How to Open an Offshore Banking Account in Turkey?22 min read
Reading Time: 8 minutesBefore moving on to the subject of how to open an offshore banking account in Turkey, it would be useful to mention the extremely common term offshore among today’s investors.
An offshore bank account is known as an international bank account or international bank account. Offshore accounts can be opened by a person residing in one country in another where they are not resident. An international banking account can also be opened by a firm/company, not an individual. Offshore bank accounts are preferred by investors, mainly because they provide advantages in taxation and other aspects.
Due to their wide range of benefits, Offshore accounts are particularly favored by investors. The main advantages of offshore accounts that traditional bank accounts do not have; can be listed as follows:
- Protection of Investor Asset: Offshore bank accounts protect the financial assets of a foreign person or company against legal claims. In many ways, it is resistant to offshore accounts, economic fluctuations, legal demands and economic crises. Because of these conditions, the account type emerges as the most preferred bank account type, especially for information.
- Asset Diversification Opportunity: Persons who have international bank accounts can invest in the currency of the country in which they have opened an account, and can diversify their investments in different currencies. Investment types also include crypto assets.
- Asset Account Confidentiality: Information security is one of the most important issues regarding bank accounts today. Offshore accounts stand out because they are much more reliable than traditional bank accounts.
Getting started with international financial accounts information (assets in the account, account holder, account opening date, etc.) is much more difficult than traditional bank accounts. The challenge is that international energy accounts are much safer.
- Tax Advantage Opportunity for Investors: Offshore bank accounts in Turkey or a foreign financing account opened in another country in the world; Offshore accounts are much more advantageous due to the tax advantage they offer.
At first glance, it may sound illegal. “Is offshore bank accounts legal?” You can ask the question. The answer is definitely yes. Offshore accounts are legal and different countries and country banks may offer tax breaks to attract investors.
- Practicality in International Financial Transactions: Offshore bank accounts offer great convenience and convenience to many account holders. Offshore bank accounts are much faster, practical and secure for payment, money transfer, buying, selling, foreign exchange and crypto transactions without encountering the procedures and obstacles in traditional bank accounts.
In addition to all these, transactions such as opening an offshore bank account in Turkey significantly increase the possibility of investment in that country.
Now, “Can an offshore account be opened in Turkey?” Let’s continue with answering the question. Yes, foreigners who want to invest can open an offshore account in Turkey.
In addition, The Guardian Bank is an online banking – finance platform. By using a digital bank, you can open an offshore account in many foreign countries, especially in Turkey, as well as buy and sell crypto for free and many financial operations.
Opening an Offshore Banking Account in Turkey
Opening an Offshore Banking Account in Turkey can make all the payments of the banking accounts offered to you in other options. As with other account types, this account type similarly offers numerous advantages to traders.
If you want to open an offshore banking account in Turkey, you have to follow various procedures. The first of these is the obligation to work with a bank, as we have mentioned before.
The next step is to obtain a potential tax number for your earnings to be taxed. You can open an offshore account on an individual or a company; In both cases, you may need the documents listed below.
Documents such as passport number, tax number of the Republic of Turkey, completed bank account application forms, invoice with registered address are required to open a foreign bank account.
Moreover; Persons in Turkey or foreign countries must determine a liaison office to open an Offshore banking account in Turkey, and the liaison office must obtain approval from the Ministry of Treasury of the Republic of Turkey.
Can a Foreigner Open an Account in Turkey?
Yes, a person or company that is not within the borders of the Republic of Turkey can open a bank account within the borders of the Republic of Turkey. Offshore bank accounts in Turkey are called “foreign bank accounts” due to the negative connotation of this type of account.
To open an offshore bank account in Turkey may at first glance seem like a difficult process to investors in another country. In reality, this is extremely easy to do.
Bank accounts opened in this country can enjoy all the advantages that other offshore bank accounts offer for investors. Therefore, opening an offshore bank account in Turkey is extremely advantageous for many investors.
A person who is not a citizen of the Republic of Turkey or a foreign company that is not within the borders of the country should pay attention to the following points regarding the offshore account to be opened:
- Currency: You do not need Turkish Lira to open an offshore account in Turkey. Persons who are not citizens of the Republic of Turkey can open an offshore bank account in Turkey in different and valid currencies.
- Documents: Especially foreigners are required to prepare the documents specified by the bank in the account to be opened for online offshore bank transactions or other transactions. Documentation may vary from bank to bank.
- Account Opening Fees: The minimum amount of money and account opening fees required to open an offshore bank account in Turkey may vary depending on the bank you will open an account with.
- Legal Advice: Non-citizens should agree with a legal counsel to open an offshore bank account in Turkey.
How Much Money Do You Need to Open a Turkish Bank Account?
As with many other accounts in the world (Ireland, Singapore, England, Switzerland, Hong Kong), it is possible to open offshore in the Republic of Turkey.
At this point, they may ask the following questions regarding offshore account in Turkey: “What is the minimum amount required to open an offshore bank account in a Turkish Bank?”
Of course, this question is, “Is offshore bank accounts legal in the Republic of Turkey?” It is one of the most frequently asked questions.
In order to open an offshore bank account in Turkey, you need to open an account with banks in the country.
The minimum amount of money required to open an overseas finance account – the amount of assets depends on the bank you choose – just like banks’ policies or promotions regarding offshore bank accounts…
As we have pointed out before, companies can open offshore bank accounts as well as individuals in Turkey and other countries of the world.
However, the minimum amount required to open an account for companies and firms can be a bit high. For most Turkish banks, you may need a minimum of $1 million to open an offshore account with their bank.
How to Open an Online Offshore Banking Account in Turkey?
Just like opening an offshore banking account, it is possible to open an online international bank account in Turkey. However, just like with traditional offshore banking accounts, you still need a Turkish Bank and banks’ policies regarding online offshore banking accounts may change from time to time.
The Guardian Bank is a kind of digital bank. Using the platform, including Turkey, you can open an offshore bank account in Turkey, and you can manage your account from your mobile phone or personal computer much easier and practical from any other conventional bank account.
One of the main factors limiting the popularity of offshore bank accounts among investors is public opinion against this type of bank account. Many non-professional investors ask questions about this account type, “Is offshore bank accounts legal?” They often ask themselves the question.
We have often answered this question in our content. Let’s answer again; yes, offshore accounts are absolutely legal. These accounts can be audited by the justice authorities, and account-transaction flows can be investigated.
It is possible to open an international bank account or an online account in Turkey in order to carry out your financial transactions in Turkey and to do this in a much more practical way. Although the procedures may vary depending on the Bank of Turkey you prefer, they are almost the same:
- Reporting Taxes: It is necessary to report your taxes when opening an online offshore account in Turkey.
- Online Banking Platform: The bank you choose must have an online banking platform to manage your offshore online banking account in Turkey. You should make sure that the platform supports different languages or at least English.
Authentication for Security: Overseas account opening is a term used for offshore banking transactions. When it comes to digital banking and opening an online offshore account, security and authentication procedures become even more important. Security measures regarding international banking and international accounts in Turkey are extremely strict. That’s why security and authentication are extremely important for overseas bank accounts and cross-border banking. - Required Documentation, Process, and Approval: The Internet has dramatically changed many things in our lives. This includes overseas banking transactions, cross-border banking and of course online offshore banking transactions.
It is possible to send the requested documents of the Turkish Bank of your choice in PDF format or with the camera on your mobile phone / computer. Just like international accounts in other countries and platforms designed for international banking transactions.
However, if you share your contact information with the bank of your choice, you will be notified with a notification when your request to open an online offshore account is accepted.
Best Bank for Offshore Account in Turkey
There are many reliable banks within the borders of the Republic of Turkey that you can choose for an offshore banking account.
When it comes to foreign financing accounts, another point you should pay attention to is that the policies of banks regarding offshore banking may change over time.
The second point to consider when looking for a bank to open an international bank account within the borders of the Republic of Turkey is the flexibility and functionality of the online finance platforms developed by banks for their overseas banking transactions.
Finally, before opening a foreign banking account in Turkey, it is extremely important to visit the English pages of banks. Now, let’s answer our question: which bank you should choose?
The Guardian Bank finance platform specifically for crypto asset management works much more flexibly than banks’ online platforms, especially for offshore transactions. You can manage your offshore or conventional account from your phone / pc and you can execute your financial operations.
Advantages of Offshore Banking in Turkey
As in many other countries of the world, it is possible to open an offshore account in Turkey. Similarly, when you open an offshore bank account in Turkey, you get similar benefits to financial accounts opened in other countries.
Perhaps the most disadvantageous aspect of opening an international financial account in Turkey, especially for the crypto market, flexible financial transactions and investments, is that the infrastructures offered by banks for online transactions (offshore online banking accounts) are not sufficiently flexible and effective.
For offshore online banking, The Guardian Bank digital bank can also assist you. With this new digital bank, which is a favorite of investors, you can open an offshore account or trade crypto in almost any country, including Turkey. You can open an offshore account, trade in the crypto market with a new digital bank.
Well, specifically, what privileges does the Republic of Turkey offer to those who open an offshore account? It can be a little difficult to answer this. Because the policies and fees related to online offshore accounts of reliable banks in Turkey are quite variable.
Nevertheless, it is possible to list the various privileges that opening an offshore online banking account or online offshore account in Turkey offers you as follows:
- Flexibility in International Trade Transactions: One of the most important advantages for the development of financial foreign software is flexibility in international trade. Despite accreditation and other procedures, payments can be made more flexibly, easily and comfortably from offshore accounts or various other accounts in Turkey.
- Opportunities Provided by Investment Diversity: Foreign bank accounts opened in foreign countries offer various foreign exchange and investment trading opportunities to investors in different countries.
- Tax Advantages: One of the features that makes offshore banking special for investors is the “tax advantage”. It may sound illegal but governments offer various tax breaks for foreign banking transactions in order to keep more foreign currency in their banks.
- Asset Account Privacy: Offshore banking accounts can be opened in any country in the world. On the other hand, political or economic irregularities can occur in almost any country in the world where an account can be opened.
- Capital Conservation and Heritage Planning: Almost all the advantages of international bank accounts also apply to offshore online banking accounts. Opening an offshore online banking account in Turkey, for example, offers all the advantages of an account to all investors around the world.