Foreign investors who obtained Turkish citizenship through a bank deposit are generally required to maintain the qualifying investment for three years. Once this holding period has been completed, an important practical question arises:
How can the investor release the deposit and transfer the money abroad, especially if he or she no longer lives in Türkiye?
For many investors, returning to Türkiye solely to deal with the bank may be inconvenient. Depending on the bank, the account status, the documentation and the authority granted under a power of attorney, some parts of the process may be handled through a lawyer in Türkiye.
However, the expiry of the three-year period should not be treated as an automatic international transfer instruction. The citizenship investment restriction, the bank’s internal procedures, customer verification requirements and the authority of any representative should be reviewed before the funds are moved.
This guide explains the main legal and practical issues investors should consider when withdrawing or transferring a Turkish citizenship bank deposit after the three-year holding period.
What Is the Three-Year Bank Deposit Requirement for Turkish Citizenship?
Türkiye allows foreign investors to apply for citizenship through several qualifying investment routes.
One of these routes is based on depositing at least USD 500,000 or its equivalent in foreign currency with a bank operating in Türkiye and maintaining the qualifying deposit for three years.
The investment is subject to confirmation through the competent banking regulatory framework.
This bank deposit route is different from Turkish citizenship through real estate investment. Instead of purchasing a property subject to a three-year transfer restriction, the investor maintains a qualifying amount in the Turkish banking system for the prescribed period.
For a broader explanation of the available investment routes, see our guide to Turkish Citizenship by Investment.
What Happens to the Bank Deposit After Three Years?
The three-year retention requirement is a condition attached to the qualifying investment used for the citizenship application.
Once the applicable holding period has been fully completed, the investor may generally consider what to do with the funds.
Depending on the investor’s plans, this may include:
- keeping the money in the same Turkish bank;
- moving it to another account in Türkiye;
- making a new investment;
- converting the funds into another currency;
- withdrawing part or all of the funds; or
- transferring the funds to a bank account outside Türkiye.
However, investors should first confirm that the three-year requirement has actually expired.
The relevant date should be checked against the original bank and investment documentation rather than estimated solely from the date on which the investor received a Turkish passport or citizenship decision.
Does the Bank Deposit Automatically Become Available After Three Years?
Not necessarily in an operational sense.
The expiry of the statutory holding period and the bank’s internal removal of an investment-related restriction are connected issues, but they should not be assumed to occur through exactly the same process at every bank.
The investor should therefore confirm:
- the original date of the investment restriction;
- whether the required three-year period has expired;
- whether the bank still shows any restriction on the account;
- whether a separate written instruction is required;
- whether the customer’s identification information is current; and
- what documentation the bank requires before making an international transfer.
A legal representative can communicate with the bank and review these issues before an investor makes travel arrangements.
Can I Transfer the Money Abroad After the Three-Year Period?
In principle, once the qualifying holding obligation has been completed and the funds are available for disposal, an investor may wish to transfer the money from the Turkish bank to a foreign bank account.
For example, an investor who lives in the United Arab Emirates, United Kingdom, Germany, Saudi Arabia or another country may prefer to transfer the investment proceeds to his or her personal account there rather than continue maintaining the funds in Türkiye.
An international transfer will generally require appropriate banking instructions and beneficiary information.
The bank may request information such as:
- the beneficiary’s full name;
- the foreign bank name;
- IBAN or account number;
- SWIFT/BIC information;
- the purpose of the transfer;
- evidence that the receiving account belongs to the investor;
- updated identification documents; and
- additional information required under the bank’s compliance procedures.
The exact requirements can differ between banks and individual cases.
Can the Funds Be Transferred Without Coming to Türkiye?
This is one of the most important questions for investors living abroad.
It may be possible in appropriate cases, but this should be confirmed with the relevant bank before relying on remote representation.
Some investors may already have online banking facilities that allow certain international transactions. In other cases, the transaction may require communication with the branch or completion of additional banking documents.
Where personal attendance would otherwise be required, a properly prepared power of attorney may allow a lawyer in Türkiye to perform certain actions on behalf of the investor.
However, a general power of attorney should not automatically be assumed to cover every banking transaction.
The scope of authority should be examined carefully.
Can a Turkish Lawyer Handle the Bank Deposit Release?
A lawyer acting under a valid power of attorney may be able to assist with the process, depending on the authority granted and the bank’s own requirements.
Legal assistance may include:
- reviewing the original citizenship investment documents;
- confirming the relevant three-year period;
- contacting the Turkish bank;
- determining whether an investment-related restriction remains on the account;
- submitting instructions or applications accepted by the bank;
- coordinating updated customer documentation;
- assisting with currency conversion instructions;
- coordinating an international bank transfer; and
- resolving procedural issues that arise with the bank.
Nevertheless, the bank remains responsible for deciding whether the transaction satisfies its internal banking and compliance requirements.
For this reason, legal representation should not be marketed as a guarantee that every bank will process every transaction without the account holder’s presence.
Power of Attorney for Banking Transactions in Türkiye
Investors who are outside Türkiye may need to issue a power of attorney allowing a Turkish lawyer to deal with the bank.
The wording of the document is particularly important.
A power of attorney intended for post-citizenship banking procedures may need to contain specific authority concerning matters such as:
- representing the client before banks;
- submitting applications and instructions;
- obtaining information regarding accounts;
- requesting the removal of eligible restrictions;
- giving transfer instructions;
- conducting foreign currency transactions;
- signing relevant banking documents; and
- carrying out other specifically identified banking procedures.
The exact wording should be prepared after the bank and intended transaction have been identified.
A broad or generic legal power of attorney may not always satisfy a bank’s internal requirements for a significant financial transaction.
How Can a Power of Attorney Be Issued From Abroad?
An investor who lives outside Türkiye does not necessarily need to travel to Türkiye simply to prepare the power of attorney.
Depending on the investor’s nationality, country of residence and applicable document rules, the power of attorney may be prepared abroad.
A document issued before a foreign notary may require an apostille where the relevant country is party to the Hague Apostille Convention.
Where the apostille system does not apply, a different legalisation procedure may be required.
The document may also need to be translated into Turkish and properly certified before it can be used in Türkiye.
Because formalities can differ according to the country where the power of attorney is issued, the document should be reviewed before it is signed.
This is especially important in banking matters, where correcting an inadequate power of attorney after the original has already been sent to Türkiye may cause significant delay.
A Typical Process for Transferring the Investment Abroad
Although bank procedures can vary, the transaction may broadly involve the following stages.
1. Review the Original Citizenship Investment File
The first step is to identify the qualifying investment, bank, account and relevant restriction documents.
The lawyer should determine when the three-year period began and whether the required holding period has been completed.
2. Contact the Bank
The bank is contacted to confirm the current status of the account and determine what procedure applies after completion of the investment period.
This can also reveal whether the investor’s customer information needs to be updated.
3. Confirm the Power of Attorney Requirements
If the investor will not attend the bank personally, the bank’s requirements for representation should be determined before the power of attorney is issued.
This avoids preparing a document that does not contain sufficient banking authority.
4. Prepare the Power of Attorney Abroad
The document can then be prepared according to the requirements applicable in the investor’s country and for use in Türkiye.
Apostille, legalisation and Turkish translation requirements should be completed where necessary.
5. Complete the Bank’s Release Procedure
Where the required holding period has expired, any remaining investment-related banking procedure can be addressed according to the bank’s instructions.
6. Confirm the Receiving Foreign Account
The investor should provide complete details of the account to which the funds will be sent.
Using an account held in the investor’s own name may simplify the bank’s compliance review compared with transferring substantial funds directly to an unrelated third party.
7. Currency Conversion, If Required
The funds may need to be converted depending on the currency in which they are held and the currency requested for the outgoing transfer.
Exchange rates, bank commissions and transfer costs should be reviewed before the transaction is authorised.
8. International Transfer
Once the bank accepts the instructions and completes its required checks, the funds can be transferred through the appropriate international banking channel.
The receiving bank may independently carry out its own compliance or source-of-funds checks.
Will Withdrawing the Deposit After Three Years Affect Turkish Citizenship?
This is understandably one of the main concerns of investors.
The three-year holding period forms part of the qualifying investment requirement.
Where the investment requirement was genuinely satisfied and the required period has been completed, withdrawing or reallocating the funds after completion of that obligation should be distinguished from withdrawing the qualifying investment prematurely.
Turkish citizenship legislation also contains separate rules concerning the cancellation or loss of citizenship, including situations involving false declarations or concealment of important facts during the citizenship process.
For this reason, investors should maintain the documentation demonstrating that the original investment and three-year holding requirement were properly satisfied.
Any unusual investment history, early withdrawal, restructuring or dispute concerning the qualifying deposit should be reviewed individually before funds are moved.
What If I Withdraw the Money Before the Three Years End?
This is materially different.
The bank deposit route requires the qualifying investment to be maintained for the required period.
A withdrawal, reduction or transaction that causes the qualifying investment condition to be breached before the end of the holding period may create serious issues regarding the underlying investment requirement.
An investor considering any transaction before completion of the three-year period should therefore obtain legal advice before instructing the bank.
The account should not be treated as an ordinary unrestricted deposit while the citizenship investment commitment remains in effect.
Does the Investor Have to Close the Turkish Bank Account?
No.
Completion of the three-year investment period does not mean that the investor must close the Turkish bank account.
A Turkish citizen who originally obtained citizenship by investment may decide to keep the account for:
- investments in Türkiye;
- property expenses;
- business activities;
- Turkish tax or administrative payments;
- future investments; or
- personal banking needs.
The investor may instead choose to transfer only part of the available funds abroad.
The appropriate strategy depends on the investor’s financial and personal circumstances.
Can the Money Be Transferred to Someone Else’s Foreign Account?
This requires additional caution.
An international transfer of a substantial amount to an account held by another person or company may trigger further questions regarding:
- the legal basis for the transfer;
- the relationship between sender and beneficiary;
- source of funds;
- purpose of payment; and
- compliance documentation.
Where possible, an investor who simply wishes to repatriate his or her own citizenship investment may find it more straightforward to transfer the funds to a foreign account held in the same investor’s name.
Transactions involving third parties should be reviewed separately.
Bank Compliance Checks After Three Years
The fact that the funds were originally used for a citizenship investment does not exempt the account from ordinary banking compliance procedures.
A bank may request updated information concerning the customer, transaction or receiving account before processing a significant international payment.
Investors who have not actively used their Turkish account for several years may particularly need to update information such as:
- passport or Turkish ID details;
- residential address;
- tax residency information;
- telephone number;
- specimen signature; or
- other customer records.
It is therefore useful to identify these issues before attempting the transfer.
How Long Does the Process Take?
There is no universal timeframe.
The process depends on factors including:
- the bank involved;
- the status of the account;
- whether the three-year restriction has already been administratively cleared;
- whether customer information is current;
- the power of attorney;
- apostille and translation procedures;
- currency conversion;
- compliance review; and
- the receiving bank.
A straightforward case may be handled relatively efficiently, whereas outdated documentation or inadequate authority under a power of attorney can create delays.
For this reason, investors should begin the review before urgently needing the funds abroad.
Documents That May Be Relevant
Depending on the case, relevant documents may include:
- Turkish identity card or passport;
- foreign passport;
- Turkish tax identification information;
- bank account records;
- original citizenship investment documentation;
- documents relating to the three-year undertaking or restriction;
- citizenship decision or related records;
- power of attorney;
- apostille or legalisation documents;
- certified Turkish translation;
- foreign receiving bank details; and
- documents requested by the bank’s compliance department.
The exact list should be confirmed with the particular bank.
Why Legal Assistance May Be Useful
The most difficult part of the process is often not the international transfer itself.
The challenge is coordinating several issues at the same time:
- confirming that the citizenship investment obligation has ended;
- determining the bank’s procedure for releasing the deposit;
- preparing an adequate power of attorney;
- dealing with the bank while the client remains abroad;
- completing any required customer-information updates; and
- arranging the outgoing international transfer.
Where the investor does not wish to travel to Türkiye, these issues become particularly important.
Legal Assistance From Tuva Law Firm
Tuva Law Firm assists foreign investors with Turkish citizenship and post-citizenship legal procedures.
Where an investor has completed the three-year bank deposit period and wishes to transfer the funds abroad, our assistance may include:
- reviewing the original citizenship investment;
- confirming the relevant documentation;
- communicating with the Turkish bank;
- advising on the required power of attorney;
- reviewing foreign-issued powers of attorney for use in Türkiye;
- coordinating apostille and translation procedures;
- representing the client before the bank where permitted;
- assisting with the release procedure; and
- coordinating the transfer of available funds to the client’s foreign bank account.
Whether the entire procedure can be completed without personal attendance depends on the bank, the client’s documentation and the particular transaction.
Clients should therefore obtain an individual assessment before assuming that travel to Türkiye will or will not be required.
Frequently Asked Questions
Can I withdraw my Turkish citizenship bank deposit after three years?
Once the required three-year holding obligation has been completed, the investor may generally deal with the funds subject to the applicable bank procedures and any other restriction affecting the account.
Will I lose Turkish citizenship if I withdraw the money after three years?
Completion of the required holding period is different from withdrawing the qualifying funds prematurely. Where the original investment and three-year obligation were properly fulfilled, the post-period withdrawal should be assessed as an exit from the completed investment rather than a breach of the original holding requirement.
Can I transfer the USD 500,000 to my bank account abroad?
If the funds are available after completion of the investment period, an international transfer may generally be arranged subject to the Turkish bank’s procedures, currency arrangements and compliance checks.
Do I need to come to Türkiye to withdraw the investment?
Not necessarily in every case. Depending on the bank, online banking facilities and an appropriately drafted power of attorney, some investors may be able to complete the procedure without travelling to Türkiye. This should be confirmed with the relevant bank in advance.
Can a lawyer withdraw or transfer the funds for me?
A lawyer may be able to represent the investor if the power of attorney contains appropriate banking authority and the bank accepts representation for the relevant transaction.
Can I issue the power of attorney while I am abroad?
Yes, a power of attorney may potentially be prepared abroad. Apostille, legalisation, translation and certification requirements depend on the country and the manner in which the document is issued.
Is the money released automatically on the third anniversary?
Investors should not rely on automatic release. The account and bank records should be checked to confirm both expiry of the qualifying period and completion of any bank-side procedure.
Can I send the money to an account that is not in my name?
This may be possible in some circumstances, but substantial transfers to third parties can result in additional compliance questions. The transaction should be reviewed before instructions are given.
Can I keep the money in Türkiye after three years?
Yes. An investor is not required to withdraw the funds simply because the citizenship investment holding period has ended.
Contact a Turkish Citizenship Lawyer
If you obtained Turkish citizenship through a bank deposit and your three-year holding period has ended or is approaching completion, the next step should be planned before giving instructions to the bank.
This is particularly important if you are currently outside Türkiye and wish to transfer the investment to a foreign bank account without travelling to Türkiye.
Tuva Law Firm can review the citizenship investment documentation, communicate with the relevant bank and assess whether the release and transfer process can be handled through a power of attorney.
Contact our team for an individual assessment of your bank deposit, power of attorney and international transfer procedure.
