When investing in the Turkish financial sector, foreign investors are subject to the same conditions and permits as Turkish investors. There are no limits or restrictions in the financial legislation regarding foreign investors. The establishment of a bank in Turkey or the opening up in Turkey of the first branch of a bank established abroad shall be permitted if at least five members of the Banking Regulation and Supervision Board vote in favor.
All insurance and reinsurance companies must be established as joint-stock or cooperative associations and must be allowed to conduct transactions relating to insurance operations only. License applications are to be made to the Undersecretariat of Treasury and the relevant documents are listed in the Article 15 of the regulation. Licenses are issued within 2 or 3 months if the Undersecretariat of Treasury decides that the applicant fulfils the conditions.
Leasing companies can be founded as joint stock only. The establishment of leasing companies and branches of foreign companies operating in Turkey are subject to permits and controls of the Ministry to which the Undersecretariat of Treasury reports.
