Guide “How to Open a Bank Account in Turkey”

Our Guide on “How to Open a Bank Account in Turkey” will make applicant’s life easier, but legal rules maybe a little complicated – a couple of unique features of the banking system of this country. It is necessary to have information on Turkey law and rules of a specific financial institution. This information is important for any person, who would like to get a citizenship by investment without problems with a local law. First thing that should be highlighted – the operation of the banking system.

Banking System in Turkey

All financial transactions are possible for overseas citizens, who are acknowledged about different types of Bank Accounts. They include:

  •     A current account;
  •     Credit card account;
  •     Gold savings account;
  •     Participatory account!

Depending on what kind of account was opened, the ability to deposit and withdraw money can be limited due to the banking system policy in Turkey. To open an account in this country, applicant need a residence permit. All financial institutions of this region work under this condition. It is necessary to get all documents that would help to obtain a residence permit and then work around the banking system in Turkey.

Most relatable local and international banks in Turkey

Before making any kind of investments in this country with either fiat money or cryptocurrency, it is important to know about the most popular and respected banks in Turkey. They include such financial institutions, like:

  •     Ziraat Bank;
  •     Akbank;
  •     Garanti;
  •     Vakifbank;
  •     Halkbank;
  •     Yapi Kredi;
  •     Isbank!

These 7 banks have been on the market for decades and even centuries in some cases. There are good enough reasons to trust these banks – good history of business lending, long history of existence, a large number of contributors, good stocks of foreign currencies.

How to open a bank account in Turkey

For any foreigner, who is interested in investments, it is important to understand the basics about opening a bank account in Turkey. First of all, such a person needs to gather all the necessary documents, including:

  •     The passport;
  •     Individual tax number code;
  •     A recent utility bill from the home country or Turkey!

Depending on a specific institution, there can be some additional requirements for foreigners. It is recommended to check them via the official website of a bank by choosing a specific city or region of the country.

List of banking services are provided in Turkey

Before getting Turkey citizenship, it is important to get more information on everything related to local banking services. They all depend on what type of account a person has opened. For a current account, it is possible to transfer money, checkbook transactions, make direct debit payments, pay taxes or bills, exchange currencies, buy gold or silver, make trade orders. It is, unfortunately, cannot be used for online shopping.

In the case of a credit card account, a person can use it for online payments without any limitations. A minimum of 1000 TL is required to open a credit account in any Turkish bank.

For Turkey citizenship by investment, a person should open a participatory account. It helps to work with making money through interest operations and real estate payments. With the help of a participatory account, it should not be a problem to buy property in Turkey. For gold savings, there is a separate account dedicated to such services. It is possible to use it in order to save money from deflation of a local currency. The gold can be bought at any moment with a minimum limit of 0.01 grams per transaction.

How to transfer funds & Fees

The question that bothers many people, who would like to invest in Turkey is how to transfer funds and what fees should be paid in the process. First of all, there are no limits in terms of the amount of money that can be brought into this country. But it is important to say there is a limit of money that can be taken out of the country – 5000 USD.

To transfer money from a hometown bank account to the one presented by Turkey bank, it is recommended to contact customer service of a specific financial institution to get more details on any possible fees during online money transferring. Some investors withdraw their money in their home country via ATMs, before they open bank account in Turkey to exchange them for lira personally without any third-party solutions. It is important to note that such a way can be a little expensive, as not all ATMs are offering free of charge withdrawal.

Recent updates on Immigration by Investment program for Fixed Capital Investment Option

To support Lira, a government decided to update Turkish citizenship by investment program. All foreign investors will need to hold their money in the local currency, instead of dollars or euros. Also, all money received as a part of property sales to foreigners will also be converted to Lira via local banks. In 2022, investors should own real estate with a minimum price of at least 250,000 USD in order to get citizenship.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow.

Citizenship by Investment can be acquired with Cryptocurrency

Money should be used by a person not only to buy goods, but also as a tool to improve living conditions. It is important to know everything about investments and how they can help in acquiring citizenship. This is a fairly popular topic in the modern world, especially for crypto enthusiasts, who can get the most out of such an offer.

What is citizenship by investment

Over the past decades, such a thing as citizenship by investment has changed a lot. Initially it was only available to very rich people, but nowadays, even regular internet users, who have cryptocurrency, are able to find a couple of valuable solutions to invest their digital coins. It is possible, thanks to a number of online services and a couple of interesting offers from a number of countries around the world.

Do all countries accept cryptocurrency

Users should be ready that not all countries around the world are positive about cryptocurrencies. In most cases, the government makes people go through a number of tests to prove that money earned through crypto are legal and were not used for money laundering or other scam schemes. It is important to know the law and be prepared for different requirements from a specific government.

Does Applicant have to give up current citizenship 

It all depends on a specific country the investor decides to move to. As an example, Vanuatu citizenship gives people a chance to have two citizenships simultaneously. Same goes for a couple of other countries as well, so it is recommended to look for this information on official government websites of a specific country. 

How to provide Legal Proof of Income with Cryptocurrency?

People who are using cryptocurrency to save the value of their money, should have no problems with providing a legal proof of income. A statement can be generated with a statement from the crypto account on an exchange website or in the crypto wallet. It should include an account holder name and number of digital coins in comparison to fiat money. It can be a PDF file or a screenshot with information on the account.

A person who will review a legal proof of income with cryptocurrency, can ask for a link to a website that shows the value of the cryptocurrency in USD. Cryptographic proof of ownership is also required in some cases. This process may be different, depending on a specific country’s laws and regulations.

Can Applicant Use Crypto to Pay Donations

Not all countries accept crypto for donations. In countries like El Salvador, there are no problems with cryptocurrency donations, as they are fully supported as a payment method on a government level. In other cases, digital assets holders will need to make donations using exchange services and signing contracts with officials. Most often, applicants will have to use third-party assistants to make such donations possible. 

Investors should understand that virtual assets transactions are not typical. They can take up to a couple of weeks for the operation to be complete. High-velocity transactions should involve fiat, at least for now. 

Which Countries Offer Citizenship by Crypto Investment

There are a number of countries that offer citizenship by crypto investment. They include:

  • El Salvador;
  • Dominica;
  • Grenada;
  • Saint Kitts and Nevis;
  • Antigua and Barbuda;
  • Vanuata;
  • Saint Lucia

These countries invite digital coins investors to acquire citizenship by investment in popular cryptocurrencies. Such operations are completely legal, which is confirmed by the Bill on Virtual Assets. Many Caribbean countries offer citizenship by investment programs.

Will Applicant pay tax on their cryptocurrency

Every investor should understand that most countries that allow the usage of digital assets as a legal tender, have a tax-free policy for all foreign people who would like to get a citizenship. But it is important to admit that by donating money for Vanuatu citizenship, the applicant will have to pay a fee. On the other hand, Antigua and Barbuda have a tax-free structure for all crypto owners, so it is possible to become a citizen of this country without paying additional fees. It is recommended to learn more information on each country separately, using their official government websites.

LONDON BASED SOLUTION ADVISERS – Citizenship by Investment 

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.

Montenegro Extends ‘Golden Passport’ Program

Government of Montenegro on 30th December 2021 extended its citizenship by investment program until December 2022. It was announced that the program now has stricter conditions for gaining economic citizenship. New applicants will pay €100,000 to the state budget of Montenegro and another €100,000 for regional development.

According to Gov Data, 108 foreign citizens have obtained Montenegrin citizenship by buying apartments in hotels or by donating money to underdeveloped areas in the country.

Detailed Investment Options offered the citizenship to investors who invested at least 250,000 euros in undeveloped regions in the north of the country or 450,000 euros in more developed regions in the centre and south with additional contribution of  €100,000 to be paid to the government of Montenegro.

LONDON BASED SOLUTION ADVISERS – Montenegro Citizenship

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.

What are the best places to buy Real Estate in Turkey for Russian Investors?

According to our experience, Russian Investors prefer houses and apartments in Antalya and Alanya, on the Mediterranean coast. For example, Russian buyers are less interested in Istanbul and Bursa, whereas many other foreign buyers buy real estate in Turkey.

A typical Russian investor is 35- 50 years old. Usually, they come from big cities in Russia. These Russian customers see buying a home in Turkey as a summer villa for a long vacation with their children and other relatives. Turkey is a beautiful country with a perfect warm climate, delicious food and fresh fruits and vegetables all year round.

Many Russians buy apartments in Turkey’s vacation area for investment purposes. The new Turkish Citizenship Regulations are also one of the reasons Russians are investing in Turkish real estate. In 2018, Ankara simplified the rules for obtaining citizenship. To get a Turkish passport, you had to invest $1 million in real estate in advance. Now $ 250,000 is enough.

Turkish passports provide visa-free access to Japan and Singapore, and Russian citizens interested in the Asian market may be interested in Turkish citizenship. At the moment, interest in European real estate is declining and interest in Turkey is rising. According to Russia’s Forbes, Russia’s interest in Spanish assets is diminishing. In 2018 Spain submitted more than one-third (35.1%) of all applications and in 2019 only 18.4% of applications.

Turkey Citizenship Investment Options

Become a permanent resident of Turkey by choosing one of the following three qualifying investment options. The requirement for maintaining the investment is a minimum of 3 years from the date the residence permit is granted.

1. Property Acquisition From $250,000

  • Acquire residential or commercial property with a deed restriction not to sell for 3 years from the date of purchase, Investors have the right to acquire several properties, as long as the total amount complies with the requirements.
  • The property can be let for rental income, or sold after 3 years from acquiring citizenship, without affecting the applicant’s citizenship.

2. Capital Transfer From $500,000

  • Fixed-asset investment confirmed by the Ministry of Industry and Technology OR
  • Deposit $500.000 cash in a Turkish bank for a minimum of 3 years OR
  • Buy government bonds with the potential to receive interest as income, Investments to be kept for 3 years.

3. Creation of 50 Jobs or Business Investment

  • Set up a business and create jobs for at least 50 Turkish employees.

LONDON BASED SOLUTIONS ADVISERS – Turkey Citizenship by Investment 

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

  • Property virtual tours, 3-D tours, and in-person tours are available.
  • Due diligence checks and additional property checks are completed by our experts.
  • Residency & Citizenship document preparation and submission.
  • Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow.

Photo by Dima Pima on Unsplash

Best Places for Buying Real Estate in Grenada

Investing in a government-approved real estate project in Grenada gives investors the opportunity to secure second citizenship in the Caribbean in just 34 months. Development is diverse, including resorts, hotels, and villas. Given the booming tourism industry on the island, demand is high and the real estate market offers excellent investment with the high returns expected.

What is the best place to buy real estate in Grenada?

Some of the best places to buy real estate in Grenada are St. George, Carriacou’s, Grand Anse, and Reims Oepines.

Applicants who choose an approved real estate project must invest a minimum of $ 220,000 and retain the property for five years after obtaining citizenship. This minimal investment applies to the acquisition of eligible projects in the tourism and accommodation sector. The applicant is an individual investor, and another major applicant contributes to the joint investment, granting citizenship to the two investors and their families as one unit. In this case, the primary applicant shares a single unit that it shares with at least one other primary applicant.

Each investor will donate at least $ 220,000. Individually applying investors (investors with a family seeking full ownership of the stock) also have the option to start at $ 350,000. Funds invested as part of the application process will be entrusted as a security measure and will only be released after the citizenship application has been approved. There are several project management services throughout the island. This system enables a lean rental network with additional income.

LONDON BASED SOLUTION ADVISERS – Grenada Citizenship

Full Support with our Solution Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high-net-worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.

All You Need to Know About New Portugal Golden Visa Regulations and Interior regions

Beginning January 1, 2022, the following changes to real estate investment will be implemented:
  • Investors may not buy or invest in residential real estate in Lisbon, Porto, Setubal, The silvery coast.
  • Home purchases are only possible in the designated indoor area of Portugal. Real estate investment should be at least € 500,000. Or € 350,000 to invest in a refurbishment project. For buying residential real estate in sparse regions of the country, applicants will automatically receive a 20% discount on their investment.
  • Investors can still buy commercial real estate anywhere in Portugal, Worth at least € 500,000 or € 350,000 when investing in commercial or renovation projects. A 20% discount is available in low-density areas as well.
In addition, the following investment options are becoming more expensive:
  • Capital transfer investment will increase from 1 million euros to 1.5 million euros.
  • The funding amount will be increased from € 350,000 to € 500,000
  • Investment in scientific research will increase from € 350,000 to € 500,000
  • Investing in an existing company registered in Portugal From € 350,000 to € 500,000
What’s not changing:
  • You can set up a Portuguese company with at least 10 local full-time employees
  • You can make an art donation of € 250,000
The new Golden Visa Act, which will come into force in 2022, will focus on real estate investment in the interior of Madeira, the Azores, and the continent of Portugal. For investment in residential real estate, the issuance of residence permits through investment activities is in the territory of the Inland Community (CIM), and the islands, namely Madeira and the Azores.
Investment in real estate for tourism, trade, and services is still excluded from the DL and can be made in the settlements of Lisbon and Porto, and in the coastal communities between local governments. The internal area where a golden visa was approved in Portugal is set out in Decree No. 208/2017 on 13 July. This regulation separates territorial areas that would benefit from the measures of the National Territorial Cooperation Program (PNCT), which could be an incentive for the development of internal areas.
Below is a list of counties that are part of the inland region of the Portuguese continent.
  • Alentejo Central
  • Alentejo Litoral
  • Algarve
  • Alto Alentejo
  • Alto Minho
  • Alto Tâmega
  • Área Metropolitana do Porto Concelhos
  • Ave
  • Baixo Alentejo
  • Beira Baixa
  • Beiras e Serra da Estrela
  • Cávado
  • Douro
  • Lezíria do Tejo
  • Médio Tejo
  • Região de Aveiro
  • Região de Coimbra
  • Região de Leiria
  • Região de Viseu Dão Lafões Concelhos
  • Tâmega e Sousa
  • Terras de Trás -os -Montes
  • Parish
  • Algarve Loulé
  • Algarve Silves
  • Algarve Tavira
  • Alto Minho Caminha
  • Alto Minho Ponte de Lima
  • Alto Minho Valença
  • Alto Minho Viana do Castelo
  • Área Metropolitana do Porto Vale de Cambra
  • Ave Guimarães
  • Cávado Amares
  • Lezíria do Tejo Santarém
  • Médio Tejo Tomar
  • Médio Tejo Ourém
  • Região de Aveiro Águeda
  • Região de Coimbra Condeixa-a-Nova
  • Região de Leiria Pombal
  • Região de Leiria Porto de Mós
  • Região de Viseu Dão Lafões Viseu
  • Tâmega e Sousa Amarante
  • Tâmega e Sousa Castelo de Paiva
  • Tâmega e Sousa Marco de Canaveses

LONDON BASED SOLUTIONS ADVISERS – Portugal Golden Visa

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.

Photo by Leon Bublitz on Unsplash