Investors must deposit Turkish Lira, equivalent to $500,000, to a Turkish Bank account. In other words, it is not acceptable to deposit any other currency than Turkish Lira.
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What are the requirements of the capital deposit option of Turkey's CBI program?
I would like to participate in Turkey’s citizenship-by-investment program through a capital deposit. For this option, can I deposit currencies other than U.S. dollars to qualify?
Answers
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No, the capital deposited in order to get Turkish citizenship does not have to be U.S. dollars. It can also be the equivalent in another currency, but it must be kept for three years and it is confirmed by Banking Regulation and Supervision Agency of Turkey (BDDK) in order for the one to apply to acquire Turkish citizenship. Finally, it must be underlined that the money deposited to banks operating in Turkey values at least 500.000 US Dollars or the equivalent.
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In order to benefit from the capital asset investment program, the investor must make a fixed capital investment that is worth at least $500,000 and a certificate of conformity must be issued by the Ministry of Industry and Technology. The capital will not be deposited in cash, as cash is not considered a fixed investment. It will be invested in the company by purchasing land, a building or equipment with the intention of utilizing these assets in the production of goods or services. Therefore, the currency the investor will use does not really matter, as long as the investment is the equivalent of $500.000 or more. The value of the investment will be determined by experts. If the company that the investor is investing in is a limited liability company, an application should also be made to the Court for the valuation of the assets.
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The currency is not important as long as the deposit is at least $500,000 at the date of investment.
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