HSBC Premier Lifehack

[daniels27]

Are there any disadvantages due to the Turkish tax number?
I hope I won't have to file a tax return in Turkey!

No any disadvantage and also no anything to file (unless you actually do have income).

 

[Nicholas Van Orton]

With Sols and a few others, you definitely are one of the sharing pillars of knowledge of this forum Daniels.

I definitely second that.

 

[Marie Manila]

(unless you actually do have income)

So if I have interest income or dividends in my HSBC Turkey account, do I have to fill a tax return in Turkey?
I think it's a bad idea to simply hold 30 k$ in a Turkish current account without interest to meet the minimum account balance.

 

[daniels27]

So if I have interest income or dividends in my HSBC Turkey account, do I have to fill a tax return in Turkey?

Correct.

I think it's a bad idea to simply hold 30 k$ in a Turkish current account without interest to meet the minimum account balance.

I can see that there are people out there who perceive it as a valuable option. Given the fact that the amount is marginal and that 30k USD on reserve just in case in a bank somewhere can also serve as valuable backup, this can definitely make sense. As mentioned above most Premier clients are those with a full paid off mortgage in Hong Kong and they don't pay anything.

 

[lagloriacubana]

So if I have interest income or dividends in my HSBC Turkey account, do I have to fill a tax return in Turkey?
I think it's a bad idea to simply hold 30 k$ in a Turkish current account without interest to meet the minimum account balance.

Like everything in this world - especially when it comes to financial structuring. What may be good for one person can be a very bad idea for another.

it all comes down to personal circumstances. I am not at the level where I can have a full-on private banking and foundation structure. However, on paper - because I have no personal experience yet - HSBC Premier might be able to solve a few issues.

Once again, no good or bad idea - only what is good for what you are yourself trying to achieve.

 

[Marie Manila]

3. Go to HSBC and tell them the usual story about your amazing business venture in ... in Turkey. They will take a copy of your passport and your tax id.

Can you recommend a HSBC branch in Istanbul?
I found some small ones and the head office (Google Maps: 3297+Q6 Şişli, Istanbul).
If you don't speak Turkish, I think it's best to go to the headquarters.
But do they have any customer traffic at all?

 

[daniels27]

Gümüşsuyu, Mete Cd. 16/A, 34437 Beyoğlu/İstanbul, Türkiye
2XQQ+34 Beyoğlu, İstanbul, Türkiye
You can call +902122515545 for any questions, they are helpful. Was there, they do have some traffic but the Premier Centre upstairs is quite fast and usually without queue.

 

[FREE CITIZEN]

Has anyone else tried this out and confirm that this is with out unforeseen issues?

just checking before I book a flight.

(wish I would have known this 6 months ago when I was actually there! lol)

 

[JohnLocke]

Gümüşsuyu, Mete Cd. 16/A, 34437 Beyoğlu/İstanbul, Türkiye
2XQQ+34 Beyoğlu, İstanbul, Türkiye
You can call +902122515545 for any questions, they are helpful. Was there, they do have some traffic but the Premier Centre upstairs is quite fast and usually without queue.

How long since you have been there ?

 

[FREE CITIZEN]

Here is my question to you (or anyone else that have done this)...

What is the procedure like? What does one have to do to qualify? Does one have to have a company to qualify or prove subsistence in turkey to qualify? Is it REALLY as easy as claiming one wants to start up a company in turkey or are personal accounts from foreigners allowed?

I have a friend who is in the process of becoming a non resident of Canada and setting up residency in a territorial tax country. For most of the year she is a perpetual traveller and travel blogger (with other income, like a pension and investments). Unfortunately her new resident country has poor banking options and she likes the benefits that this account would give her. (reimburse of atm fees, travel perks, etc). While she can afford the $40,000 CDN this would entail atm, she is wondering if it has to be just a deposit or can she transfer some of her investments in house to satisfy the requirements?

So I am just looking for more info to advise her further, and of course I am also interested as well on the needed details, and any pitfalls that might pop up. (ie how can she make obtaining this account as smooth as possible)

Thank you.

 

[daniels27]

How long since you have been there ?

I opened it 3 years ago, was there earlier this week.

 

[daniels27]

What is the procedure like? What does one have to do to qualify? Does one have to have a company to qualify or prove subsistence in turkey to qualify? Is it REALLY as easy as claiming one wants to start up a company in turkey or are personal accounts from foreigners allowed?

They are mainly looking for people to open to account to be used in Türkiye for legitimate use (payment of utilities, phone). It definitely helps to mention you have suppliers in Türkiye etc. and are visiting them often and plan to stay longer and rent a place and thus need it... etc.

I have a friend who is in the process of becoming a non resident of Canada and setting up residency in a territorial tax country. For most of the year she is a perpetual traveller and travel blogger (with other income, like a pension and investments). Unfortunately her new resident country has poor banking options and she likes the benefits that this account would give her. (reimburse of atm fees, travel perks, etc). While she can afford the $40,000 CDN this would entail atm, she is wondering if it has to be just a deposit or can she transfer some of her investments in house to satisfy the requirements?

If you do not need the free wires and she does not plan to live in a HSBC country, I would recommend her to check out
https://www.eqbank.ca/personal-banking/payments/card/fees-features
https://international.schwab.com/
She may get a better deal as the interest paid on the 40k will very easily be more than she can ever save on foreign ATM fees (apart from Canada and some few exotic places, I was usually able to find ATMs without fees). Your annual savings are most likely not to exceed a mere $100.

 

[Marie Manila]

5. You get a TRY/EUR/GBP/USD account, you obviously won't put anything on the TRY account. Of course, you can if you want to.

They offer to pay 53 % interest for new Premier Customers for up to 45 days in TRY: Modern Account
After that it goes down to 45 %.
If I understand it correctly, the first 2000 TRY are excluded from interest earnings.
I think this is not a really bad deal.

On their website you can also find the so-called YUVAM account.
I don't know, if you can open that one easily, but it also sounds very interesting.

You might get some more information about YUVAM from the central banks website.

 

[daniels27]

They offer to pay 53 % interest for new Premier Customers for up to 45 days in TRY: Modern Account
After that it goes down to 45 %.
If I understand it correctly, the first 2000 TRY are excluded from interest earnings.
I think this is not a really bad deal.

On their website you can also find the so-called YUVAM account.
I don't know, if you can open that one easily, but it also sounds very interesting.

You might get some more information about YUVAM from the central banks website.

Have you tried any of those? May be worth a try to get some ROI!