Banking Services
Personal Bank Accounts, Investment Accounts and Remote Transaction Coordination in Türkiye for Foreign Nationals
The opening of a bank account and the conduct of banking transactions in Türkiye by foreign nationals are assessed within the framework of the bank's customer acceptance policy, identity verification, compliance checks, and reviews relating to tax residency and the source of funds.
Each bank's documentation and acceptance practice may differ with respect to foreign customers. For this reason, before an account is opened, the applicant's legal status, the intended use of the account and the documents requested by the bank should be assessed together.
Canaydın Law Firm provides legal document preparation and coordination services for foreign nationals in obtaining a Potential Tax Identification Number, opening a personal bank account, bank processes connected with real estate transactions, the bank or investment account required for citizenship by investment, and, where appropriate, opening an account remotely or through a representative. Where an in-person application is required, the account opening process is carried out by accompanying the client at the bank in person.
- Potential Tax Identification Number
- Bank Account Opening
- Coordination of Documents and Compliance Process
Banking Services for Foreign Nationals
01 — Opening a Personal Bank Account
For personal banking transactions, real estate payments or other legal transactions in Türkiye, the opening of a bank account in the name of a foreign national may become necessary.
When an account is opened, the bank verifies the applicant's identity and contact/address details; it may request additional information or documents about the intended use of the account, tax residency and, where necessary, the source of funds.
Opening an account is subject to the relevant bank's customer acceptance and compliance assessment.
02 — Potential Tax Identification Number and Pre-Application Document Review
Before a bank account is opened, the tax identification number the foreign national will use in Türkiye is checked. If the foreign national does not already have a tax identification number, a Potential Tax Identification Number is obtained. The bank application file is then prepared, taking into account the passport and identity details, the current status in Türkiye and the purpose of opening the account.
The bank's final document request and its decision on whether to open an account may vary according to its own internal regulations and risk assessment.
03 — Compliance, Source of Funds and Bank Review
Banks are subject to obligations relating to identity verification and the prevention of laundering of proceeds of crime and financing of terrorism, in connection with customer acceptance and the ongoing banking relationship.
In this context, the bank may request information about the purpose of the transaction, the source of income or funds, the parties to the money transfer and supporting documents.
Within the scope of the legal service, the legal nature of the documents requested by the bank and their consistency with one another are assessed, and the flow of documents is coordinated.
04 — Bank Processes Connected with Real Estate Transactions
For foreign nationals purchasing real estate in Türkiye, it is important that the purchase price is paid through a bank and that the Foreign Currency Purchase Certificate (DAB) and other payment documents are consistent with the title deed file.
The bank account and payment flow are planned according to the legal structure of the real estate sale contract and the title deed transaction.
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05 — Bank or Investment Account Connected with Citizenship by Investment
Where bank deposit, or another investment model carried out through a bank or brokerage firm, is chosen for acquiring Turkish citizenship by investment, it may be necessary to open a bank or investment account suited to the relevant type of investment and to prepare the investment documents.
Blocking, commitment, custody, investment or suitability documents differ according to the type of investment. For this reason, opening the account should be planned together with the legal structure of the citizenship investment.
Explore Turkish Citizenship by Investment
06 — Coordination of Remote Account Opening Where Appropriate
Although banks in Türkiye have regulations on remote identity verification and distance customer onboarding, whether a foreign customer can open an account remotely may vary according to the identity document they hold, the bank's technical infrastructure and its customer acceptance policy.
For this reason, remote account opening is not an automatic or guaranteed method for every foreign national. Where a suitable bank and a suitable customer profile exist, the possibility of a remote application is assessed with the bank, and the necessary document process is coordinated.
07 — Opening a Bank Account by Power of Attorney or in Person
To the extent that the bank and the type of transaction allow, account opening and certain banking transactions can be carried out by power of attorney. Where the bank requires the customer to be present in person, the account opening procedures are coordinated by accompanying the client at the bank in person.
If a power of attorney is to be used, account opening and the other bank transactions to be carried out must be expressly included in the scope of the power of attorney, and the relevant bank's conditions for accepting a power of attorney must be confirmed in advance. With both methods, the bank's final customer acceptance and compliance assessment is reserved.
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Why Is a Potential Tax Identification Number Obtained?
When opening an account in their customers' names, banks are obliged to determine identity and tax identification number information and to use it in their records. If the foreign national does not have an existing tax identification number, a Potential Tax Identification Number is obtained before the bank account is opened.
Canaydın Law Firm also carries out the obtaining of the Potential Tax Identification Number connected with opening a bank account as part of the bank transaction file.
Can Foreign Nationals Open a Bank Account in Türkiye?
Yes. Foreign nationals can open a bank account in Türkiye. A tax identification number is required to open an account with a bank; if the foreign national does not have an existing tax identification number, a Potential Tax Identification Number is obtained first. Opening the account remains subject to the bank's customer acceptance, identity verification and compliance assessment.
For the same foreign national, the documents requested by one bank or its acceptance assessment may differ from those of another bank. For this reason, the choice of bank and the application file should be prepared according to the person's legal and factual circumstances.
Can a Bank Account Be Opened Without Coming to Türkiye?
In suitable cases, remote customer onboarding or another transaction model accepted by the bank may come into question. However, because of the foreign national's passport/identity structure, the bank's remote identity verification infrastructure and its internal acceptance policy, remote opening may not be possible in every file.
For this reason, opening an account without coming to Türkiye should not be presented as a definite service or outcome without confirmation from the bank.
What Do We Check When Opening a Bank Account?
Because the list of documents may vary from bank to bank and according to the customer's circumstances, the application file is prepared in line with the relevant bank's current request.
What We Do for You
Preliminary Review for Opening a Bank Account
The applicant's legal status, the intended use of the account and the appropriate application model are assessed.
Obtaining a Potential Tax Identification Number
If the foreign national does not have an existing tax identification number, a Potential Tax Identification Number is obtained before the bank account is opened.
Coordination of the Bank and Application Model
The appropriate banking process is researched and coordinated, taking into account the personal account, real estate payment or investment purpose.
Document Preparation and Review
The legal suitability of the identity, address, tax and other supporting documents requested by the bank is checked.
Coordination of Foreign Documents
Where necessary, apostille or consular certification, translation and notarial procedures are coordinated with the relevant professionals.
Filing of Source of Funds Documents
The legal completeness of the file is checked with respect to documents on the source of income, funds or transactions requested by the bank.
Real Estate Payment and DAB Process
In a real estate purchase, bank payments and the Foreign Currency Purchase Certificate (DAB) process are coordinated together with the title deed and contract documents.
Citizenship Investment Account Coordination
The required bank or investment account and the related investment documents are planned together with the legal process, according to the chosen type of citizenship investment.
Remote Account Opening Where Appropriate
Where the bank accepts it, document and transaction coordination is provided for remote customer onboarding or an alternative application method.
Account Opening by Power of Attorney or in Person
Where the bank accepts it, the account is opened by power of attorney; where an in-person application is required, the process is coordinated by accompanying the client at the bank in person.
Legal Advisory Throughout the Process
Additional document or transaction requests from the bank are assessed legally throughout the process in terms of their connection with the investment or the real estate transaction.
How the Process Works
- 01
Determining the Intended Use of the Account
Personal use, real estate payment, citizenship investment or another banking purpose is determined.
- 02
Reviewing the Applicant's Legal Status
The passport, status in Türkiye, address details and the existing tax identification number situation are reviewed; if the foreign national does not have a tax identification number, a Potential Tax Identification Number is obtained.
- 03
Determining the Bank and Application Method
It is assessed which of the options of applying in person, by power of attorney or, where appropriate, remotely is accepted by the relevant bank.
- 04
Preparing the Document File
The identity, address, tax, source of funds and foreign documents requested by the bank are prepared.
- 05
Coordinating the Application at the Bank
The application is carried out at the bank. If an application by power of attorney is accepted, the transaction is followed up by power of attorney; if an in-person application is required, the client is accompanied at the bank in person. The additional information and documents requested are checked from a legal standpoint.
- 06
Structuring the Account According to the Purpose of the Transaction
If there is a real estate payment or citizenship investment, the payment, investment and bank documents are brought into line with the relevant legal process.
- 07
Following Up Ongoing Bank Transactions
Additional documents, money transfers or connected title deed/investment transactions that are needed are coordinated throughout the process.
Are You Opening a Bank Account for a Citizenship Investment?
Where a bank account is opened for the purpose of a Turkish citizenship investment, the account and investment transactions must be carried out together with the specific conditions of the chosen investment model. Opening an ordinary personal account and a citizenship investment account are not the same process.
Are You Making a Bank Transaction for a Real Estate Purchase?
In bank transactions made for the purpose of purchasing real estate in Türkiye, the sales contract, the payment flow and the Foreign Currency Purchase Certificate (DAB) process should be planned together with the title deed transaction.
FAQ
Frequently Asked Questions
Can a bank account be opened in Türkiye in the name of a foreign national?
Opening a bank account is subject to the bank's customer acceptance and compliance procedures. By preparing the Potential Tax Identification Number, identity, address and other documents requested by the bank, the process can be coordinated in person or, where the bank accepts it, by power of attorney/remotely.