Can Foreigners Open a Bank Account in Turkey?

According to the banking law numbered 5411, anyone who wants to open a bank account is required to document their identity and tax number. For this reason, foreign individuals need a passport, a residence address and a tax number when opening a bank account in Turkey. A person who does not have a residence address must specify a notification address belonging to them. However, the Potential Tax Identification Number for foreigners can be obtained online using the interactive tax office without going to the tax office. In addition to these basic conditions, some banks may request a Turkish mobile phone number belonging to the foreigner and also electricity and water bills that will help determine that the person resides in Turkey.

Foreign Companies Opening a Bank Account in Turkey?

When foreign companies open a bank account in Turkey, a tax number must be obtained from the tax office for the company. The company that wants to get a bank account does not need to have an office in Turkey or conduct commercial activities in Turkey. However, according to the banks’ money laundering policies, an explanation must be made to the bank about why the account will be used. It is sufficient for the company to have a notification address to get a tax number. The authorized company manager takes all the documents belonging to the company, including the tax number, to the bank in a translated and notarized or consulate-certified form in order to get a bank account. These documents are the company’s articles of association, chamber of commerce records, trade registry records, establishment and activity documents, and licenses, if any. Unlike personal bank accounts, company bank accounts can be opened by the manager who has the company’s signature authority. Banks in Turkey do not apply any limits to foreign companies. They can open as many accounts as they want.

Bank Account Opening for Blue Card Holders

As stated in the letter of the Ministry of Foreign Affairs no distinction is made between Turkish citizens and blue card holders in terms of opening deposit and participation fund accounts and providing other banking services in banks in Turkey within the scope of banking legislation. Therefore, blue card holders will be able to open bank accounts in the same manner as Turkish citizens.