What amount should be in the bank account to obtain a residence permit?
Illustrative calculation of the required amount:
For high income (if there is a long-term lease agreement): the statutory wage (minimum wage) for three years.
Example: 18 103 TL (minimum monthly wage) x 12 (months) x 3 (years) = 252 000 TL.
Deposits can be made not only in Turkish lira but also in US dollars, euros, and British pounds sterling at the current exchange rate.
In the case of property ownership: Statutory salary (minimum wage) for one year.
Example: 7000 TL (minimum monthly wage) x 12 (months) x 1 (year) = 217 236 TL.
Deposits can be made not only in Turkish lira but also in US dollars, euros, and British pounds sterling at the current exchange rate.
Please keep in mind that the economy of Northern Cyprus is developing rapidly, and the government minimum wage rates and calculation formula may change. Verify the information at the time of the transaction.
Author
Born and raised in Yekaterinburg, visited more than 40 countries, lived in the USA for some time, and in 2022, moved to Northern Cyprus. Education: Ural State University (now Ural Federal University), Faculty of Political Science and Sociology. Professional Experience: Since 2008, worked in the…
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