Opening a bank account in Turkey by foreign individuals
Foreign citizens need some basic documents to open a bank account in Turkey. Although the procedure is similar to that for Turkish citizens, there are some additional documents and requirements for foreigners:
- Tax identification number: To open a bank account in Turkey, a foreigner must first apply for a tax identification number. How to obtain a tax number is explained in detail in our legal blog “Purchase of real estate by foreigners in Turkey and the land registry procedure“. Persons with a residence permit can use their foreigner identification number instead of this number.
- Registered address: In many cases, you will need to provide an address within Turkey to open an account. Some banks also accept addresses outside Turkey.
- Passport: Your passport is the most important form of identification that you will need to present to the bank.
- Mobile phone number: Some banks require a mobile phone number obtained from a GSM operator in Turkey.
Foreigners who provide all of these documents can open an account within a short period of time and carry out banking transactions in Turkey. However, opening an account does not mean that you can immediately apply for a credit card or cheque book. Separate criteria apply for these types of services.
Opening a bank account for foreigners without a residence permit in Turkey
Foreigners without a residence permit can also open a bank account in Turkey. In this case, however, foreigners must present a passport and a temporary registration address instead of a residence permit. This situation is quite common, especially for foreigners who come to Turkey for investment purposes or to purchase real estate. In practice, it is advisable to request a list of the required documents from the relevant bank before applying, as the requirements of the banks may vary.
Opening a bank account in Turkey by foreign companies
Even more extensive documentation is required for foreign companies to open a bank account in Turkey. The application to open an account can only be submitted by the person authorised to sign on behalf of the company or by a lawyer.
The following documents are usually required:
- Possible tax number (in the name of the company)
- A registered address in Turkey
- Articles of association of the company
- Documents for registration with the Chamber of Commerce
- Proof of establishment and activity
- Extract from the commercial register
- Licence and approval documents, if available
These documents may need to be submitted in a notarised and, if necessary, consular-certified Turkish translation. As the practices of individual banks vary, it is advisable to check with the respective bank at the beginning of the process to find out which documents are required.
Legal advice for opening a bank account in Turkey
The procedure for opening a bank account depends not only on legislation but also on the internal regulations of the individual banks. Foreign natural or legal persons wishing to open a bank account should therefore contact the banks to obtain precise information about the documents required and the procedure.
At this point, the law firm ALN offers its clients comprehensive legal advice throughout the entire process, from obtaining the necessary documents to submitting the applications on behalf of the client under a power of attorney to the respective banks.
