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Is Turkish Citizenship Possible Through BES?
Yes. Foreign nationals may apply for Turkish citizenship by investing in Türkiye’s Private Pension System, known as BES. This route is an alternative to real estate investment, bank deposit, government bonds and investment fund options.
The main requirement is to invest at least USD 500,000 or the equivalent amount in another foreign currency in Türkiye’s private pension system and undertake to keep the investment in the system for at least three years.
Meeting the investment condition grants the investor the right to apply for exceptional Turkish citizenship. If the investment is structured correctly, the investor’s spouse and eligible children may also be included in the application.
Main Conditions for BES Citizenship
The investor must invest at least USD 500,000 or equivalent foreign currency under a private pension plan suitable for citizenship. In practice, the relevant plan is expected to include the term “citizenship” in its title.
The USD 500,000 investment cannot be divided among several private pension agreements. It must be made under a single citizenship-based private pension agreement. The investor must undertake to remain in the system for at least three years, and the contribution must be held in funds permitted under the citizenship pension plan.
The foreign currency must be processed through a bank operating in Türkiye and sold to the Central Bank of the Republic of Türkiye. After the required review, the Insurance and Private Pension Regulation and Supervision Agency, SEDDK, issues the relevant conformity certificate.
Is the Investment Made in Foreign Currency or Turkish Lira?
In practice, the investor transfers USD 500,000 or an equivalent foreign currency amount. However, the process is not simply a foreign currency deposit into a pension account.
The amount is transferred to the designated bank account through a bank operating in Türkiye. The foreign currency is sold to the Central Bank of the Republic of Türkiye through the bank. The Turkish lira amount obtained from this sale is then paid into the private pension agreement as a contribution. The private pension agreement enters into force, and the three-year holding period starts from the effective date of the agreement.
Once the foreign currency sale has been completed, the transaction cannot be cancelled or reversed. For this reason, the bank process, pension company, fund selection and citizenship compliance must be reviewed before the investment is made.
Which Funds May Be Selected?
The investment is allocated to pension investment funds offered under the relevant citizenship pension plan. However, fund selection is not fully unrestricted. The investor may select only from funds that are available under the citizenship-based BES plan and compliant with the applicable rules.
Depending on the plan and pension company, the following fund types may generally be considered:
- Gold and precious metals funds: Suitable for investors who want exposure to gold or similar precious metals.
- Government bond and debt instrument funds: Funds investing in public debt instruments or Turkish lira-denominated debt instruments.
- Money market funds: Funds focused on short-term and relatively lower-risk money market instruments.
- Participation or interest-free funds: Suitable for investors who prefer interest-free finance principles.
- Equity funds: Suitable for investors seeking higher return potential and accepting market volatility.
- Variable or mixed funds: Funds designed to diversify risk by investing in different asset classes.
Funds containing the terms “foreign” or “external debt instruments” in their titles cannot be used under citizenship pension plans. Therefore, fund selection must be assessed not only from an investment-return perspective but also from a citizenship compliance perspective.
Are Fund Returns Guaranteed?
No. BES fund returns are not guaranteed. The value of the investment may increase or decrease depending on market conditions, the selected fund type and fund performance.
If the initial contribution of at least USD 500,000 or equivalent foreign currency is properly made, later exchange-rate or fund-value fluctuations should not by themselves invalidate the citizenship application. However, the investment must remain compliant with the citizenship conditions throughout the three-year period.
Restrictions During the Three-Year Period
The investor must remain in the system for three years. During this period, the investor may not withdraw from the private pension system, transfer the pension agreement to another pension company, change the citizenship pension plan, combine the account with another pension account due to retirement, or direct the investment into funds that are not permitted under the citizenship scheme.
Compliance with these conditions is monitored throughout the three-year period. Any breach may be reported to SEDDK, the General Directorate of Population and Citizenship Affairs, the Presidency of Migration Management and the relevant Provincial Directorate of Migration Management.
Fees and State Contribution
No entrance fee or administrative management fee is generally charged under citizenship-based private pension plans. However, selected pension investment funds may be subject to fund management fees or total fund expense deductions.
Since the applicant is not yet a Turkish citizen at the time of the investment, the USD 500,000 citizenship investment does not benefit from the Turkish state contribution available under the ordinary private pension system.
Can Family Members Be Included?
Yes. The main investor may generally include the foreign spouse, the investor’s minor foreign children, the spouse’s minor foreign children and dependent foreign children whose dependency is established through official documentation.
The spouse and eligible children are not required to make a separate USD 500,000 investment. However, marriage certificates, birth certificates, custody decisions, divorce documents and dependency documents must be prepared properly.
General Application Process
The process generally starts with the selection of an authorised pension company and a citizenship pension plan. The applicant’s passport details, residence information and three-year holding undertaking are collected. The investment amount is transferred to the designated bank, sold to the Central Bank of the Republic of Türkiye and paid into the private pension agreement in Turkish lira.
After the pension agreement enters into force, the pension company and relevant authorities review the investment documents. Once the conformity certificate is issued by SEDDK, a short-term residence permit application is filed for the main investor. The citizenship application file is then prepared and submitted for the investor and eligible family members.
Important Legal Notice
Making a USD 500,000 investment through BES does not result in the automatic acquisition of Turkish citizenship. Fulfilment of the investment conditions grants the investor the right to apply for exceptional Turkish citizenship.
The applicant and accompanying family members remain subject to security, public order and administrative background checks. The final decision regarding the acquisition of Turkish citizenship is made by the competent Turkish authorities.
خاتمة
Obtaining Turkish citizenship through the Private Pension System is a strong and practical alternative for foreign investors. If at least USD 500,000 or equivalent foreign currency is invested in a citizenship-based BES plan, held in eligible funds and kept in the system for three years, the Turkish citizenship application process may be initiated.
Our law office assists clients with pre-investment assessment, document preparation, structuring the investment in compliance with citizenship rules, fund and plan selection, conformity certificate procedures, residence permit applications and citizenship filings.
