I am giving information about Turkish Citizenship by Investment through bank deposit. I already explained citizenship by investment through real estate investment in my previous videos. This bank deposit option allows foreigners to invest $500,000 into a Turkish bank account for 3 years and become eligible for Turkish citizenship. Let's go to the detail!
Why Turkish Citizenship Program?
First of all, why Turkey? Well, besides its rich history, stunning landscapes, and vibrant culture, Turkey offers a straightforward path to citizenship through investment. And one of the most popular routes is through a bank deposit. Foreigners can the citizenship directly and they only need to keep the deposit for 3 years. After that, they can withdraw the funds and they still keep the citizenship.
Turkey Bank Deposit Process
So, how does it work? It's simple. Foreigners can invest $500,000 into a Turkish bank account for a period of 3 years. This investment is converted to Turkish Lira and its USD value is guaranteed by the Central Bank of Turkey. The Banking Regulation and Supervision Agency (BDDK) verifies the deposit of $500,000 and they issue citizenship conformity paper (Uygunluk Belgesi). This form is the legal pathway to citizenship for eligible investors.
Yuvam Account Interest Rate
The Yuvam account is a specialized deposit account offered by Turkish banks, designed to provide attractive interest rates for foreign investors. By using the Yuvam account, you can optimize your investment and potentially increase your returns.
Yuvam Account provides an additional return guarantee as well as exchange rate protection assurance by the Central Bank.
As of now, the USD interest rate is 6% per year and Turkish Lira interest rate is 32% per year. The Central Bank also offers exchange rate protection if Turkish Lira depreciates a lot. For example, if Turkish Lira depreciates more than 32%, the Central Bank guarantees the USD equivalent of your investment with +6% interes.
Steps of Bank Accounting Opening and Deposit
- Firstly, you need to come to Turkey to open bank account. Most banks ask for a residential address document from Turkey or from your home country. It can be a utility bill or an official document that shows your address.
- Secondly, you will get IBAN and Swift number from the Turkish bank. You can use these number to transfer funds from your home bank to the Turkish Bank.
- Thirdly, you the Turkish Bank will take necessary actions to convert your money to Turkish Lira with Yuvam account and apply for investment conformity paper.
- Finally, after your investment conformity paper is ready, you are ready to apply for Turkish Citizenship.
The End
Thank you for watching! If you found this video helpful, don't forget to like, share, and subscribe for more content. And as always, feel free to leave any questions or comments down below. Until next time, take care!
Time Codes:
0:00 - Turkish Citizenship by Bank Deposit
0:23 - Why Turkish Citizenship Program?
0:58 - How does bank deposit work in Turkey?
1:36 - Turkish Central Bank Guarantee on USD Investment
3:12 - Steps of Bank Deposit Investment for Turkish Citizenship
4:59 - The End
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