Suppose you are an international student seeking to study in Turkey. In that case, you may have been asked to prove that you have sufficient funds or financial resources to sustain your life in the country you will stay in during your short-term residency. This is also often a prerequisite to getting a visa, whether a student or not.
You can show that you have the necessary financial means via a blocked bank account.
Here is everything you need to know about blocked accounts and what you might need to open one in Turkey.
What Is a Blocked Account?
A blocked account, Sperrkonto in German, is a particular bank account required by migration laws for international students to apply for a visa or get a residence permit.
Under German law, this account stores a deposit of money the government requires from international students as proof of financial resources to live in the country. The government's money is calculated to cover living expenses for one year.
Similarly, Turkey has recently adopted the German practice, or its interpretation, for residence permits. (It is still not an official requirement, but it may benefit your case.) Consider including your contract for freelancing work, which details your compensation, etc.
Hence, having a blocked (savings) account in Turkey could be helpful in case you are asked to show proof of adequate funding for your short- or long-term stay.
What Do Turkish Authorities Mean by ‘Adequate Funding’?
According to early 2022 calculations, this amount is estimated to be around TL 8,250, 1.5 times the standard minimum Turkish national wage (TL 5,500).
For each additional member in a family, this minimum requires an extra month of the minimum wage (TL 5,500).
An Example: For a 12-month Turkish residence permit, a single adult should have TL 99,000 (around $5,600 United States Dollars) in their bank account. A couple, in turn, would need to show at least TL 165,000 in funding. With a child as a family of 3, a couple should expect to have at least TL 231,000 to show as financial proof.
So, to obtain a Turkish residence permit, applicants must have enough money to prove they can sustain themselves in Turkey. One person needs TL 8,250, two people need at least TR 13,750, while three require TL 19,250 per month through regular income.
The minimum wage for 2022 is a net of TL 5,500 (5 thousand 500 TL). The above is for illustration purposes only.
How to Show That You Have Sufficient Funds
There are a few essential points to remember when providing documentation to prove you have the financial means to live in Turkey.
If you plan to show proof of sufficient funds from your current employment or pension, you must offer statements from the last three months.
If you submit proof through your savings or credit cards, you must show recent statements from the last six months.
The rule of thumb for proving that you have adequate funding for your stay is still a self-declaration form, which you can see on pages 4-5 here.
For majority of foreigners, these statements do need to be translated, and certified by a notary public or apostle. They can be downloaded and printed, and presented as proof from a local or international bank account or credit card statement.
How to Open a Bank Account in Turkey
Although having a bank account is not a requirement for foreigners applying for a visa or residence permit in Turkey, as it may be up to the immigration officer’s discretion during your residence permit appointment, it is best to be prepared to provide additional documents.
Opening a bank account is simple, and you only need a few documents. Head here to read more.
Additionally, check our expat blog if you want to know how to apply for a Turkish residence permit or health insurance.
Drop us a line or give us a call if you would have any questions or would like to speak to an agent for general immigration advice.