COREDO > Opening bank accounts > TURKEY

TURKEY

The favourable geographical location, diversified and fast-growing economy, and policy of attracting foreign investment have already made Turkey an attractive location for business. It has a stable legal system and well-developed financial sector, in particular the banking sector, which accounts for more than 80% of the financial sector. These features, combined with a sophisticated taxation policy, make Turkey an attractive destination for bank accounts.

At present, about 50 banking institutions operate in Turkey. Turkish banks are loyal to foreign business. There’s also no excessive control or bureaucracy on the part of the authorities. That is why Turkey is an excellent alternative to popular jurisdictions and also one of the main options for opening an account for a foreign company or individual. The most widely known banks in this country are Garanti Bankasi, Yapi Kredi Bankasi, Deutsche Bank, Is Bankasi, Citibank, Ziraat Bankasi, Turkiye Finans, Kuveyt Turk, Vakif, DenizBank and Isbank.

ADVANTAGES OF OPENING A BANK ACCOUNT IN TURKEY

The main advantages of Turkish banks include the following:

possibility of opening accounts in Euros, US Dollars and Turkish Liras;
many banks have the possibility to render services in Russian language if needed;
favourable tariffs;
loyal attitude to non-residents;
possibility of granting loans to foreign citizens;
loyalty to high risks, but solutions on these issues are purely individual and far from being easy to implement.

ACCOUNT OPENING PROCEDURE IN TURKEY

Turkish banks always welcome transparency, so it is not surprising that they ask for details on financial activity, including the origin of funds, which is accepted as the rule and any non-resident should be prepared for such questions.

Our company is ready to provide you with effective assistance in the matter of opening an account in Turkey. We provide this service in a comprehensive manner, starting with advice and preparation of a complete set of documents and ending with obtaining the supporting documents for the account opening and handing them over to the applicant.

The process of verification by a banking institution and the opening of an account takes 14 days or more. It all depends on the requirements of the chosen bank and the type of your business.

Please contact us if you ever need to open an account in Turkey. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.

COREDO – EU Legal & Compliance Services Expert legal consulting, financial licensing (EMI, PSP, CASP under MiCA), and AML/CFT compliance across the European Union. Headquartered in Prague, we provide seamless regulatory solutions in Germany, Poland, Lithuania, and all 27 EU member states.

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