Foreign investors
Opening a Bank Account in Türkiye as a Foreigner
The unseen precondition of the title deed transfer. What documents are asked for, why some applications are refused, and why the currency purchase certificate must be planned alongside the account.
The first thing a foreigner buying property in Türkiye should do is not choose a property but open a bank account. The reason is simple: the document showing that the purchase price passed through a bank is required both at the land registry and in a citizenship application. A sale paid for in cash can be registered at the land registry, but it cannot go into a citizenship file.
Documents required
- Original passport and a notarised translation
- Tax identification number (issued by the tax office the same day)
- Proof of address — a utility bill or official document showing your address at home is sufficient
- A mobile telephone number used in Türkiye
- At some banks, a residence permit or proof of a residence application
The telephone requirement takes people by surprise. Transactions on accounts opened in Türkiye are confirmed by SMS, and some banks cannot send messages to a foreign number. Getting a local SIM on your first day in the country saves you half of the following weeks.
Why some applications are refused
Banks are under a duty to know their customer under anti-money-laundering legislation. The commonest reason for refusal is not a missing document but an unexplained source of funds. If a large transfer is coming into the account, having the document that shows where the money came from ready in advance — a sale agreement, a payslip, a grant of probate — speeds the process up considerably.
The second common reason is nationality. For citizens of some countries banks run an additional approval process; this is not discrimination but a constraint arising from correspondent banking relationships. Do not be surprised if something impossible at one bank is straightforward at another.
The currency purchase certificate (DAB)
This is the document showing that foreign currency brought in from abroad was converted into Turkish lira, and it is indispensable to a citizenship application. The critical point is this: it cannot be produced after the event. You must expressly ask the bank to issue the certificate at the moment the currency is exchanged; it will not be issued retrospectively.
The amount on the certificate must be consistent with the sale price declared at the land registry. Declaring a lower figure at the registry is a widespread habit, but if you intend to apply for citizenship that habit will have your file refused outright.
400.000 USD
Minimum amount for citizenship by property investment
5 August 2026 valid as at
46,73 TL
Central Bank foreign exchange selling rate (USD)
5 August 2026 valid as at
The questions we hear most
- Can I open an account without coming to Türkiye?
- Some banks permit remote opening under an apostilled power of attorney; most do not. The realistic plan is to open the account during the visit on which you view the property.
- Is a residence permit required to open an account?
- Not as a matter of law; a tax number is sufficient. Some banks nevertheless require one under their internal rules. A telephone call before you travel to the branch saves a wasted journey.
- How should I send the money?
- By SWIFT, from your own account, to an account in your own name. Money arriving from a third party's account raises questions both at the bank and at the land registry, and in a citizenship file it is a straightforward problem.
- Can I leave the country without closing the account?
- Yes, the account stays open. Accounts that see no activity for a long period may, however, be classed as dormant and frozen; a small transaction once a year prevents this.
The information on this page is for general guidance and does not constitute legal or financial advice. The legislation may change; consult your accountant or lawyer before acting.