Gold Investment and Gold Trading in Turkey for Foreign Investors 2026 — Physical Gold, Bank Gold Accounts, Borsa Istanbul, Precious Metals Intermediary Permit, Import Quota, Taking Gold Abroad, Tax and MASAK

Türkçe sürüm: Yabancı Yatırımcı Türkiye’de Altın Yatırımı ve Altın Ticareti Yapabilir mi?

A foreign investor can invest in gold in Turkey in four ways: buying physical gold, investing through a bank gold account or Borsa Istanbul products, setting up a company in Turkey and obtaining a permit to trade in gold, or entering gold mining. Each route has its own rules, and most of them are found in Article 7 of Decree No. 32 on the Protection of the Value of the Turkish Currency. Gold bars may be bought and sold only through banks, refineries, precious metals intermediaries, authorized institutions and authorized jewellery businesses. Apart from the exceptions for the inward processing regime, only the Central Bank and the precious metals intermediaries that are members of Borsa Istanbul may import unprocessed gold, and imports are subject to a monthly quota. Travellers may bring in and take out, without a declaration, their own jewellery worth up to USD 15,000. Purchases in bank gold accounts are subject to a banking and insurance transactions tax (BSMV) of 0.2% (two per mille), and from 7 October 2026 the MASAK identity verification threshold is TRY 370,000. This guide explains, route by route and with references to the legislation, the rules a foreign investor will meet when dealing with gold in Turkey.

Four routes: which one is for whom?

Under Turkish law, gold is not an ordinary commodity but an item of value regulated by the foreign exchange legislation. For a foreign investor, therefore, the first question is not “can I buy gold?” but “which gold will I buy and sell, from whom, and through which structure?” Decree No. 32 defines precious metals as gold, silver, platinum and palladium of every kind and form, and divides gold into three categories: standard unprocessed gold, in bar or ingot form with a fineness of at least 995/1000 and specifications set by the Ministry; non-standard unprocessed gold, in the form of ingots, bars, doré bars, granules, powder or scrap with a fineness below 995/1000; and processed gold, turned into jewellery or ornaments by workmanship (Decree No. 32, Art. 2(j)). Almost all of the applicable rules depend on this distinction.

Buying physical gold: from whom, and which gold?

Gold bars. Within Turkey, only standard unprocessed precious metals produced by the State Mint (Darphane), by refineries licensed by the Ministry and by refineries abroad that appear on the List of Refineries published by Borsa Istanbul may be bought and sold (Decree No. 32, Art. 7(4)(a)). These may be bought and sold only through banks, refineries, precious metals intermediaries, authorized institutions and jewellery businesses authorized by the Ministry of Trade under the Regulation on Jewellery Trade (Art. 7(4)(b)). The practical consequence for a foreign investor is that gold bars should be bought with an invoice from these institutions, not on the street or from private individuals. On a jeweller’s authorization certificate, see our article (in Turkish) Kuyumcu Yetki Belgesi (jeweller’s authorization certificate).

Processed gold. Processed precious metals other than minted and drawn precious metals, as well as precious stones and articles made of them, may be freely bought and sold within Turkey (Art. 7(4)(g)). Buying jewellery such as bracelets, necklaces or rings falls within this rule. Minted gold such as the Republic gold coin (Cumhuriyet altını), on the other hand, must have been minted only by the State Mint or by licensed refineries (Art. 7(4)(ç)).

The residence test. Decree No. 32 treats natural and legal persons whose legal domicile is in Turkey as “resident in Turkey” (Art. 2(b)). A foreigner who lives in Turkey and has their legal domicile there, and a Turkish company with foreign capital, are therefore residents of Turkey; the bans on selling non-standard gold and drawn gold to natural persons resident in Turkey also apply to foreign natural persons resident in Turkey. Some of the provisions of Article 7 on domestic trading refer only to persons resident in Turkey; no separate permission or ban is provided for non-residents. In every case, buying from the authorized sellers listed above, with an invoice and with payment documented through a bank, protects the investor’s file both on departure and in MASAK inquiries.

Drawn (cut) gold. Presidential Decree No. 9595, published in the Official Gazette of 15 March 2025, No. 32842, added a definition of “drawn precious metal” (çekili kıymetli maden, popularly known as kesme or cut gold) and a new ban to the Decree: drawn precious metals may not be sold to natural persons resident in Turkey, other than jewellery businesses authorized by the Ministry of Trade and natural persons resident in Turkey whose tax certificate shows that they are engaged in the production of or trade in precious metals (Art. 7(4)(d)). The ban targets sales to ordinary individuals resident in Turkey; sales to legal persons are free (Circular KM-2025/1). For details, see our article (in Turkish) Kesme Altın Yasağı (the ban on cut gold).

Taking gold out of Turkey and bringing it in

Jewellery. Travellers may bring into and take out of Turkey articles made of precious metals and stones that qualify as jewellery, that they carry with them, that belong to them, that are worth up to USD 15,000 and that are not for commercial purposes. Taking jewellery of higher value out of Turkey depends on its having been declared on entry or on documentation showing that it was bought in Turkey (Decree No. 32, Art. 7(5)). The invoice for jewellery bought in Turkey should therefore be kept.

Gold bars and gram gold. The export of precious metals from Turkey is free within the framework of the Foreign Trade Regime (Art. 7(1)); for the export of unprocessed precious metals, a declaration to the customs administration is sufficient (Art. 7(2)(a)). Entry is a different matter: the import of unprocessed gold is limited to the Central Bank and the intermediaries (Art. 7(2)(b)). The Ministry is empowered to regulate travellers bringing in unprocessed gold (Art. 7(7)(c)); the five-kilogram allowance granted to travellers in 2020 was abolished by Presidential Decree No. 3557 of 19 February 2021. Trying to bring gold bars into Turkey as a traveller therefore carries serious risk.

Consequences of a breach. Taking gold out of or bringing it into Turkey without permission in breach of the foreign exchange legislation, where it does not constitute an offence or misdemeanour under Anti-Smuggling Law No. 5607, results in an administrative fine of half to twice the market value under Law No. 1567, as amended by Law No. 7555. Importing goods without subjecting them to customs procedures is punishable by imprisonment of one to five years and a judicial fine of up to 10,000 day-fine units under Article 3(1) of Law No. 5607. For details, see our articles (in Turkish) Yurt Dışına Altın Çıkarmak (taking gold abroad), Yurt Dışından Altın Getirmek (bringing gold from abroad) and Altın Kaçakçılığı Suçu (the offence of gold smuggling).

Bank gold accounts and Borsa Istanbul products

Bank gold accounts. The Central Bank and banks may open foreign currency deposit accounts and precious metals deposit accounts in the name of persons resident in Turkey and abroad (Decree No. 32, Art. 19(1)). A foreign investor resident abroad may therefore also hold a gold account at a Turkish bank. Under a provision added to the Decree by Presidential Decree No. 9595, purchases and sales in precious metals deposit accounts without physical delivery are treated as foreign exchange transactions (Art. 19(3)); this provision entered into force on 17 March 2025. As a result, purchases in gold accounts are subject to the 0.2% banking and insurance transactions tax (BSMV) applied to foreign exchange transactions (Expenditure Taxes Law, Art. 33; Presidential Decree No. 3031).

Whether physical delivery of the gold in the account can be taken, in which weights and at what cost is determined by the contract with the bank; some banks deliver only bars of certain weights and only on prior written notice. Before opening the account, the investor should read the contract’s provisions on physical delivery, custody and what happens on death. For details, see our article (in Turkish) Banka Altın Hesabı (bank gold accounts).

Borsa Istanbul Precious Metals and Precious Stones Market. Gold, silver, platinum, palladium and diamonds are traded on this market. A foreign investor cannot access the market directly; they trade by opening an account with a market member. Membership itself is possible only with a precious metals intermediary permit. On how the market works, standard gold and settlement, see our article (in Turkish) Borsa İstanbul Kıymetli Madenler Piyasası (the Borsa Istanbul Precious Metals Market).

Mint gold certificates. The gold certificate with no maturity date issued by the State Mint (Darphane altın sertifikası) is traded on the Commodity Market of the Borsa Istanbul Equity Market; each certificate represents 0.01 grams of gold of 995/1000 fineness and can be converted into physical gold on the terms in the prospectus. The withholding tax rate on income from these certificates has been set at 0% (Presidential Decree No. 6036). A foreign investor accesses these certificates through a brokerage account, just as when buying shares on Borsa Istanbul; on opening an account, including remotely with a passport, see our guide Can Foreign Investors Buy Shares on Borsa Istanbul?

Gold trading: becoming a precious metals intermediary

A foreign investor who wants to import gold, trade on Borsa Istanbul as a member or act as an intermediary in buying and selling precious metals on behalf of others must set up a structure in Turkey and obtain a precious metals intermediary permit from the Ministry of Treasury and Finance. The Decree defines precious metals intermediaries as legal persons resident in Turkey or abroad that have obtained an operating permit under the legislation on precious metals exchanges (Art. 2(u)). The detailed regime is in the “Regulation on the Operating Principles of Precious Metals Exchange Intermediaries and the Establishment of Precious Metals Brokerage Companies” of 21 May 2007; the Regulation was last amended in the Official Gazette of 31 December 2025.

Under the Regulation, the following may become intermediaries: precious metals brokerage companies, banks, authorized institutions, joint stock companies engaged in the production of or trade in precious metals, and the Turkish branches of companies resident abroad (Regulation, Art. 3(1)(c)).

Fit-and-proper requirements apply to the founding shareholders, to holders of 10% or more of the shares in corporate founders, and to managers such as the general manager and board members (Regulation, Art. 5); these requirements and Ministry permission also come into play on share acquisitions (Art. 9(4)). The Regulation contains no provision prohibiting foreign shareholding; a Turkish joint stock company with foreign capital may therefore also apply, provided it meets the conditions. The operating permit fee is updated every year under the tariff annexed to Law No. 1567; for 2026, the fee for permits to operate as a member of the Borsa Istanbul Precious Metals Market has been announced as TRY 36,123,551.40. Under Article 3 of Law No. 1567, anyone who operates without the required permit is subject to an administrative fine of TRY 50,000 to TRY 250,000 under the statutory text, and their activities are suspended for one month; these amounts are updated by the revaluation rate and, according to the Ministry’s announcement, range from TRY 719,030 to TRY 3,595,198 in 2026. On the establishment and permit process, see our guide (in Turkish) Kıymetli Maden Aracı Kuruluşu ve Yetkili Müessese (precious metals intermediaries and authorized institutions), and on setting up the company, our guide Company Formation in Turkey for Foreigners.

Imports, the quota and inward processing

Who may import? Subject to the exceptions for the inward processing regime, standard and non-standard unprocessed precious metals may be imported only by the Central Bank and precious metals intermediaries; intermediaries must deliver the unprocessed precious metals they import to Borsa Istanbul within three business days (Decree No. 32, Art. 7(2)(b)). The first domestic sale of imported unprocessed precious metals must take place on Borsa Istanbul (Art. 7(6)). The import of processed precious metals, on the other hand, is free within the framework of the Foreign Trade Regime (Art. 7(3)); however, following a Communiqué amendment of 9 July 2025, until 31 December 2026 payment for imports of processed gold may be made only by cash against goods, deferred-payment letter of credit or acceptance credit.

The quota. Since 7 August 2023, imports of unprocessed gold have been subject to a monthly quota set by the Ministry of Treasury and Finance. The quota is not published in the Official Gazette; its rules are communicated to members through Borsa Istanbul announcements. From 7 August 2023, the quota was set at 12 tonnes per month. A Borsa Istanbul announcement of 2 January 2026 introduced, for imports of unprocessed gold made against jewellery exports, a monthly limit of 25 kilograms per exporter and 50 kilograms per intermediary, and set aside a separate reserve of 295 kilograms for new members. Because quota figures change frequently, Borsa Istanbul’s current announcement should be checked before an import is planned.

Inward processing. Under the Inward Processing Regime, standard gold may be imported by the Central Bank and intermediaries (Art. 7(2)(c)); the import of non-standard unprocessed gold under this regime is free (Art. 7(2)(ç)). For imports by intermediaries under inward processing, there is no obligation to deliver to Borsa Istanbul; the import is notified to Borsa Istanbul in writing within three business days (Art. 7(2)(d)). In addition, persons resident in Turkey that are not intermediaries may import standard unprocessed gold under the Inward Processing Regime Decree, up to 40 kilograms per import transaction (Communiqué No. 2008-32/34, Art. 6(8)). Payment for imports of unprocessed precious metals may be made only in advance, by cash against goods or free of charge (Communiqué, Art. 6(6)). On the steps and the tax of an import, see our articles (in Turkish) Altın İthalatı Nasıl Yapılır? (how to import gold) and Altın İthalatında Vergi (taxes on gold imports).

Tax: when buying, holding and selling gold

VAT. Deliveries of gold bars are exempt from VAT (VAT Law, Art. 17(4)(g)). For deliveries of jewellery and of coin gold such as the Republic gold coin, VAT is calculated on the amount left after deducting the value of the gold bullion from the sale price (VAT Law, Art. 23(e)); the general rate of 20% applies to this special tax base. In other words, the workmanship and profit element is taxed, but the gold itself is not.

VAT refund for tourists. Sales to travellers not resident in Turkey that are taken out of the country can qualify for a VAT refund (VAT Law, Art. 11(1)(b)). However, because gold bars are already exempt and VAT on jewellery applies only to the workmanship and profit element, the benefit of this option for gold is limited. On how it works in practice, see our article (in Turkish) Turiste KDV’siz Altın ve Mücevher Satışı (VAT-free sales of gold and jewellery to tourists).

Bank gold accounts. Because purchases in gold accounts made without physical delivery are treated as foreign exchange transactions, they are subject to the banking and insurance transactions tax at a rate of 0.2% (Decree No. 32, Art. 19(3); Expenditure Taxes Law, Art. 33; Presidential Decree No. 3031).

Gains on sale. Gains from individual sales of gold that are not part of a commercial activity are not among the capital gains listed in Repeated Article 80 of the Income Tax Law; an individual’s gain from a non-commercial sale of physical gold is therefore not subject to income tax. This result follows from the fact that the Law lists taxable capital gains exhaustively; the Revenue Administration has issued no explicit general guidance on the point. If buying and selling gold is carried on as a commercial activity, the gain is commercial income. The withholding tax rate on income from Mint gold certificates is 0%. For the tax aspects in detail, see our article (in Turkish) Altın Alım Satımında Vergi (tax on buying and selling gold).

MASAK and the source of funds

Persons who buy and sell precious metals, stones or jewellery and those who act as intermediaries in these transactions, precious metals intermediaries, authorized institutions and, limited to custody services relating to the Precious Metals and Precious Stones Market, Borsa Istanbul are obliged parties under the legislation on the prevention of money laundering (Regulation on Measures for the Prevention of Laundering Proceeds of Crime and Financing of Terrorism, Art. 4(1)). Obliged parties must verify the customer’s identity in transactions at or above a certain amount, when establishing a permanent business relationship (for example, when opening a gold account) and, regardless of the amount, where there is suspicion. Presidential Decree No. 11845, published in the Official Gazette of 7 October 2026, No. 33393, raised this general threshold from TRY 185,000 to TRY 370,000 and the threshold for electronic transfers from TRY 15,000 to TRY 30,000. Transactions below the threshold may also be the subject of a suspicious transaction report; the safest course for a foreign investor is to pay for purchases from a bank account opened in their own name and to keep the invoices and payment records.

For companies trading in gold, sanctions lists and correspondent bank risks are also important: bank transfers may be stopped in gold transactions whose origin or counterparty is linked to countries subject to sanctions. On these issues, see our articles (in Turkish) Altın Ticaretinde Uluslararası Yaptırımlar (international sanctions in the gold trade), on compliance obligations Kuyumcu ve Aracı Kuruluşlar İçin Uyum Danışmanlığı (compliance advice for jewellers and intermediaries) and, for the general framework, MASAK Rehberi (MASAK guide).

Gold mining

A different rule applies to a foreign investor who wants to invest in a gold mine: mining licenses are granted to Turkish citizens, to companies incorporated under Turkish law whose articles of association include mining activities, and to public bodies; they are not granted directly to foreign natural or legal persons (Mining Law No. 3213, Art. 6). A foreign company therefore enters the sector by setting up a company in Turkey or by becoming a shareholder in an existing license-holding company. On the license process, Ministry approval for share transfers and investment arbitration in a dispute, see our guide Can a Foreign Company Get a Mining License in Turkey? and our article (in Turkish) Altın Madeni Ruhsatı (gold mining licenses).

Common mistakes

• Buying gold bars without an invoice or from unauthorized persons.
• Trying to take jewellery worth more than USD 15,000 out of Turkey without declaring it on entry or without an invoice.
• Bringing gold bars into Turkey as a traveller without declaring them.
• Acting as an intermediary in gold imports or in buying and selling gold on behalf of others without an intermediary permit.
• Planning imports without taking the monthly quota and the obligation to deliver to Borsa Istanbul into account.
• Overlooking BSMV and the physical delivery terms on purchases in a bank gold account.
• Paying from third parties’ accounts and not documenting the source of funds.
• Carrying on gold trading as an individual without considering that the gains may be treated as commercial income.

Frequently asked questions

Can foreigners buy gold in Turkey?

Yes. Processed gold other than minted and drawn gold, including jewellery, may be freely bought and sold within Turkey (Decree No. 32, Art. 7(4)(g)). Standard gold bars, however, may be bought and sold only through banks, refineries, precious metals intermediaries, authorized institutions and authorized jewellery businesses (Art. 7(4)(b)); the purchase should be documented with an invoice and payment through a bank.

How much gold can I take out of Turkey?

Travellers may take out, without a declaration, their own jewellery that is not for commercial purposes and is worth up to USD 15,000. More may be taken out if it was declared on entry or its purchase in Turkey is documented (Decree No. 32, Art. 7(5)). For the export of unprocessed gold, a declaration to the customs administration is sufficient (Art. 7(2)(a)).

Can I bring gold bars into Turkey as a traveller?

The import of unprocessed gold is limited to the Central Bank and precious metals intermediaries (Art. 7(2)(b)). The Ministry is empowered to regulate travellers bringing in unprocessed gold, but the Communiqué in force does not provide for it. For jewellery, the USD 15,000 limit applies.

Can a foreigner open a gold account at a Turkish bank?

Yes. The Central Bank and banks may open precious metals deposit accounts in the name of persons resident in Turkey and abroad (Decree No. 32, Art. 19(1)). Purchases without physical delivery are subject to 0.2% BSMV; the terms of physical delivery are set by the bank contract.

Is there a tax on bank gold accounts?

Since 17 March 2025, purchases and sales in precious metals deposit accounts without physical delivery have been treated as foreign exchange transactions (Decree No. 32, Art. 19(3)), and purchases are subject to the banking and insurance transactions tax at 0.2% (Expenditure Taxes Law, Art. 33; Presidential Decree No. 3031).

Can a foreign investor buy gold on Borsa Istanbul?

There is no direct access to the Precious Metals and Precious Stones Market; trades are made through market members. Mint gold certificates, on the other hand, can be bought on the Commodity Market of the Equity Market with a brokerage account; each certificate represents 0.01 grams of gold and is subject to 0% withholding tax.

Who can import gold into Turkey?

Subject to the exceptions for inward processing, standard and non-standard unprocessed precious metals may be imported only by the Central Bank and precious metals intermediaries; intermediaries deliver the gold they import to Borsa Istanbul within three business days (Decree No. 32, Art. 7(2)(b)). Persons resident in Turkey that are not intermediaries may import up to 40 kg of standard gold per import under inward processing (Communiqué No. 2008-32/34, Art. 6(8)). The import of processed gold is free within the Foreign Trade Regime (Art. 7(3)).

Is there a quota on gold imports?

Yes. Since 7 August 2023, imports of unprocessed gold have been subject to a monthly quota set by the Ministry of Treasury and Finance; the quota was set at 12 tonnes per month, its rules are communicated through Borsa Istanbul announcements, and they were revised at the start of 2026. The current quota should be checked before importing.

Can a foreign company become a precious metals intermediary?

Institutions resident abroad that hold an operating permit from their own country may open a branch in Turkey and become an exchange member with Ministry permission (Regulation, Art. 10). A Turkish joint stock company with foreign capital may also apply if it meets the conditions; the Regulation contains no provision prohibiting foreign shareholding.

What are the conditions for setting up a precious metals brokerage company?

It must be a joint stock company with paid-in capital of at least TRY 8 million, its shares must be registered and issued for cash, its trade name must include the words “precious metals”, and the founders holding at least 50% of the shares or the general manager must have five years of experience (Regulation, Art. 4).

What is the penalty for trading gold without a permit?

Anyone who operates without the required permit or certificate is subject to an administrative fine under Law No. 1567, and their activities are suspended for one month. The statutory amounts of TRY 50,000 to TRY 250,000 are updated by revaluation; according to the Ministry’s announcement, the range for 2026 is TRY 719,030 to TRY 3,595,198.

Is my gain on selling gold taxed?

Gains from an individual’s non-commercial sale of gold are not subject to income tax, as they are not among the capital gains listed in Repeated Article 80 of the Income Tax Law. If buying and selling is carried on as a commercial activity, the gain is taxed as commercial income.

Do I pay VAT when buying gold?

Gold bars are exempt from VAT (VAT Law, Art. 17(4)(g)). For jewellery and coin gold (the Republic gold coin, etc.), VAT is calculated at 20% on the amount left after deducting the value of the gold bullion from the sale price (VAT Law, Art. 23(e)).

Does the cut gold ban affect foreigners?

The ban prohibits the sale of drawn precious metals to natural persons resident in Turkey, other than jewellery businesses authorized by the Ministry of Trade and precious metals traders (Decree No. 32, Art. 7(4)(d)). Sales to legal persons are free; there is no separate provision for non-residents.

Will a jeweller ask for my ID?

Persons who buy and sell precious metals are obliged parties under MASAK rules. Presidential Decree No. 11845, published in the Official Gazette of 7 October 2026, raised the identity verification threshold from TRY 185,000 to TRY 370,000; transactions below the threshold may also be the subject of a suspicious transaction report.

Can a foreign company operate a gold mine in Turkey?

Mining licenses are not granted directly to foreign natural or legal persons; they are granted to companies incorporated under Turkish law whose articles of association include mining (Mining Law No. 3213, Art. 6). A foreign investor enters the sector by setting up a company in Turkey or by becoming a shareholder in a license-holding company.

Related guides

• Legal Guide for Foreign Investors in Turkey — company, stock exchange, mining, real estate, tax and arbitration
• Can Foreign Investors Buy Shares on Borsa Istanbul? — the brokerage account you also need for Mint gold certificates
• Dividend Repatriation from Turkey for Foreign Shareholders — transferring a gold company’s profits abroad
• Buying Property in Turkey: In Your Own Name or Through a Turkish Company? — real estate structure for foreign investors
• Altın ve Kuyum Hukuku Rehberi — all our guides on gold and jewellery law (in Turkish)
• Standart Dışı Altın — scrap gold, doré bars and assay reports (in Turkish)
• Yabancı Yatırımcı Türkiye’de Altın Yatırımı ve Altın Ticareti Yapabilir mi? — Turkish version of this article