Accepted Currencies and Conversion Process for the CBI Program
When applying for Turkish citizenship through the Citizenship by Investment (CBI) program, you can use various currencies to complete your investment. Accepted currencies include:
- US Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Turkish Lira (TRY)
Foreign currencies such as USD, Euro, or Pound will be converted into Turkish Lira (TRY) based on the exchange rate provided by the Turkish Central Bank on the transaction date. This ensures transparency and standardization in the investment process. The conversion process is essential as it helps maintain a level playing field for all investors, regardless of their country of origin or the currency they choose to use.
Whether you're investing in real estate, purchasing government bonds, or making another qualifying investment, your foreign currency will be exchanged according to the official rate at the time of purchase or transaction. This means that the amount you invest will be accurately reflected in Turkish Lira, which is crucial for meeting the minimum investment requirements outlined in the CBI program.
It’s important to note that exchange rates can fluctuate frequently due to market conditions. Therefore, it’s always a good idea to monitor exchange rates and consult your financial advisor to understand how the currency conversion may affect your total investment. Being aware of these fluctuations can help you make informed decisions about the timing of your investment and potentially save you money. Additionally, your financial advisor can provide insights into the best strategies for minimizing currency risk during the investment process.