Turkish Citizenship by Government Bonds: the Treasury Debt Instruments Route

Turkish citizenship by government bonds means investing at least USD 500,000, or the equivalent in foreign currency, in Turkish lira government debt instruments through a bank in Türkiye and keeping them blocked for three years. The Ministry of Treasury and Finance issues the certificate of conformity, and the President decides. These are the rules as of November 2026.

• Minimum: USD 500,000 or the equivalent in foreign currency.
• Instruments: Turkish lira government debt securities issued by the Ministry, and lira lease certificates issued by the Treasury's asset leasing company.
• Holding period: 3 years, with the investment account blocked at the bank.
• Currency: the foreign currency is sold to the bank and by the bank to the Central Bank (CBRT); the lira proceeds buy the instruments.
• Certificate issued by: the Ministry of Treasury and Finance (Hazine ve Maliye Bakanlığı), on the bank's notification.
• Legal basis: Law No. 5901, art. 12(1)(b); the Citizenship Regulation, art. 20(2)(d); the Ministry's procedures and principles, updated in June 2026.
• Family: your foreign spouse and your minor or dependent children can be included in the same file.
• Typical duration: often several months from the investment to the decision; there is no fixed legal deadline.

What Turkish citizenship by government bonds means

Government debt instruments, often called treasury bonds, are the securities the Turkish state issues to borrow money. On this route they are domestic government debt securities in Turkish lira (devlet iç borçlanma senetleri, DİBS) and lira lease certificates (kira sertifikaları, also called sukuk), which pay rent instead of interest. The Treasury's asset leasing company, Hazine Müsteşarlığı Varlık Kiralama A.Ş., issues the lease certificates.

The route has existed since January 2017, when the amount was USD 3 million. Presidential Decision No. 106 reduced it to USD 500,000 in September 2018. The Treasury's 2020 procedure also counted bonds the Treasury issued abroad (Eurobonds). Since January 2022, the foreign currency must be converted at the CBRT and the proceeds held in lira instruments, so guides that mention US dollar Eurobonds or a USD 3 million amount describe earlier rules.

The investment is a condition, not a purchase. Article 12 of the Turkish Citizenship Law says qualifying foreigners "may" acquire citizenship, and the President decides after a security review.

Who the bond route suits, and who it does not

The government bond route may suit an investor who:

• prefers lending to the Turkish state over a bank deposit, a fund or property;
• wants an asset with scheduled income, since the procedure lets the investor use the interest or lease income;
• accepts three years of exposure to the Turkish lira;
• can document the source of the funds to a Turkish bank's standard.

It is usually a poor fit for someone who:

• may need the capital within three years;
• wants the investment kept in US dollars;
• cannot find a bank or branch that offers the citizenship bond product (some offer only the deposit product);
• has not checked whether their home country allows dual nationality (see dual citizenship in Türkiye).

The legal rules for citizenship through government debt instruments

Law No. 5901, article 12(1)(b)

Under article 12(1) of the Turkish Citizenship Law No. 5901 (English text on the NVI site), listed foreigners may acquire Turkish citizenship on the proposal of the Ministry of Interior and by Presidential decision, if there is no obstacle on national security or public order grounds. Item (b) covers holders of a residence permit under Law No. 6458, art. 31(1)(j), the permit for people who invest without working in Türkiye, and their foreign spouse and minor or dependent children. There is no language test and no minimum residence period.

The Citizenship Regulation, article 20(2)(d)

Article 20(2)(d) of the Regulation on the Implementation of the Turkish Citizenship Law (Official Gazette 06.04.2010, No. 27544) covers a foreigner who buys government debt instruments worth at least USD 500,000, or the equivalent in foreign currency, on condition of holding them for three years, as determined by the Ministry of Treasury and Finance.

Conversion at the Central Bank and the lira rule

Article 20(10) of the regulation, added by Presidential Decision No. 5072 in January 2022, requires the foreign currency to be sold before the transaction to a bank operating in Türkiye and by that bank to the CBRT. For this route, the lira proceeds must be held in lira government debt instruments for three years. The CBRT's Implementation Instruction sets the mechanics; some provisions were amended on 1 October 2026 on operational points. Lira already held in Türkiye is not accepted.

The Treasury's procedures and principles

The Ministry first published procedures and principles for citizenship applications in 2020 and issued an updated version in June 2026. Based on the published extracts and practitioners' summaries, the main points are:

• eligible instruments: lira DİBS issued by the Ministry, and lira lease certificates issued domestically by Hazine Müsteşarlığı Varlık Kiralama A.Ş.;
• blocking: the investment account at the bank is blocked for at least three years, counted from the blocking date on which the minimum amount is reached;
• maturity: as a rule, instruments with less than three years to maturity are not used, and choosing a suitable instrument is reported to be the responsibility of the bank and the investor;
• income: the investor may freely use the interest or lease income from the blocked instruments;
• timing: the lira from the currency sale must buy the instruments on the same or the next working day, at the same bank;
• commitment: a written undertaking to hold the instruments for three years and a passport copy are required;
• reporting: the bank notifies the Ministry and the Ministry of Interior of any change in the investment during the three years.

The timing and notification points come from published summaries of the 2026 text, so confirm them with the bank before you buy. Ask the bank for the current procedure before you transfer money. Government debt securities held for customers are recorded in the customer's name at MKK (Central Registry Agency); the citizenship block is placed on the investment account at the bank.

How the government debt instruments work

A government bond is a loan to the state for a fixed term. The Treasury pays a return on it, either as periodic coupons or by selling the bond below its redemption value, and repays the principal at maturity. The Treasury issues lira bonds in several forms, for example fixed-coupon, floating-rate and inflation-indexed bonds. A lease certificate works on a different legal basis: the investor receives rent from assets leased to the state rather than interest. Which issues your bank offers for the citizenship account depends on the bank and on the remaining maturity rule.

The price of a bond in the market changes with interest rates. If rates rise, the market price of an existing bond usually falls, and the reverse. This matters if you sell before maturity. If you hold to maturity, you receive the redemption value in lira. In both cases the US dollar value at the end depends on the exchange rate.

Since 2022 the dollar amount is shown by the currency sold to the CBRT, and practitioners report that the instruments are valued at the exchange rate on the blocking date. Ask the bank how it treats later price movements. The 2020 procedure dealt with selling blocked instruments and buying other eligible ones in their place under extra conditions; whether the June 2026 version keeps this is not confirmed. A sale or transfer outside the procedure is reported to end the citizenship application, and any change goes through the bank and is reported, so do not instruct a sale without checking the rule first.

Interest and lease income may be subject to withholding tax under Turkish income tax rules, at rates set by Presidential decision that change often. Take tax advice in Türkiye and in your country of tax residence.

After three years, the block can be lifted through the bank. You can then hold the instruments to maturity or sell them at the market price, and move the proceeds under the general rules (see transferring money out of Türkiye).

Step by step: the bond route and the lawyer's work at each stage

1. Eligibility and planning. The lawyer checks for anything that could raise a national security or public order question, confirms who in the family qualifies and maps the source-of-funds documents.
2. Choosing the bank. Not every bank or branch offers the citizenship bond product. The lawyer confirms in advance that the bank will buy and block eligible lira instruments and asks which issues and maturities it can offer.
3. Tax number and bank account. You need a Turkish tax number, a bank account and an investment account. The lawyer can obtain the tax number under a power of attorney and prepares the bank's know-your-customer and source-of-funds file; the bank may ask you to attend in person.
4. Transfer, conversion and purchase. You send the foreign currency to the account. The bank sells it to the CBRT and, under the reported 2026 rule, uses the lira to buy the instruments on the same or the next working day. The lawyer checks the instruments' maturity and type and keeps the bank's conversion record (commonly a foreign exchange purchase certificate, döviz alım belgesi or DAB) and the purchase confirmation.
5. Blocking and commitment. The instruments are blocked in the investment account for three years and you sign the written holding undertaking. The lawyer reviews what you sign.
6. The Treasury certificate. The bank notifies the Ministry of Treasury and Finance, which issues the certificate of conformity (uygunluk belgesi) and sends it to the Presidency of Migration Management and to the General Directorate of Civil Registration and Citizenship (Nüfus ve Vatandaşlık İşleri Genel Müdürlüğü, NVI). You receive it by e-mail. The lawyer follows it with the bank.
7. Residence permit. You and your spouse apply for the art. 31(1)(j) permit at the Provincial Directorate of Migration Management, in current practice with biometrics in person and criminal record certificates for both. The lawyer prepares and files the application (see the residence permit page).
8. Citizenship application. Form VAT-4 is filed, usually in the joint offices of Migration and NVI, in person or by a lawyer with a special power of attorney. Postal applications are not accepted.
9. Security review and decision. The Ministry of Interior runs an archive and security investigation and makes a proposal; the President decides. The lawyer tracks the file and answers requests for documents.
10. Registration, ID card and passport. NVI registers you and your family, and the lawyer arranges the ID card and passport appointments.
11. The three years and the release. Keep the instruments blocked and the income flowing to your account. At the end, the lawyer can coordinate the release of the block with the bank.

Documents for the bond route

Lists vary by bank and office; the usual set is:

• passports for you and each family member, and your Turkish tax number;
• source-of-funds evidence (salary, sale of assets, dividends, inheritance or loan records);
• the petition to the bank and the written three-year holding undertaking;
• the bank's conversion record, the purchase confirmation and the blocking statement;
• the Treasury certificate of conformity and the art. 31(1)(j) residence permit;
• form VAT-4 and biometric photos;
• birth certificate or civil registry extract, marriage certificate and children's birth certificates;
• criminal record certificates for you and your spouse;
• a special power of attorney if a lawyer acts for you (see power of attorney in Türkiye).

Foreign documents need an apostille or consular legalisation and a notarised Turkish translation. See the apostille guide.

How long the government bond route takes

No stage has a statutory deadline. Practitioner estimates:

• bank account, conversion and purchase: usually days to a few weeks, mostly driven by the bank's checks;
• Treasury certificate: commonly one to three weeks;
• residence permit: from the same day to about two weeks; the card often follows in about ten days;
• citizenship decision after filing: commonly about three to six months, with ranges of three to twelve months reported, because the security review sets the pace;
• ID card and passport after the decision: about one to three weeks.

The citizenship timeline guide covers each stage in more detail.

Costs, explained without prices

The amounts are set by law, by yearly tariff or by the bank, so check them when you start:

• bank charges for the incoming transfer, the conversion and any custody or account fees;
• withholding tax on interest or lease income, at rates set by Presidential decision;
• translations, notarisation and apostille of foreign documents and the power of attorney;
• residence permit fee and residence card fee, which vary by nationality and duration;
• ID card and passport fees.

Published sources show no separate citizenship application fee for this route; confirm it when you file. The cost of Turkish citizenship by investment page compares cost items across routes.

Risks and common mistakes on the bond route

• Following outdated guides. US dollar Eurobonds, a USD 3 million amount or lira already in Türkiye belong to earlier rules.
• Buying the wrong instrument. An instrument with less than three years to maturity, or one not issued by the Ministry or its asset leasing company, may not count.
• Leaving lira idle after the conversion. The reported 2026 rule expects the purchase on the same or the next working day, so agree the instruments with the bank before you transfer.
• Touching the blocked instruments. The bank reports any change during the three years to the authorities, and a change outside the procedure can put the citizenship file at risk.
• Underestimating market and currency risk. Bond prices move with interest rates, and the lira can fall against the dollar.
• Weak source-of-funds evidence. Banks run anti-money-laundering checks before accepting the transfer.
• Misstatements in the file. A decision obtained by false declaration or concealment of material facts can be annulled under art. 31 of Law No. 5901, and family members who acquired citizenship through the investor can be affected. On 4 August 2026 the Ministry of Interior announced that the citizenship decisions of 6,134 people had been annulled or withdrawn under arts. 31 and 40 of Law No. 5901, most of them over sham or irregular transactions.
• Relying on old figures. Thresholds are set by Presidential decision and can change. As of November 2026 no decision raising the USD 500,000 amount has been found.

Most of these are prevented by checks before the transfer: a confirmed bank, eligible instruments with the right maturity, a source-of-funds file and a family and residence permit plan.

Government bonds compared with the other USD 500,000 routes

All four routes require at least USD 500,000 or the equivalent in foreign currency. The real estate route needs USD 400,000; the Turkish citizenship by investment overview compares all seven routes.

How we work on a government bond file

Av. Kaan Karanfiloğlu, the founder and owner of the firm, handles the file himself. The work is legal: checking eligibility, confirming the bank and the instruments against the Treasury procedure, reviewing what you sign, preparing the source-of-funds file, and filing the residence permit and citizenship applications under a power of attorney. The firm does not sell bonds or other financial products and is independent of banks and intermediaries. The lawyer works in Turkish, English and French; clients who speak Russian or Chinese are served through native-speaking advisors at the office. The citizenship decision is the President's, and no lawyer can promise it.

Frequently asked questions

Which government bonds qualify for Turkish citizenship?

As of November 2026, the route uses Turkish lira government debt securities issued by the Ministry of Treasury and Finance and lira lease certificates issued by Hazine Müsteşarlığı Varlık Kiralama A.Ş. The foreign currency is converted at the Central Bank first, and the lira buys the instruments. Guides that mention US dollar Eurobonds describe practice before January 2022.

What maturity must the bonds have?

Under the Treasury procedure, instruments with less than three years to maturity are, as a rule, not used for citizenship applications. The holding period is three years, so the instrument should normally outlast it. Confirm the specific issue with the bank before you buy.

Can I sell or redeem the bonds before the three years end?

No, not freely. The investment account is blocked for at least three years, and the bank reports any change to the Ministry of Treasury and Finance and the Ministry of Interior. A sale or transfer outside the procedure is reported to end the citizenship application. A replacement by another eligible instrument was provided for under the 2020 procedure's conditions; check whether the current procedure allows it.

Can I receive the interest or lease income during the three years?

Yes. The Treasury procedure, in its 2020 and June 2026 versions, lets the investor freely use the interest or lease income from the blocked instruments while the principal stays blocked. The income may be subject to withholding tax. Check how your bank pays it out.

Who issues the certificate of conformity for the bond route?

The Ministry of Treasury and Finance issues it after the bank notifies the investment. The certificate is sent to the migration and civil registry authorities and e-mailed to you. The residence permit and citizenship applications normally follow.

Which banks offer the government bond route?

Banks operating in Türkiye may offer it, but not every bank or branch does; some offer only the deposit route. Ask the bank in writing before the transfer whether it will buy and block eligible lira instruments for a citizenship application.

Can my spouse and children be included?

Yes. Your foreign spouse and your own or your spouse's minor or dependent children can apply with you on the same investment, under art. 12(1)(b) of Law No. 5901 and the last paragraph of art. 20 of the regulation. In practice your spouse needs a residence permit in their own name and attends biometrics in person. See citizenship for family members.

Related pages

• Turkish citizenship by investment: all routes and the lawyer's work
• Turkish citizenship by bank deposit
• Turkish citizenship by pension fund (BES)
• Turkish citizenship by investment fund shares
• Turkish citizenship by real estate investment
• Turkish citizenship by capital investment and employment
• Turkish citizenship due diligence
• Opening a bank account in Türkiye
• Turkish tax number for foreigners
• Tax residency in Türkiye for foreigners

This page is general information as of November 2026 and not legal advice; the rules, amounts and practice can change, so check your own case with a lawyer before you invest.

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