Banking In Turkey

OPENING INDIVIDUAL OR CORPORATE BANK ACCOUNT IN TURKEY USING CREDIT FROM TURKISH BANK OR HAVING CREDIT LINE IN TURKISH BANK CREDIT ALLOCATION SYSTEM IN TURKISH BANKING SYSTEM

We have a professional and close relationship with every bank in Turkey. To finalize your account opening transactions or to be able to use credit from Turkish bank do not hesitate to consult us for free.

OPENING CORPORATE ACCOUNTS IN TURKISH BANKS IN TURKEY

• Account opening form duly signed by authorised signatories
• Standard Banking Services Contract (Turkish or English version) duly signed by authorised signatories . Every single page of the contract is to be signed by the authorised signatories.
• Certificate of Incorporation. If the company applying for account opening is owned by a parent company, please provide parent company’s Certificate of Incorporation. Documents in this group needs to be legalised.
• Memorandum and Articles of Association. If the company applying for account opening is owned by a parent company, please provide parent company’s Memorandum and Articles of Association. Documents in this group needs to be legalised.
• Resolution of the Board of Directors regarding opening an account with Banks in TURKEY, Please provide the resolution of the Board of Directors on separate letterhead paper of the company
• Authorised signatures list. Please provide authorised signatures list on separate letterhead paper of the company. The specimen signatures should mention if the signatories are authorised to sign on its own or jointly with other signatories. Please also mention if there are any amount limits for signatories.
• ID (Passport) and proof of home address (utility bill/bank statement) of the shareholders owning %25 or more of total shares. ID Proof (passport) should be presented to the bank in original or as certified colour copies.
• Proof of business address (utility bill/bank statement)

OPENING INDIVIDUAL ACCOUNTS IN TURKISH BANKS IN TURKEY

• Your valid passport, not older than 10 years, or (if applicable) valid residence permit*
• Your unique Foreigner’s Identification Number or Tax Identification Number**
• Proof*** of your valid residence address in Turkey or (if applicable) the printed address on your passport

* If no valid passport or residence permit can be presented, an official document, issued and approved by the Republic of Turkey Ministry of Finance, validating the account applicant’s national ID document will be eligible.
** Foreigner’s Identity Number is issued by civil registration offices, administered by the Republic of Turkey Ministry of Interior. Tax Identification Number is issued by tax offices, administered by the Republic of Turkey Ministry of Finance.
*** e.g. a copy of electric, water, natural gas or phone bill addressed to your name and issued in the last three months by Turkish service providers

BUYING A HOUSE IN TURKEY AS A FOREIGNER:

Foreigners can own land and houses in Turkey. The people of the nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. For the reciprocity list consult us or consult to our lawyer.
Non-Turkish citizens need permission from the military authorities before buying a property. Land Registry office (known as “TAPU” in Turkish) will ask the prior approval or permission of the highest military command of the area before transferring the title. This is a standard procedure for all foreign purchases in Turkey to ensure that the land on which your property is built is not in a military, strategic or security zone. It is important to note that this search period can take nearly 3 months. In Turkey you are not obliged to employ a notary for title transfer.
As a buyer, it will help you to use following check-list:

• Does the seller actually own the property? Current legal status of the property can be checked at the title deed office.
• Make sure there is not any outstanding mortgages and/ or pledges on the property.
• Check the building permit.
• If the purchase agreement is drawn up by a notary, it helps to resolve problems in the event of a dispute.
• Check whether there is any “İskan ruhsatı” or a “Yapı Kullanım İzni”.
• Find out local taxes and service costs.
• You may wish to provide a power of attorney if you seek advice from a solicitor who has experience on Turkish Property Law and can give legal advice.
• At the transfer and registration process, the local civil employee of the Office of Land registry may ask that you employ a translator to ensure that you understand all the details.

These are legal issue and we advise you to consult us or consult to our lawyer.
How to apply for a Mortgage?
Please consult us for free.

FREQUENTLY ASKED QUESTIONS

• Are the procedures for opening accounts at Turkish banks different for corporate and personal accounts?
Yes; the procedures are different. For more consult us.

• Is there any requirement to submit documents as proof of paying tax in the home country?
No. The only tax related documentary requirement is the Turkish ‘Tax identification number’ (Vergi Kimlik Numarası), a simple and straightforward document that can be obtained from the local tax office in Turkey upon submission of passport and a copy of relevant pages of the passport.

• Can one use internet banking with their accounts in Turkish banks?
Yes. You can use internet banking by registering a mobile phone to your Turkish account.

• Can a non-Turkish person residing outside Turkey open a bank account in Turkey in Turkish currency?
Yes.

• Is there a minimum age requirement?
Yes. 18 years.

• Can one trade with Turkey without having to open an account in a Turkish Bank in Turkey?
Yes. Monetary transactions can be made through outside branch branches of Turkish banks.
• Do foreigners have a chance to use credit from Turkish bank?
Yes.

• Any restrictions for any country citizen with regard to banking transaction?
Yes. Due to security concerns and relevant legislation for some country’s citizen there are some restriction.

We have a professional and close relationship with every bank in Turkey. To finalize your account transactions or to use credit do not hesitate to consult us for free.