How to open a bank account in Turkey for investment

فتح حساب بنكي في تركيا للاستثمار

Do you want to make a profitable investment by buying a property to become a Turkish citizen, This requires you to open your own bank account in Turkey.

Turkey is one of the leading economies in Europe and the world. as a result, Many people from different countries of the world prefer Turkey to invest or establish business in recent years.

You can also apply for Turkish citizenship through the New Investor Program in Turkey, What remains for you is to know the required laws, procedures and documents, From opening a bank account to obtaining citizenship.

Key criteria before opening a bank account in Turkey

Before you start to open your account to invest in Turkey, If your goal of investing is to obtain citizenship, you must know a set of criteria or conditions that enable you to obtain citizenship, Which:

  • Invest $250,000 in real estate
  • Establishment / purchase of a company with a capital of 500,000 dollars
  • Deposit $500,000 in government investment vehicles or government banks operating in Turkey, provided that this amount is not withdrawn for a period of three years.
  • Employs 50 employees

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Ways to take advantage of the advantages of investing

  • It is not necessary to live in Turkey to participate in the program
  • You can get your investment back after three years with the legal interest rate.
  • You can sell your immovable.
  • Your Turkish citizenship continues during your lifetime.
  • Furthermore it , It is not required to renounce the citizenship of your current country of residence.

The concept of Turkish citizenship is possible through your real estate investment with the new legal regulations. today, It is possible to obtain Turkish citizenship through a real estate investment of 250,000 USD or a business investment of 500,000 USD

How to open a bank account

Thanks to its geopolitical location, thriving economy, and important history, Turkey has become a point where many foreigners seek to come and invest.

In the last years, The Republic of Turkey has eased the procedures for opening a bank account for foreigners with some regulations in order to increase investment and make it more convenient for foreigners.
These regulations will enable the foreigner who came to Turkey for work to easily send money to his family abroad, It will make the daily life of a foreigner easier through the ability to benefit from banking operations and will enable the investment and financial activities of companies for foreigners to be achieved faster and many other advantages.
However, The procedures for opening a bank account for foreigners differ from one bank to another. While it doesn’t take long in some banks, It may be the opposite in another bank.

Read also: Ways to obtain Turkish citizenship

Some of the major Turkish banks are İş Bankası (Isbank), Yapı Kredi Bankası, TEB, QNB Finansbank, Halkbank, Vakıfbank, ING Bank, Akbank, Ziraat Bankası and Garanti Bankası.

There are two types of opening a bank account for foreign citizens in Turkey; The first is the procedure for opening a bank account for persons and the second for accounts in the name of the company.

Procedures for opening a bank account in Turkey

first of all, A person wishing to open a bank account must specify the mailing address.

Foreign citizens must possess a tax number in order to open a bank account in Turkey. A foreign national can obtain a potential tax number by visiting the state tax office with the employer within a time that depends on the density of the office.

Through the tax number received from the tax office, The foreigner will be able to open a bank account and carry out banking operations.

Some banks may require a mobile phone number for their customers. So a foreign citizen needs to buy a phone number from a Turkish operator company.

The legal procedures and principles in order for a foreign company to be able to open a corporate bank account in Turkey are listed below:

Unlike personal bank accounts, Corporate accounts can only be opened by the director who has signing authority.

A tax number must be obtained from the company’s tax office, The company to open a bank account does not have to be in Turkey or have financial activities in Turkey. It is enough to have a mailing address.

In order to open an account, The concerned company manager submits to the bank with the tax number and all the company’s documents translated and approved by the notary public or the consulate.

These company documents are the main company agreement, chamber of commerce records, commercial register, incorporation documents, activity and licenses if any.

Documents required to open a bank account

Before going to the bank, In order to open your own bank account, you must have a set of papers and documents in your possession:

A valid passport no more than 10 years old or a valid residence permit (if both are not available, An official document approved by the Turkish Ministry of Finance will be accepted to verify the national identity document)

Alien identification number or tax identification number

Proof (copy of electricity, water, natural gas or telephone bill addressed to your name and for the past three months) of your valid residence address in Turkey or the address printed on your passport.

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