Short answer: To buy Turkish stocks, you need an account with an investment firm authorized by Turkey's Capital Markets Board (SPK): a Turkish brokerage or bank, or an international broker that reaches Borsa Istanbul through a local custodian. Borsa Istanbul says foreign portfolio investors face no trading restrictions; shares trade in lira, settle two business days after the trade (T+2) and are recorded per investor at the Central Registry Agency (MKK), Turkey's central securities depository. As of October 2026, individuals pay 0% withholding on gains from listed shares and 15% on cash dividends unless a tax treaty sets a lower rate.
Borsa Istanbul is Turkey's stock exchange, and its shares can be bought from London, New York or anywhere else as long as the order goes through a firm the Turkish regulator has authorized. The practical questions are which route to use, where the shares are held and how the income is taxed.
This guide answers those questions for non-residents. Rules and figures come from Borsa Istanbul, the Capital Markets Board (Sermaye Piyasası Kurulu, SPK), the central depository (Merkezi Kayıt Kuruluşu, MKK) and the Revenue Administration (GİB), as of October 2026. It names no brokers, funds or shares and recommends none. Residence permits are a separate legal matter and are not covered here. Related guides are collected under investing in Turkey.
How does the Turkish stock market work?
Turkish shares trade on the Borsa Istanbul Equity Market (Pay Piyasası), a fully electronic order-driven market with price and time priority.
| Item | Rule |
|---|---|
| Main segments | Star Market (Yıldız Pazar), Main Market (Ana Pazar) and Sub-Market (Alt Pazar), defined by market value, free float and liquidity |
| Benchmark indices | BIST 100 and the narrower BIST 30 |
| Trading hours (Istanbul time, UTC+3) | Opening auction from 09:40, continuous trading 10:00 to 18:00, closing auction and trades at the closing price until 18:10 |
| Trading unit | 1 lot = 1 share |
| Daily price limit | ±10% of the base price in the Star and Main Markets, until further notice |
| Circuit breaker | Downward only, triggered by a 5% move, followed by a 10-minute call phase |
| Settlement | T+2, two business days after the trade |
| Currency | Turkish lira (TRY) |
Hours and the trading unit come from the Equity Market Procedure (revision 54, 21 September 2026); the price limit and circuit breaker come from Borsa Istanbul's market segments page as of October 2026. When people search for the Turkish stock market index, they usually mean the BIST 100. MSCI keeps its own indexes of Turkish shares: see the MSCI Turkey index decision. Half days and holidays are listed in Borsa Istanbul trading hours and holidays.
Settlement may shorten: MKK's announcement of 30 March 2026 repeats Borsa Istanbul's target of completing all T+1 preparations by 31 December 2026, but it gives no start date for T+1 settlement.
Ways to invest in the Turkish stock market from abroad
There are three practical routes, and they differ in what you own and who you deal with.
| Route | How it works | What you hold | What to check |
|---|---|---|---|
| Account with a Turkish intermediary | Open an account with an SPK-authorized brokerage or bank and trade on Borsa Istanbul through it | Shares recorded under your own investor number at MKK | Tax number, documents, currency conversion, commission tariff |
| International broker or global custodian | A foreign firm routes orders through a Borsa Istanbul member and holds the shares through a local custodian | Shares held for you in an account at MKK | Borsa Istanbul access, custody and FX fees, dividend handling |
| Exchange-traded fund abroad | Buy a fund listed outside Turkey that tracks a Turkish index | Units of a foreign fund, not Turkish shares | Index, costs, tracking difference, tax treatment |
Borsa Istanbul's investment guide says there are no restrictions on foreign portfolio investors in Turkish capital markets and that they should use an investment firm authorized by the SPK. For an international broker, the custody chain matters: MKK records equities per investor, and in a joint announcement of September 2025 MKK and Clearstream said Clearstream continues to support Turkish equities and corporate bonds through segregated accounts, while its new omnibus link covers only government debt securities.
The fund route avoids a Turkish account, but its tax result depends on the fund's domicile and your home country's rules for foreign funds.
Opening a Turkish brokerage account as a foreigner
A Turkish investment account needs an SPK-authorized firm, identity documents, a Turkish tax number and the firm's account agreements.
- Check authorization. Under Article 39 of Capital Markets Law No. 6362, only SPK-authorized investment firms, meaning brokerages and banks, may provide investment services; the SPK website lists them.
- Get a tax number. GİB's February 2026 guide on provisional Article 67 says non-resident individuals need a Turkish tax identification number to invest in Turkish financial instruments and to use double tax treaties. Banks, intermediaries and custodians can request numbers in bulk for foreign clients who do not have one, through the Boğaziçi Tax Office in Istanbul; see how foreigners get a Turkish tax number.
- Ask about electronic onboarding. MKK said on 29 May 2025 that an amendment to its regulation, published on 29 April 2025, tasked it with simplifying account opening for non-residents through an electronic document system, with tax number requests sent by the investment firm to GİB's Digital Tax Office; ask your firm whether it accepts documents this way.
- Arrange lira cash. Trades settle in lira, so you need a cash account at the intermediary and a way to convert currency; opening a bank account in Turkey covers the banking side.
- Note your investor number. Investors cannot open accounts at MKK directly. The investment firm opens your account and its mirror at MKK, and the system generates a unique investor registration number.
Each firm sets its own document list, so ask for it before applying.
Where are Turkish shares held, and what protects them?
Listed Turkish shares exist only as electronic records at MKK, kept at the level of each investor rather than only in your broker's books.
Articles 13 and 81 of Law No. 6362 require dematerialized instruments to be held in accounts opened in the owner's name and give MKK the central record. MKK's e-YATIRIMCI service lets an account holder follow holdings and transactions at all institutions with an MKK registry number and password. Pooled omnibus accounts, opened by local custodians or foreign depositories for foreign institutions and funds, are allowed only for government debt securities under Article 12/A of the dematerialization rules; equities stay segregated.
If an investment firm cannot return your cash or securities, the Investor Compensation Center (Yatırımcı Tazmin Merkezi, YTM) can pay compensation up to TRY 2,065,145 per investor and institution in 2026, according to SPK Bulletin 2025/68 of 31 December 2025. Under Articles 82 to 84 of Law No. 6362, losses from price movements and from investment advice are not covered.
Company news, results and dividend decisions appear on the Public Disclosure Platform (Kamuyu Aydınlatma Platformu, KAP), which has an English interface. Disclosures can also be monitored automatically, as in this KAP disclosure alert bot.
Placing an order: lots, price steps and costs
Orders are placed in whole lots at prices that fit the exchange's price steps, and your cost is the price plus commission, tax on the commission and currency conversion.
| Order price (TRY) | Price step (TRY) |
|---|---|
| 0.01 to 19.99 | 0.01 |
| 20.00 to 49.99 | 0.02 |
| 50.00 to 99.99 | 0.05 |
| 100.00 to 249.99 | 0.10 |
| 250.00 to 499.99 | 0.25 |
| 500.00 to 999.99 | 0.50 |
| 1,000.00 to 2,499.99 | 1.00 |
| 2,500.00 and above | 2.50 |
The main order types are limit orders, market orders, which are fill-and-kill, and market-to-limit orders. Commission is set by each firm, and banking and insurance transactions tax (BSMV) is charged on it. Exchange and clearing fees charged to member firms may be passed on separately or included in the commission.
Hypothetical example: you buy 200 shares at TRY 120.50, so the trade value is TRY 24,100.00. With an assumed all-in cost of 0.2%, you pay TRY 48.20 more, TRY 24,148.20 in total. At an assumed rate of TRY 55.00 per pound, that is about GBP 439.06. If the company later pays a gross dividend of TRY 3.00 per share, you receive TRY 600.00 gross, TRY 90.00 is withheld at 15% and TRY 510.00 is credited. All figures are hypothetical.
How are Turkish stocks taxed for non-residents?
For non-resident individuals, gains on Borsa Istanbul shares carry 0% withholding and need no Turkish tax return, while cash dividends are taxed at 15% at source unless a treaty lowers the rate.
| Income | Turkish treatment | Basis |
|---|---|---|
| Gains on listed shares, excluding securities investment companies | 0% withholding, no return | GİB guide on provisional Article 67 (February 2026) |
| Cash dividends | 15% withheld since 22 December 2024 | Presidential Decree 9286 |
| Dividends of securities investment companies, REITs and venture capital investment companies | 0% for foreign investors | Borsa Istanbul taxation page |
| Gains on equity-intensive funds and ETFs | 0% | Borsa Istanbul taxation page |
GİB states that the 0% rate on share gains applies to both resident and non-resident individuals and that provisional Article 67 now runs until 31 December 2030. Treaty relief needs a Turkish tax number and a residence certificate from your home tax authority; Turkey's dividend withholding tax explains the procedure and example treaty rates. Your home country may still tax the income, so check its rules. Equity funds bought through a Turkish account follow fund rules, covered in Turkish mutual funds and TEFAS.
How to spot unauthorized platforms and investment fraud
Only SPK-authorized firms may provide investment services in Turkey, and the SPK has warned about unlicensed platforms that contact investors by phone.
In a press release of 23 February 2023, the SPK said investors were being phoned, promised high returns on leveraged trading and asked to send money to domestic bank accounts by firms it had not authorized. Under Article 109 of Law No. 6362, unauthorized capital markets activity is punishable by two to five years in prison, and Article 99 lets the SPK order content removal or access bans against such websites. Warning signs include:
- a promise of certain or rapid multiple returns;
- a request to send money to a person or an unrelated company instead of an account in your own name at the firm;
- a request for passwords, one-time codes or permission to manage the account for you;
- paid stock tips sold in social media or messaging groups, since personalized investment advice also requires an SPK license.
Before sending money, search for the firm on the SPK lists.
Frequently asked questions
Can foreigners buy Turkish stocks?
Yes. Borsa Istanbul says there are no restrictions on foreign portfolio investors, but orders must go through an SPK-authorized firm, either directly in Turkey or via an international broker with local custody.
How do I buy Turkish stocks from the UK?
Open an account with an SPK-authorized Turkish intermediary, use a UK broker that offers Borsa Istanbul, or buy a fund that tracks a Turkish index. Turkey withholds 15% on dividends; the UK–Turkey treaty caps the rate at 20% for portfolio holders, so it gives no reduction, and UK tax on the income follows HMRC rules.
Do I need a Turkish tax number to buy Turkish stocks?
For an account in Turkey, yes. GİB says non-residents need one to invest and to claim treaty rates, and intermediaries can request it on your behalf.
Is there a Turkey ETF?
Funds tracking Turkish indices are listed on Borsa Istanbul and on foreign exchanges. This guide names none; compare the index, costs and domicile.
What happens to my shares if a Turkish broker fails?
The shares are recorded for you at MKK. If a firm cannot return cash or securities, the Investor Compensation Center can pay up to TRY 2,065,145 per investor and institution in 2026; market losses are not covered.
Sources
- Borsa Istanbul: Investment guide, first-time investors (opens in a new tab)
- Borsa Istanbul: Investment guide, taxation for foreign investors (opens in a new tab)
- Borsa Istanbul: Investment guide, equity market (segments, T+2 settlement) (opens in a new tab)
- Borsa Istanbul: Equity Market Procedure, revision 54 of 21.09.2026 (Turkish) (opens in a new tab)
- Borsa Istanbul: Equity market segments, price margin and circuit breaker (Turkish) (opens in a new tab)
- SPK: List of authorized brokerages (Turkish) (opens in a new tab)
- SPK Bulletin 2025/68 of 31.12.2025: 2026 investor compensation ceiling (Turkish) (opens in a new tab)
- SPK: Press release on unauthorized leveraged trading, 23.02.2023 (Turkish) (opens in a new tab)
- Capital Markets Law No. 6362, Articles 13, 39, 81 to 84, 99 and 109 (Turkish) (opens in a new tab)
- MKK: MKK facilitates account opening process for non-resident investors (29.05.2025) (opens in a new tab)
- MKK: Account operations, investor registration number and omnibus accounts under Article 12/A (opens in a new tab)
- MKK: MKK and Clearstream facilitate direct access to Turkish capital markets (17.09.2025) (opens in a new tab)
- GİB: Guide to provisional Article 67 for individual investors, February 2026 (Turkish) (opens in a new tab)
- Resmî Gazete: Presidential Decree 9286 raising dividend withholding to 15%, 22.12.2024 (Turkish) (opens in a new tab)
- MKK announcement 2523 of 30.03.2026: project to shorten equity settlement from T+2 to T+1 (Turkish) (opens in a new tab)
This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.