Favourable Tax Environment for Business Turkey signed various bilateral and multilateral tax agreements to establish a favourable tax environment by defining standards of treatment for investors and their investments, whilst also offering unique tax opportunities to foreign investors. In line with Turkey’s increasing endeavours to facilitate foreign investment, the Turkish legislator places great emphasis on taking special care of foreign investments following the promotion of a number of tax incentives over recent years. New International Financial Center As part of the 2023 goals, the Turkish government’s landmark project is to transform Istanbul into a prominent international financial center. The Istanbul International Financial Center (IIFC) Initiative started in 2009. Its primary objective is to promote Istanbul as a regional financial hub and a center for energy and infrastructure projects. IIFC will enable knowledge to be shared between partners in Turkey and aims to attract foreign companies and elite financial experts by organizing panels and media events. The USD 2.6 billion project is integral to Turkey’s plan to make its economy one of the world’s 10 largest by 2023. IIFC will house the head offices of the country’s financial market governing bodies, state-owned and private banks, and related businesses. It will include approximately 4.2 million square meters of office, residential, retail, conference, hotel, and park space.