Turkish government introduces the Istanbul Financial Center law
Turkey introduced the Law regulating the management and operations of Istanbul International Financial Centre (IIFC). IFC aims to improve the country's economic competitiveness and make Istanbul one of the world's leading financial centres.
IIFC will provide residency to public and private sector banks, brokerage firms, asset management companies, insurance companies, professional service companies, as well as Turkish and international financial institutions.
Total area 71 m² 1 bedroom
The law provides favourable conditions for international financial organisations. For example, 75% of profits will be deducted from the business profit in the calculation of the corporate income tax base. The deduction rate will be 100% for the 2022 to 2031 period.
Employees of the IIFC residents will also be exempt from income tax on earnings up to 80% of their salary. This measure is aimed to support the resident companies in attracting the best talents to IIFC. The law also exempts the residents from insurance and banking transaction tax and stamp duty.