Can foreigners buy physical gold in Turkey without residence?
Yes, as of 2025, all foreign nationals can buy god in Turkey, regardless of whether it is physical gold or electronic gold. No nationality/residence restriction appears in Decree No. 32 (11.08.1989) and physical gold is a movable under Turkish Civil Code No. 4721, Art. 762 et seq.
Is there a legal cap on how much gold I can buy in Turkey?
No explicit domestic cap in Decree No. 32. Import/export movements must follow Customs Law No. 4458 and related customs communiqués.
Must gold purchases be declared to Turkish authorities?
No general registration for personal ownership. Transaction-side recordkeeping applies to obliged institutions under Law No. 5549 (AML), Art. 2 and sectoral rules.
Are gold purchases subject to VAT in Turkey?
Standard investment bullion is VAT-exempt: VAT Law No. 3065, Art. 17/4-g. Crafted jewelry may be taxable depending on workmanship.
Is Gold Taxed in Turkey?
There is no wealth tax for owning gold in Turkey. However, as of 2025, buying and selling electronic gold through your bank account is subject to 0.2% exchange tax.
Also, businesses that keep gold assets on their balance sheets are taxed on the appreciation of their gold assets.
What types of gold can I buy (bullion, coins, jewelry, ETFs) in Turkey?
All exist in Turkey. Physical gold is a movable (Civil Code). Exchange-traded gold instruments are capital market instruments under Capital Markets Law No. 6362, Art. 3(1)(e).
Can foreigners open a gold account in Turkish banks?
Yes. Banks may buy/sell/hold precious metals for clients under BDDK “Regulation on the Procedures and Principles for the Purchase and Sale of Precious Metals by Banks” (OG 01.11.2006); also grounded in Decree No. 32.
Can I withdraw physical gold from my gold account in a Turkish bank?
Gold account balances are in grams of gold. Some Turkish banks allow its customers to withdraw physical gold whereas other banks only allow conversion of gold into fiat. Before you open a gold account, it is important to check with your bank’s representatives and inquire about withdrawal options.
Are bank gold accounts insured in Turkey?
Yes, within statutory limits under TMSF Insurance Regulation (OG 11.07.2006, No. 26339) pursuant to Banking Law No. 5411, Art. 63.
What happens to my gold in Turkey upon death?
Whether it is in physical form or bank-held, gold is inherited as a movable. Heirs apply with a certificate of inheritance; banks follow probate rules. Movable properties are subject to the national inheritance of laws of the deceased person.
Turkish lawyer Baris Erkan Celebi offers legal advice for foreign investors on how to safely invest into precious metals in Turkey.
