout the process. You can reach us at any point with questions.

Contact us for more information about starting your Turkish citizenship application through the bank deposit route.

Questions and Answers

Can I make the deposit in a currency other than US dollars?

Yes. The $500,000 minimum is denominated in US dollars, and the accepted currencies are US dollars, euros, and British pounds. Turkish lira is not accepted for the bank deposit citizenship route. If you deposit in euros or British pounds, the equivalent amount is calculated at the Turkish Central Bank exchange rate on the deposit date, and the full sum is held in Turkish lira for three years.

Do I have to travel to Turkey to open the bank account?

Some Turkish banks accept non-resident account applications remotely or through their overseas offices. Others require a short in-person visit. Biometric registration with DGMM also requires your physical presence in Turkey. Our advisors can identify which steps require you to be in Istanbul and help you plan a single, well-organised trip that covers all of them at once.

Are my spouse and children included automatically?

Yes. Your spouse and children under 18 are included in the citizenship application at no extra investment. They receive Turkish citizenship at the same time you do, under the same naturalisation decree, without any separate application.

Do I have to give up my current citizenship?

Turkey does not require renunciation of your existing citizenship. Whether dual nationality is permitted depends on the laws of your home country. Some countries allow it freely; others impose conditions or require formal notification. Confirm your home country’s rules before you begin, since receiving Turkish citizenship cannot be undone.

What happens to the $500,000 after three years?

Once the three-year holding period is complete and citizenship has been granted, you are free to withdraw the full principal from your Turkish bank account. The deposit also generates interest or profit-sharing returns throughout the holding period. The $500,000 is a temporary financial commitment, not a fee: you do not lose the invested capital.

Could the government raise the threshold after I have made my deposit?

The Turkish government can and does adjust investment thresholds over time. However, once BDDK issues your investment conformity paper confirming the deposit qualifies, a subsequent increase in the threshold does not affect your application. Eligibility is assessed at the time the conformity certificate is issued, which is why submitting a complete application promptly after the deposit is in place matters.

Is the deposit insured?

Turkish bank deposits are covered by the Savings Deposit Insurance Fund (TMSF) up to a prescribed limit, which as of the time this article is written is 1,500,000 Turkish lira per depositor per bank. For a deposit of $500,000, that insurance covers only a portion of the total. Our advisors can help you assess the financial standing of Turkish banks so you can choose an institution that suits your risk profile.

This article was originally published in full on the Gordion Partners blog.

Disclaimer: This article is for general informational purposes only and you are strongly advised to consult a professional to evaluate your personal situation. No liability is accepted that may arise from the use of the information in this article.