Istanbul started its journey to becoming the business hub of the world way back, working up to its name till today. After the existing financial center. Istanbul is on its way to having a New Financial center in Atasehir. In this article, we will discuss a glimpse of the Existing Istanbul Financial Center and the new Istanbul Financial Center.
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Existing Istanbul Financial Center
The Existing Istanbul Financial Center on Istanbul’s European side is a neighborhood called Levent. Here exists the Istanbul Financial Center. It is located on the western coast of the Bosphorus strait, north of the Golden Horn. And is a part of the municipality of Beşiktaş, Levent, along with the neighboring Maslak, is one of the primary business districts on the European side of the city, where multiple skyscraper projects have been built. Here, concealed by the hills of the Bosphorus and keeping out of the way of the old peninsula of Istanbul.
Here one of the city’s modern skyline clusters was found. Emlak Kredi Bank, a Turkish bank founded to finance housing projects, chose the Levent district to build a well-planned residential compound in 1947. The compound is composed primarily of villa-style residences with gardens. After the Levent project’s first phase finished in 1960. Many additional residential compounds were built nearby, extending towards Etiler.
Levent gained popularity as a site for new skyscraper construction in the late 1980s and early 1990s because of pioneering projects, including the Sabanc Center, Yap Kredi Towers, TAT Towers, Metrocity Towers, and Is Bank Towers. Most of which are owned by Turkish banks and corporations. Levent is home to one of the city’s prominent skyline clusters. Along with those of Maslak and Sisli on Istanbul’s European side and Ataşehir and Kozyata on its Asian side. The 54-floor Istanbul Sapphire, the tallest skyscraper in Istanbul and Turkey, is located in Levent. Several other mixed-use skyscraper projects and shopping malls are currently built in the area, which has developed into a central economic hub.
The Istanbul Sapphire is a 54-floor building with a roof height of 238 meters.
It is the tallest building in Levent (261 meters, including its spire). It was the tallest skyscraper in Istanbul and Turkey between 2010 and 2016.
It is the fourth tallest skyscraper in Istanbul and Turkey. The Skyland Istanbul Towers (2 x 70 floors/293 meters) is situated next to the Türk Telekom Stadium in the Seyrantepe neighborhood. Sariyer district on the European side of the city. And the Metropol Istanbul Tower (70 floors/301 meters including its twin spires) in the Ataşehir district on the Asian. The Levent business center and its neighboring neighborhoods are served by the stations Levent and 4. Levent on the Istanbul Metro’s M2 line.
New Istanbul Financial Center
On 1 June 2022, Turkish Parliament members submitted a draft law. The bill introduces the establishment of the New Istanbul Finance Center to the Turkish Parliament. The bill aims to promote Istanbul as an international finance center. Support the economic growth of Turkey by increasing financial competitiveness. And they are developing high-value-added financial products and services in the financial sector. And strengthen integration into international financial and capital markets.
it exists on the Asian side of Istanbul. It is located within the borders of the Ataşehir and Ümraniye Districts. It is going to be mind-blowing when it completes. However, giving details about it will not make you realize the importance of this emerging business hub; instead that the comparison may give you an idea. This landmark government project aims to build a more significant financial center than the existing ones in New York, London, and Dubai. It also aims to make Istanbul the center of finance.
Main Branches of Large Institutions and Enormous Space:
The Istanbul Financial Center (IFM) Project, which aims to be built on an area of about 300,000 m2, is the city’s regional and international financial hub. It will be a pioneer in the banking industry. Home to state-owned banks like the Central Bank, Ziraat Bank, Halk Bank, and Vakflar Bankas. As well as public institutions like the SPK and BBDK. It will also develop projects on land owned by the private sector, including TAO.
Turkey wants to increase the country’s financial competitiveness in the global market. And promote the development of goods and services for financial markets. You make it all possible by establishing IFC as an international finance hub.
The IFC has 1.4 million square meters (15 million square feet) of office space. A 100,000 square meter shopping complex. A 2,100-person conference and performance area. A 30,000 square-meter five-star hotel and a parking lot can hold 26,000 vehicles. It is currently 81% completed.
Laborer Capacity and Social Facilities:
The IFC hopes to welcome close to 100,000 workers and guests daily. Its 21 office buildings are outfitted with the most up-to-date technology. And are being implemented utilizing a smart city model. The model exceeds international standards by consolidating all management systems under one roof. A social paraphernalia area about 1.2 kilometers long will be present on the IFC campus’s central axis. According to urban planning principles, the IFC has planned to have green spaces. That will support its ecological integrity to improve the quality of work and living; the project also includes walking pathways, parks, and recreational places.
Tax Exception advantage and exemption on fees:
Seventy-five percent of these activities’ profits will be reported on corporate income tax returns. And subtracted from company profit to determine the corporate income tax base.
- The banking and insurance transaction tax will not apply to any funds received by IFC resident financial institutions within the context of the removed transactions.
- All transactions related to these activities will be exempt from all charges.
- Papers issued about these transactions will be exempt from stamp duty.
Istanbul’s financial center is not unique in its location and construction. But also has rules to benefit financial institutions compared to any other place.