Iranian citizens and Iranian-owned companies can open bank accounts in Türkiye. There is no rule in Turkish law that bars a person from banking simply because of an Iranian passport. In practice, however, banks are cautious. They open accounts only where the individual, the company, its owners, the products and the planned activities all fall outside the scope of applicable sanctions.
Every Turkish bank applies its own risk policy. A file that one bank declines may be accepted by another, provided it is complete, consistent and transparent. That is why preparing an accurate and effective application file is the most important step of the process.
Why Turkish banks are cautious
Turkish banks operate within the Turkish anti-money-laundering framework (Law No. 5549 and MASAK regulations), which requires full know-your-customer checks. They are also connected to the global financial system through correspondent banks in the US, the EU and elsewhere. For that reason, they screen Iran-related customers against UN, US and EU sanctions lists and assess the wider risk of each relationship.
In practice, a bank will ask three questions:
- Who is the customer? The individual, every shareholder and ultimate beneficial owner, directors and authorised signatories must not be sanctioned persons or owned or controlled by them.
- What is the business? The products and services must not be restricted or dual-use items, and the sector must fall outside sanctioned areas.
- Where does the money come from and go to? Counterparties, payment routes and the source of funds must be clear, documented and lawful.
Personal bank accounts for Iranian citizens
Most banks expect an Iranian applicant to hold a valid Turkish residence permit, although some accept non-resident applicants in limited cases. A typical file includes:
- Valid passport and Turkish residence permit
- Turkish tax identification number
- Proof of address in Türkiye (address registration or rental contract)
- Evidence of income and source of funds (employment, business ownership, property sale, savings)
- Explanation of the expected account activity
Corporate bank accounts for Iranian-owned companies
A Turkish limited or joint stock company with Iranian shareholders is a Turkish legal entity. It can open a corporate account, but the bank will look through the company to its owners and its business. In addition to the company’s corporate documents (trade registry records, articles of association, signature circular, tax registration), banks usually ask for:
- Identification and beneficial ownership details of every shareholder
- A clear business plan describing products, suppliers, customers and markets
- Sample contracts, pro forma invoices or purchase orders
- Information on expected transaction volumes and countries involved
- Confirmation that no sanctioned person, product or activity is involved
Why a well-prepared file makes the difference
Bank compliance teams decide on documents, not intentions. Missing papers, a vague business description or inconsistent figures often lead to delays or refusals, even for entirely lawful businesses. A complete, accurate and well-structured file that describes the real business clearly, anticipates the bank’s standard compliance questions and documents that no sanctioned person, product or activity is involved significantly improves the chances of a timely decision.
Choosing the right bank matters as well. Banks differ in the sectors, transaction types and customer profiles they serve, and their policies change over time. Applying to a bank whose service model fits the client’s lawful business avoids unnecessary delays.
How Tercan Legal helps
Tercan Legal has advised foreign clients in Türkiye since 2013 and serves clients from over 40 countries, with long-standing experience advising Iranian individuals and businesses on lawful activities in Türkiye. Our founding attorney has served as counsel to Turkish participation banks and has hands-on experience in payment systems, free zones and sanctions compliance.
Our bank account support covers:
- Preliminary sanctions screening of the individual, the company, its owners, products and counterparties
- Bank selection based on the client’s lawful business profile and each bank’s published requirements
- File preparation in Turkish, with an accurate business description and supporting documents
- Bank meetings together with the client, with Farsi-speaking support from our team
- Related services: company formation, residence and work permits, accounting and tax set-up through our partner CPA
Please note: we work only with lawful business. We do not assist with transactions involving sanctioned persons, goods or activities, or with any structure intended to circumvent sanctions. Opening an account is always at the bank’s discretion, and no adviser can guarantee approval.
Frequently asked questions
Can an Iranian citizen open a bank account in Turkey? Yes. Iranian citizens who are not subject to sanctions can open personal accounts, usually with a residence permit, tax number and proof of source of funds. Each bank decides case by case.
Can a Turkish company owned by Iranian shareholders open a corporate account? Yes, if the owners, the business and the counterparties fall outside sanctions. The bank will review the shareholders and the business plan in detail.
Can I receive money from Iran into a Turkish account? Many Turkish banks restrict or decline transactions directly linked to Iran. Any expected transfer should be disclosed to the bank and discussed before the account is opened. We do not advise on payment routes designed to avoid bank controls or sanctions.
How long does it take? With a complete file, a decision usually comes within a few weeks. Incomplete files are the most common cause of delay.
Talk to us
If you are planning to bank in Türkiye personally or through your company, contact us for a preliminary assessment call. We will review your profile, tell you openly what is realistic and set out the next steps. Where a matter falls within the scope of sanctions, we will tell you so at the outset.
This article is for general information only and is not legal advice. Sanctions rules and bank policies change frequently; each case requires individual assessment.
