Banking and Financial Transactions in Turkey

People who are not citizens of the Republic of Turkey have the title of foreigner. There are different legal regulations for foreigners and they are not subject to the same legislation as citizens of the Republic of Turkey. Opening a bank account is one of the most frequently asked questions by foreigners within the scope of banking and financial transactions in Turkey. Because in today’s economic system, it is extremely difficult for both social and business life to progress without having a bank account. Having a bank account is essential for foreigners who want to study, reside, invest or buy real estate.

Foreigners opening a bank account in Turkey; There is a dual distinction between Foreign real persons obtaining a bank account and opening a bank account on behalf of foreign companies. In this distinction, first of all, if we need to express the procedure of opening a bank account in Turkey, for real persons;

  • In order for foreigners to open a bank account, they first need a notification address.
  • The person must obtain a potential tax number by applying to the tax office with his passport.
  • A passport is also required in addition to the residence address and tax number.

Some of the banks require the person to have a Turkish registered phone number in the process of opening a bank account. If there is a request from the bank to which the application is made, it is necessary to obtain a telephone number. Foreigners have a much more advantageous opportunity in terms of money transfer with the bank account opened after the proceedings mentioned. The person can shop in Turkey and use it for online payments with the debit card issued on his bank account.

The documents required for foreign companies to open a bank account and their application process in Turkey are different. Foreign companies may have to open a bank account in Turkey due to their investments and economic activities. The procedure and necessary documents to be followed in such a case are as follows:

  • The person authorized to open a bank account on behalf of the company is the person authorized to sign.
  • A tax number is taken on behalf of the company.
  • The articles of association of the company, the registration of the chamber of commerce, the establishment and activity documents and the records in the trade registry are required.

For foreign companies and real persons, the process of opening a bank account in Turkey and the procedures and the documents stated in the article are minimum. Which expresses that each bank may impose external conditions in line with its own policy.

How Long Does It Take for Foreigners to Open a Bank Account in Turkey?

Provided that foreigners have the documents required to open a bank account in Turkey, the account opening process is completed with a few hours they will spend at the relevant bank. However, in order for this process to be completed in only a few hours during the day, the prerequisites mentioned above must be completed and if there are special conditions requested by the relevant bank, they must be met. Undoubtedly, the most decisive factor among the factors affecting the time it takes for foreigners to open a bank account in Turkey is whether or not to act together with an experienced lawyer. Because, with the legal assistance to be received from the lawyer, the legal proceedings and procedure included in the process will be carried out in a regular manner and will be completed in a short time.

Opening a Bank Account in Acquiring Turkish Citizenship by Investment

With the regulation put into effect in 2018, the conditions for becoming a Turkish citizen by investment have been greatly eased, and therefore, the way for many foreigners to become Turkish citizens through investment has been paved. Being a Turkish citizen by investment means the granting of citizenship to foreigners in return for certain capital investments. The said investments are made through banks serving in Turkey. In this regard, foreigners who want to acquire citizenship through investment must first open a bank account. The process of opening a bank account as foreigner is as stated.

Lawyer Support for Foreigners to Open a Bank Account

Foreigners need to open a bank account in Turkey for different reasons. Certain legal procedures must be followed in order to meet this requirement and open a bank account. In this respect, it is important to proceed with the knowledge of the legal process and procedure. At this point, it is extremely important to get consultancy services from an experienced lawyer, to complete the process in a short time, and to avoid additional expenses due to faulty or negligent proceedings.