Opening a bank account in Turkey as a non-resident company or foreign individual is entirely possible — but it requires strict adherence to KYC (Know Your Customer) procedures, documentation standards, and local tax requirements. In this guide, we explain the full process step-by-step, including required documents, common questions, and compliance obligations.
Can Non-Residents Open a Bank Account in Turkey?
Yes. Both non-resident legal entities (foreign companies without a Turkish branch) and foreign individuals can open accounts in Turkey. However, due to international compliance and anti-money laundering regulations, Turkish banks follow a strict due diligence process, including detailed inquiries about the company’s structure and financial activities.
Documents Required to Open a Non-Resident Bank Account in Turkey
To open a corporate bank account in Turkey, non-resident companies must provide:
- Turkish Potential Tax Identity Number for the company
- Company bylaws
- Trade registry document from the home country (issued within the last 6 months)
- Signature Circular of company representatives (notarized)
- Power of Attorney for authorized signatories (notarized)
- Passport copies of signatories
- Turkish tax ID numbers for each signatory
If you are planning to open a non-resident bank account through a local company setup, make sure to read our guide on how to establish a company in Turkey.
Additional Documents for Shareholders Holding ≥25%:
If the shareholder is a legal entity:
- Commercial records tracing ownership up to the ultimate real person
- Trade registry and tax number of the parent companies
- Identity documents of beneficial owners
If the shareholder is a real person:
- Passport
- Turkish tax ID
A detailed Shareholder Chart is often required, showing ownership percentages up to the beneficial owner level.
All foreign documents must be notarized and apostilled or approved by the Turkish Consulate, and translated into Turkish by a sworn translator in Turkey.
Required Documents for Foreign Individuals
For personal account openings:
- Passport
- Turkish tax ID
- Local Turkish address and phone number
- Completed KYC form
- All documents must be notarized and apostilled or consulate-approved
KYC and Compliance for Non-Resident Bank Accounts in Turkey
Turkish banks require a comprehensive understanding of the business model and structure. Common questions include:
- What is your company’s field of activity and business plan in Turkey?
- Who are the shareholders and ultimate beneficial owners?
- Do you have any other entities, agents, or branches worldwide?
- Are there any dealings with sanctioned countries (e.g., Iran, Russia, Venezuela)?
- Which banks do you currently work with globally?
- What is your expected volume of transactions in Turkey?
- Can you provide trial balances or financial reports for the past 3 years?
Answering these questions transparently is essential to avoid delays.
How to Speed Up the Account Opening Process
To streamline the process:
- Submit scanned versions of all documents via email first.
- Make sure documents are updated and legally approved.
- Prepare a signed shareholder chart (including company stamp).
- Respond promptly to the bank’s KYC inquiries.
Processing Time and Bank Discretion
Banks in Turkey reserve the right to refuse account opening without explanation and may request additional documents at any time. Processing may take 2–4 weeks, depending on document completeness and internal risk evaluations.
Tips for Successfully Opening a Non-Resident Bank Account in Turkey
- Always work with a local consultant or service provider familiar with Turkish banking laws.
- Ensure your company’s ultimate beneficial ownership (UBO) structure is clear and legally documented.
- Prepare 3-year financials of the parent company in advance.
Need Support?
At Metropol CPA, we help non-resident companies and individuals successfully open bank accounts in Turkey by managing tax registrations, preparing documents, and facilitating bank communication.
Contact us for support or explore more on www.metropolcpa.com.