For many investors, Turkey looks like a “trader-friendly” jurisdiction: active retail markets, zero tax rumours on stocks and crypto, and plenty of online platforms. But once you look at the law instead of social media posts, the picture is more nuanced – especially after recent reforms on crypto and leveraged products.
This article is a high-level, practitioner-style overview of how crypto, forex and online trading are treated for tax purposes in Turkey, as of late 2025. It is meant for individual investors and foreign nationals living or investing in Turkey, not for large financial institutions.
This is general information, not legal or tax advice. Turkish tax rules change frequently; always check your specific situation with a qualified advisor in Turkey and in your country of residence.
1. First Principles: Who Does Turkey Tax, and On What?
Before looking at specific instruments, two basic concepts matter:
1.1 Tax residence
- Turkish tax residents (Turkish or foreign individuals whose legal “residence” is in Turkey or who stay more than six months in a calendar year, save for certain exceptions) are generally taxed on their worldwide income.
- Non-residents are taxed only on Turkish-source income (for example, gains from assets or activities sufficiently connected to Turkey).
1.2 Forms of taxation
Turkey uses a mix of:
- Progressive income tax (roughly 15–40% brackets for individuals);
- Withholding tax (WHT) at source, particularly for financial income;
- Specific regimes (like Temporary Article 67 of the Income Tax Law) for capital markets income, applied via withholding through banks and brokerage firms.
For many standard financial products, the withholding at the bank/broker is final, so no annual return is required if you have no other declarable income. Crypto, foreign brokers and certain online trading products sit outside that neat framework and need closer analysis.
2. Crypto Trading: Law Has Arrived, Tax Is Catching Up
2.1 Regulatory background – Law No. 7518
In 2024, Turkey adopted Law No. 7518, amending the Capital Markets Law and introducing a full regulatory regime for “crypto assets” and crypto asset service providers. The law:
- Defines what constitutes a crypto asset;
- Puts crypto trading platforms under the supervision of the Capital Markets Board (CMB);
- Requires foreign-based platforms serving Turkish residents to either set up a licensed entity in Turkey or stop serving Turkish residents;
- Sets licensing, custody, governance and client-asset protection rules.
So, regulation is now clear: crypto is squarely in the capital markets world. But tax rules specific to crypto are still relatively under-developed and rely heavily on general principles.
2.2 How is crypto characterised for tax purposes?
Turkish authorities and many practitioners typically treat crypto not as currency, but as a type of intangible asset / capital market-type instrument. Under general income tax rules, this implies: Sanction
- Occasional investing (buying and selling on your own account, not running a business) tends to be analysed as generating “other income” or capital gains.
- Frequent, organised or large-scale trading, mining or running a platform may be seen as commercial income, taxable as a business with books, expenses and (for companies) corporate tax.
There is no single dedicated crypto tax rate. Instead, the ordinary income tax brackets apply if and when the gain is regarded as taxable.
2.3 Are crypto gains actually taxed in practice?
This is where confusion arises:
- In mid-2024, officials publicly rejected a proposal to introduce a new tax on crypto and stock gains, creating headlines that “Turkey will not tax crypto gains.”
- However, this political statement did not create a permanent statutory exemption. The general income tax law still says that income and gains are taxable unless a specific exemption or special regime applies.
Recent legal commentary and law-firm guidance increasingly state that profits from crypto trading are in principle taxable under general rules, particularly when:
- You realise gains (by converting to fiat, stablecoins or using crypto in taxable transactions); and
- You are a Turkish tax resident or the activity is sufficiently connected to Turkey.
In practice, enforcement is still evolving. The combination of:
- The new crypto platforms law (which gives regulators more visibility over transactions), and
- Turkey’s participation in international information exchange on financial accounts
means that ignoring crypto for tax purposes is increasingly risky for residents.
2.4 Key takeaways for individuals
For a Turkish-resident individual:
- Treat crypto gains as potentially taxable income under general rules.
- Distinguish between:
- Private investing (portfolio-type activity);
- Professional / commercial activity (mining farms, market-making, platforms).
- Keep detailed records of:
- Acquisition date and cost,
- Disposal date and proceeds,
- Fees and commissions,
- Wallet / exchange used.
For non-residents, the analysis depends on where you are tax resident and whether your crypto dealing can be said to have a “permanent establishment” or fixed base in Turkey (for example, a local company or branch). In many standard cases, non-resident individuals trading on foreign exchanges from abroad will primarily be taxed in their country of residence, not in Turkey – but that is a bilateral treaty question and needs case-by-case advice.
3. Forex (Leveraged Trading): Withholding Tax at the Core
3.1 Only through licensed institutions
Under Turkish financial and currency rules, retail forex (kaldıraçlı işlemler / leveraged FX) must be conducted through authorised institutions supervised by the CMB. Offshore brokers targeting Turkish residents are regularly blocked and sanctioned.
3.2 How are FX gains taxed?
Gains from leveraged forex trades executed via Turkish banks or brokerage houses fall under Temporary Article 67 of the Income Tax Law, which sets a special withholding regime for many capital markets instruments.
Key points, in simplified form:
- Profits from forex margin trading are subject to withholding tax at source, applied by the bank or broker.
- The withholding rate has generally been 10% for these leveraged FX transactions (though rates can be changed by presidential decree and should always be checked for the relevant period).
- For individual investors, this withholding is usually treated as final tax, so there is no need for an annual income tax return solely for these gains (if you have no other declarable income that exceeds thresholds).
There has been litigation on how to compute the withholding base, especially around:
- Offsetting gains and losses across positions,
- Treatment of swap costs and FX differences.
Tax-court practice has generally pushed for netting of profits and losses on similar forex transactions within the tax period instead of taxing isolated profitable trades while ignoring losses.
3.3 What about “tax-free forex countries”?
Some international blogs list Turkey among countries where “forex trading is tax-free.” These claims usually rely on:
- The withholding regime replacing annual filing, and/or
- An interpretation that certain retail forex gains are effectively not subject to further personal income tax beyond any bank-level WHT.
That is very different from saying “forex is not taxed at all”:
- If you trade through a Turkish-licensed broker, the broker is expected to apply withholding.
- If you trade through an offshore, unlicensed broker while living in Turkey, the tax authority can still treat your net forex profits as taxable income, just without convenient withholding at source.
So the safe assumption for a Turkish-resident active forex trader is:
“My leveraged FX gains are part of my taxable income; if the broker does not withhold, I am responsible for declaring.”
4. Online Trading in Shares, ETFs and Derivatives
Most “online trading” apps in Turkey focus on shares, ETFs, funds and listed derivatives. For tax purposes, many of these fall squarely into long-standing rules.
4.1 Listed shares and equity funds
For individual investors trading shares on Borsa İstanbul:
- Many capital gains on listed shares benefit from 0% withholding tax under the capital markets regime (especially for certain long-held or stock-intensive fund structures), so no personal income tax return is required for typical small investors.
- Dividends from Turkish equities are subject to withholding tax at source, which was increased from 10% to 15% at the end of 2024 and is intended to be broadly final for most resident individuals.
However, the exact treatment can differ depending on:
- The type of security (direct share vs fund participation certificate),
- The portfolio composition of funds,
- Holding periods and whether you exceed certain income thresholds.
4.2 Other capital market instruments
A large category of bonds, bills, warrants and derivatives – especially when traded through Turkish intermediary institutions – also falls under Temporary Article 67, with withholding at varying rates depending on instrument and maturity.
For retail individuals using local banks/brokers, the pattern is:
- The intermediary calculates WHT on net gains for the relevant instrument;
- The WHT is treated as final;
- No annual personal return is necessary if you do not have other income that triggers filing obligations.
4.3 Using foreign brokers and platforms
If a Turkish-resident individual uses foreign online brokers to trade:
- Borsa İstanbul-listed instruments from abroad; or
- Foreign shares, ETFs, CFDs and options;
there may be no Turkish intermediary to withhold tax at source. In that case, the responsibility shifts to the investor to:
- Determine the nature of the income (capital gains, dividends, interest, derivative income),
- Apply any double tax treaty provisions for dividends or interest,
- Declare the net gains in their annual income tax return where required.
This is one of the most common traps for affluent residents and long-term expats: they assume that because no Turkish bank is involved, no Turkish tax applies. For residents, that assumption is unsafe.
5. Residents vs Non-Residents: Online Trading and “Source”
5.1 Turkish-resident individuals
If you are tax resident in Turkey:
- You are in principle taxed on worldwide income, including:
- Crypto gains,
- Forex and CFD profits,
- Gains and dividends from Turkish and foreign securities.
- Where a Turkish bank or broker applies withholding, that usually satisfies your tax liability for that income (subject to special cases).
- Where there is no Turkish withholding (offshore exchanges, foreign brokers, DeFi), it is up to you to self-assess and declare if the gains are taxable.
5.2 Non-resident individuals
If you are non-resident:
- Turkey will generally tax only Turkish-source income.
- For standard listed securities traded through local intermediaries, this typically means withholding at source (for example on dividends) and no additional Turkish filing.
- Crypto trading on foreign exchanges without a Turkish permanent establishment is often primarily a matter for your home country’s tax authority, though this can change if you also have a Turkish company, branch or office involved in the activity.
6. Practical Compliance Tips for Traders and Investors
- Clarify your residence status
- Count your days in Turkey and check where you are legally resident. This determines whether you are taxed on worldwide or local income.
- Know how your broker/exchange is classified
- Turkish licensed banks and brokers usually handle withholding automatically.
- Foreign brokers or unlicensed crypto platforms will not; in that case, assume you must do the tax work.
- Treat crypto as taxable unless clearly exempt
- Keep an organised transaction history (CSV exports, wallet records, on-chain data).
- Identify taxable events: sales, swaps, conversions to fiat, payments for goods/services.
- Track forex and derivatives separately
- Distinguish between leveraged FX under Temporary Article 67 (with WHT at source) and any other exotic or offshore product that may require self-reporting.
- Use double tax treaties sensibly
- For foreign shares and ETFs, check which country has taxing rights on dividends and capital gains, and whether you can credit foreign WHT against Turkish tax.
- Coordinate advice
- If you are an expat or international investor, make sure your Turkish advisor and your home-country advisor speak to each other.
- Structures that look efficient in one country can create unexpected tax in another.
7. Conclusion
Turkey is moving fast to regulate the crypto and online trading ecosystem, especially with the 2024 Crypto Assets Law and ongoing measures targeting money laundering and cross-border flows. At the same time, tax rules for classic capital markets income – equities, bonds, funds, leveraged FX – are increasingly implemented through withholding regimes that make life easier for straightforward retail investors but leave grey areas for those using offshore platforms or newer products.
For crypto, forex and online trading, the safest working assumption for any Turkish-resident investor is:
- Profits are likely taxable under general income tax rules unless a clear exemption or final withholding regime applies;
- If no Turkish institution is withholding, you must keep records and be ready to declare;
- The law is evolving, and regulatory visibility over your transactions is increasing – particularly for crypto platforms and leveraged products.
Handled proactively, Turkish tax law does not have to be a deal-breaker for active traders and crypto investors. With good structuring and timely advice, it becomes one more parameter to manage – not a surprise that appears only when the tax office does.
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