Ask A Question  | Learn more about Turkey

Am I allowed to receive interests from the deposit I made for the Turkish CBI program?

Can I receive interests from the $500,000 deposit I put in a Turkish bank for the purpose of the country's CBI program? What is the interest rate?


Answers
  • Av. Zeynep Ekin Tepeli Legal and Business Consultancy
    May 07, 2020

    You are allowed to get all profits and interests from your bank deposit if the amount always stays above $500,000. Your deposit must not decrease under $500,000 within three years to obtain Turkish citizenship under the CBI program, and you can get interests during that time. The interest rate is changeable according to the banks. It is usually around 0.5% for USD, 8% for TRY.

  • Onlinehukuk.net Law Firm
    April 22, 2020

    Acquisition of Turkish citizenship through deposition in Turkish Banks may confer the depositor interest of the capital according to the agreement between the depositor and the bank. Moreover, an applicant could split his capital into several banks by considering the rates of interest. The bank should operate in Turkey. It means the abroad departments of Turkish Banks are not included. The total capital cannot be less than $500,000 or its equivalent in other convertible currencies operated in the Turkish Central Bank. The rates of the interest could be determined by the parties of the agreement according to the economic current policy of the Bank. Although the law set forth that the account in the bank must be a blocked one, the applicant may withdraw capital unless the rest is not under the minimum amount.

  • UHB International Law office
    April 22, 2020

    This issue isn't related to the citizenship law. It's possible to qualify for interest if there is a related term in the contract between you and the bank you are trading with. If you are entitled to interest; interest rates will be determined according to your agreement with the bank. You need to discuss interest issues with the bank before the transaction.

  • Aslan Attorney
    April 22, 2020

    The regulation mentioned that you need to hold the capital for 3 years. So yes, you can collect the interest income. Each bank has their own offer for each client. Their offer depends how much money you put there, how long you'll keep it in the bank, etc. If I would give average rate for interest, it is 2% to 3% for U.S. dollars and 10% for Turkish Lira.

  • KETENCİ&KETENCİ International legal practice
    April 21, 2020

    Yes. I confirm you can get a regular interest income on the deposited amounts. The monies could either be deposited in USD or TRY (Turkish Lira), or EURO, depending on Investor’s own choice. The interest rates vary per Bank and daily basis.

  • Tenha Law Firm
    April 21, 2020

    Yes, in terms of the agreement which is contracted with your bank, you can obtain the benefits such as the interest of the deposit or dividend. Interest rates may change from the bank to bank and in most cases it is negotiable.

  • Tuncay & Barcın Law office
    April 21, 2020

    Of course, you can have interest from the bank in this 3 years period of time. I can not give you an exact rate for interest but I think it will be about $4,000 per year. But you need to discuss it with your bank.

  • Barlas Law Firm
    April 21, 2020

    You are allowed to receive interest from your deposit and you are allowed to withdraw such interest whenever you desire. The interest rates for USD differ for each bank starting from 0.50% to 1.25%.

  • ADMD Mavioglu & Alkan Law Office
    April 21, 2020

    Yes, you are allowed to receive interests from the deposit made for the CBI program. The interest rates fluctuate daily and differ from bank to bank, however, currently, the one year USD deposit interests offered are between 0.5% and 2.25%.

  • WiklundKurucuk Law Firm
    April 21, 2020

    Yes, you can have interests. The interest rate for USD is between 1.8% and 2.2% per year after tax deduction but it changes all the time. You need to check for the up-to-date information.