How to Invest in Turkish Stocks (Borsa Istanbul) as a Foreigner

Borsa Istanbul is Türkiye’s only stock exchange, and non-residents can buy the shares listed on it. There are two direct routes, a Turkish broker or an international broker with Borsa Istanbul access, and indirect routes through instruments listed abroad. Which one fits depends on where you live, how much you plan to invest and whether you want single stocks or broad exposure.

• Turkish broker: Turkish brokerage houses and bank-owned brokers open accounts for non-resident individuals. Expect identity checks, a Turkish tax identification number for foreigners and an investor account at the Central Registry Agency (MKK); the broker handles the registration. You then trade in lira on Borsa Istanbul like a local investor.
• International broker: some global brokers route orders to Borsa Istanbul from an account you already hold. Market access, commissions, currency conversion and how the position is held differ by broker, so check them before the first trade.
• Requirements and documents vary by broker and by country of residence; the broker’s account-opening checklist is the binding list.

Shares listed on Borsa Istanbul are dematerialised: they exist as electronic records at the Central Registry Agency (Merkezi Kayıt Kuruluşu, MKK), the central securities depository of the Turkish capital markets, which has held securities in electronic form since 28 November 2005. When you use a Turkish broker, the broker opens an investor account for you at MKK and your holdings are recorded there.

Brokers, funds and listed companies are regulated by the Capital Markets Board of Türkiye (CMB, Turkish SPK). Company announcements, including dividend and capital increase decisions, are published on the Public Disclosure Platform (KAP), and many large companies publish English versions.

Continuous trading in the equity market runs from 10:00 to 18:00 Istanbul time (UTC+3) on business days, with an opening auction before 10:00 and a closing auction after 18:00. Türkiye does not change its clocks, so the time difference to London or New York shifts by an hour when those cities move to or from summer time. Equity trades settle T+2, two business days after the trade.

Our Borsa Istanbul market hours page shows the session schedule, whether the market is open now and the exchange holidays.

• Price limits and circuit breakers: Borsa Istanbul applies daily price limits and circuit breakers; details are on the exchange’s website.

Turkish stocks are priced in lira, so your return in your home currency is the stock return combined with the change in the lira exchange rate. Periods of strong local returns can look very different once converted, and hedging costs are high when Turkish interest rates are high.

• Follow the CBRT policy rate and inflation (CPI): both drive the lira and equity valuations.
• Our lira exchange rates page shows the US dollar, euro and other currencies against the lira.

Dividends that Turkish companies pay to non-resident individuals and companies are subject to a 15% withholding tax in Türkiye. The rate is set by Presidential decision under Article 94 of the Income Tax Law and Article 30 of the Corporate Tax Law; Presidential Decision No. 9286, published in the Official Gazette on 22 December 2024 and in force from that day, raised it from 10% to 15%. For non-residents this withholding is normally the final Turkish tax on the dividend.

A double taxation treaty between Türkiye and your country of residence may reduce the Turkish rate, and your home country may tax the dividend and capital gains as well. Rules depend on your situation and change over time, so confirm the current treatment with your broker or a tax adviser.

Exchange-traded funds that track Turkish equity indices trade on foreign exchanges, for example an MSCI Turkey ETF listed in the US, and a few Turkish companies have depositary receipts (ADRs or GDRs) listed in the US or London. An ETF gives diversified exposure in one line but adds its own fee, tracking difference and index rules. Mentioning a product is not a recommendation.

If you are interested in Turkish funds rather than single stocks, our Turkish funds hub covers Turkish mutual and pension funds, and the new listings page tracks the latest companies to start trading on Borsa Istanbul.