Opening a Bank Account Through the Power of Attorney and its Follow up Process

This option is available for foreign clients who are not residing in Turkey. Specific documents that banks require vary depending on the bank. The Power of Attorney document (and, if required, its translation), passport translation, tax number, declaration of address, and personal information – such as mother-father names of the client – will be given to the bank at the beginning of the application process.

Banks in particular request for the client’s mobile telephone number. The client’s information is matched with the authentication codes that are sent by the bank. Our foreign clients can check their bank accounts 24/7 from wherever they are through Internet banking that they can download on their mobile phone. If necessary, we, as SGA Law&Partners, are able to obtain a phone number from a Turkish mobile network operator on behalf of the client and give them the related information about their new phone number. Subsequently, they can access their accounts at any time they wish.  

As a company, we can only act upon the authority that the Power of Attorney document grants us. The primary authorities that are given to us is as follows – to check if and when the money has been deposited to the client’s bank account; to send bank orders to construction companies; to receive signed and stamped receipts; and to start the investment process when 500,000 USD is provided.

If the blocking period has expired and there is no other blockage for the bank account, the client can choose to use the account until he or she wishes to close it.