How to choose a Turkish bank and open an account

The banking regulation and supervision agency in Turkey monitors the activities of Turkish banks and publishes a complete list of financial institutions in the country.

Turkey’s financial sector is represented by state-owned banks such as Ziraat Bank and VakıfBank and private banks such as Yapı Kredi. You can also open an account in Turkey in branches of international banks — ING Bank, Citibank, HSBC, and Deutsche Bank.

The bank association of Turkey regulates interest rates on deposits, loans and transactions. She also represents the interests of national financial companies abroad.

The Central Bank of the Republic of Turkiye is responsible for monetary policy in the country. In Turkey’s EU membership process, the Central Bank has extensive bilateral relations with the European Commission and the European Central Bank.

Residents of Turkey have the right to open any bank account. For non-residents, banking services are also available, but not in full. Applicants can receive a refusal to open an account without explanation.

You can get unlimited access to banking services if you become a country’s citizen. Foreigners get second citizenship by investment in the economy from $400,000. An investor can choose one of five options: purchase real estate, invest in a business, open a deposit in a Turkish bank, or purchase units in an investment fund or government bonds.

Ziraat is the largest government bank in Turkey with developed subsidiaries and branches, including in Germany, Montenegro, the UK, Greece, and others. Garanti BBVA is the second-largest private bank in Turkey.

Yapi Kredi provides Western Union international money transfer service in all bank branches. Denizbank and VakifBank are popular among foreigners.

VakıfBank Expat Banking is a special service for opening and servicing expat accounts in Turkey. VakifBank specialists promise “the finest special solutions for your needs with our well-experienced and dedicated specialists that will make you feel at home while living in Turkey”.

For individuals, there are two options for opening an account in Turkey — with and without confirmation of the residence address. You can open a current bank account without a registered address and receive an instant unnamed debit card.

For Turkey residents. When opening a personal bank account, you need a national passport or a Turkish ID, a tax identification number — TIN, a certificate of ownership of an apartment or a lease agreement. To confirm the residence at the address, you must provide a receipt for payment of utility bills.

Benefits of Turkish citizenship

Receipts can be omitted if there are Numaratas. This document is issued by the state register of Turkey and confirms that a person lives at a specific address.

For non-residents of Turkey. You must apply for a Turkish tax number and buy a local SIM card to obtain a bank card. Some banks require proof of residence address in Turkey, such as a rental agreement or utility bill.

Turkish companies with an address in Turkey open an account before registering to deposit money as a payment for the share capital. It is necessary to provide the company’s incorporation documents, a lease agreement or a certificate of property ownership to the specified address.

Foreign companies are required to register a branch in Turkey and obtain a tax number. To get a tax number, incorporation papers and documents proving the address in Turkey are required.

Individual cost calculation for Turkish citizenship

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Turkey is a great business destination for foreign entrepreneurs. There are benefits like an open market with worldwide connections, a stable economy, developed infrastructure and transport facilities, and a skilled workforce.

Turkish citizenship by investment

When registering a company in Turkey in 2022, one should know that a bank account will be necessary to properly function and start doing transactions. Individuals can also open bank accounts in Turkey for personal purposes if they meet the requirements of the chosen financial institute.

Entrepreneurs can get tax benefits if they open a company in a free Turkey zone. Company incorporation in Turkey is not complicated. Foreign business people can start the activities once the firm is registered quickly.

You can buy real estate property in Turkey and get an annual income. Real estate prices in Turkey rise 10 times faster than in the EU. Turkish sales in the property market grew by 21,7% in 2022 compared to the previous year.

Launching a business in Turkey and buying property is also possible under Turkey’s citizenship investment program, and getting second citizenship is possible through an investment program.

You can get a second passport using one of several options:

• Purchase of real estate — $400,000+

• Business investments — $500,000+

• Bank deposit — $500,000+

• Purchase of government bonds — $500,000+

• Purchase of units in an investment fund — $500,000+

Immigrant Invest, as a licensed agent for investment programs, cooperates with the largest banks — Ziraat and Garanti. Albaraka Türk Islamic Bank also provides services to foreigners through the citizenship investment program and promptly opens current accounts for expats.