Turkey: New tax process for Turkish fixed income securities
Clearstream Banking1 informs clients that following the implementation of the omnibus account structure (A25041) for fixed income securities issued by the Turkish governmental authorities or institutions through the Central Bank of the Republic of Türkiye (Turkish Fixed Income Securities), effective
29 September 2025
a new tax process will be applicable for the following Turkish Fixed Income Securities when held via Clearstream Banking:
- Government bonds;
- Treasury Bills;
- Public lease certificates (SUKUKs);
- Gold bonds;
- Gold indexed public lease certificates.
Tax procedure
Holding restrictions
Turkish residents or individual (both Turkish and non-resident) final beneficial owners are not entitled to hold the above-mentioned fixed income securities in the new omnibus account
Please refer to the Turkish Investment Regulation section for further details.
Default withholding and capital gains tax rate
All income payments distributed from the above-mentioned securities, held via the new omnibus account, will be distributed with 0% withholding and capital gains tax, as only tax-exempt beneficial owners are eligible to hold such securities.
Trading pre-requisites
In order to settle transactions in the above-mentioned fixed income securities via Clearstream Banking, clients must provide the following documentation, at the latest 5 business days before receipt of the securities in the client account with Clearstream Banking.:
- Turkish One-Time Certificate for fixed income securities issued by the Turkish governmental authorities or institutions through the Central Bank of the Republic of Türkiye that are held via Clearstream Banking’s omnibus account.
Impact on clients
Clients wishing to hold fixed income securities issued by the Turkish governmental authorities or institutions through the Central Bank of the Republic of Türkiye, must from 29 September 2025, provide the new certification as detailed above, otherwise clients can not settle these securities for their clients.
Clients who already hold the impacted securities in segregated accounts account, must provide the requested documentation prior to the migration to omnibus structure – that is no later than 15 September 2025.
Non-certified positions will be blocked for settlement and income until the required certification has been provided.
Further information
For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42 avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using the Creation platform), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.