Strata Six Guide to Istanbul
Productivity Potential in Turkey
A city that’s borne witness to some of the greatest armies and civilizations the world has ever known, Istanbul is a thriving modern metropolis with plenty of historic charm. As the capital of Turkiye, the country’s newly rebranded name, Istanbul is perfectly situated between the East and West, inviting tourists and remote workers from Europe, Asia, and beyond.
The city of two continents, as it’s commonly known, straddles Europe and Asia and is home to more than 15 million people. The city is home to most of the country’s riches, and this is clear to see from the opulent architecture left behind by past rulers.
It would be easy to overlook the natural beauty of the area given how architectural highlights such as the Hagia Sophia steal the limelight, but the pristine beaches, verdant jungles, and arid deserts characterize the surroundings of the Turkish capital. What’s more, travel opportunities are abundant, as you’ll find yourself within a stone’s throw from both European and Asian countries such as Greece, Bulgaria, Iran, and Armenia.
Istanbul, which once went by the names Constantinople and Byzantium, also houses an important port for Turkiye which ships and receives all kinds of goods on an international scale.
Remote workers are usually enamored with the inviting atmosphere of the capital, low cost of living, and plethora of non-work related activities, which make it easier to strike the perfect work-life balance.
How to Use This Guide
This guide is for those looking to create the work life of their dreams, and maybe someday call Istanbul home.
There isn’t a great deal of insightful information out there from remote workers who have dealt with the issues that you often face while working away from home. As such, it’s hard to know how to find suitable accommodation while you’re abroad.
We get it, some cities aren’t designed for the digital nomad or global citizen lifestyle, but that doesn’t mean that there aren’t plenty of worthy places out there to live your most productive life.
With this guide, we want to show you that you can meet work deadlines, manage your business, and network when you travel. Istanbul is an excellent city to visit, but it can also be a fantastic place to set up shop and work from.
Here at StrataSix, we’ve made it our mission to seek out the most worker-friendly destinations around the world so that you can live your best work life wherever you are. We are only interested in locations that can help you hit your business and career goals, so rest assured anywhere you find a StrataSix residence you can maintain your usual levels of productivity.
If you’re on board, read on to discover our standards for accommodation and what we do to ensure you can thrive in Istanbul and other StrataSix selected locations.
Only the Best Remote Work Residences
At StrataSix, we don’t settle for second best.
We know just how important it is for you to find accommodation that makes your life easy, and allows you to work without worrying about slow Wi-Fi, uncomfortable seating, or a lack of healthy food options.
There’s nothing worse than arriving at your destination and dropping your bags off only to realize that the place you’re staying is ill-suited to remote work. Sure, you can make concessions and go without a desk or comfortable chair, but why should you have to sacrifice your comfort and productivity when you go abroad?
It’s this question that inspired us to create remote worker-friendly residences around the world so that those for whom productivity is a priority can enjoy working wherever they are.
StrataSix Standards for Traveling in Istanbul
When you join StrataSix in Istanbul, you can expect residences that are built for success and productivity. To give you an idea of what to expect, here are our standards for all of our accommodation options in Istanbul and beyond:
- Residences: comfortable accommodation with smart technology and security systems
- Community: coworking spaces and opportunities to network
- Work: ergonomic workstations and quick, reliable WiFi
- Convenience and safety: contactless check-in, regular cleaning, and security features
- Health: enjoy healthy prepared meals, comfortable bedding, and access to fitness centers
We’re firm believers that a remote-work ready residence is a necessity for anyone hoping to get work done while abroad.
We know just how important it is to feel like your environment supports your goals rather than detracts from them. Nobody wants to work in a dimly-lit room with unreliable Wi-Fi, just like nobody wants to live somewhere with uncomfortable bedding and nothing but fast food to eat.
We understand what it takes to produce quality work and we’re here to support you to that end. We’ve gone the extra mile to take care of everything so that you can start being productive the moment you walk into your cozy new abode.
Now that you’re up to speed with our standards, let’s take a look at what Istanbul has to offer for the traveling worker and who it might be well-suited to.
Who Istanbul is Good For
Istanbul is a StrataSix selected location for productive remote living for:
- Entrepreneurs
- Solopreneurs
- Remote workers
- Freelancers
- Investors
Many remote workers have chosen to call Istanbul home, and not just for its historic appeal and strategic location. The affordable prices, rich gastronomy, and vibrant markets make Istanbul an excellent place to be productive without missing out on any of the fun.
You’ll also find that there are plenty of facilities tailor made for remote workers such as coworking spaces, charming cafes with reliable WiFi, and more.
Istanbul’s Remote Work Opportunities
If you’re currently in the process of growing your business, you’ll be pleased to know that there are many opportunities to expand your network in Istanbul.
More and more the vibrant capital is becoming known as a hotbed of remote work activity, and as such, digital nomads and global entrepreneurs are flocking to the city in their droves.
If you find yourself in the Turkish capital, head to the Eastern district for some of the best coworking spots around. You’ll also find that Istanbul is peppered with coffee shops with the classic European work-friendly atmosphere that’s conducive to productivity. Plus, as we mentioned earlier, you’ll have transport links to countries in both Asia and Europe so you can hop across the border to make connections too.
Looking to take your business to the next level and brush shoulders with top entrepreneurs and investors?
The StrataSix Community is an established network comprising like minded individuals with business acumen and funds to finance up and coming startups. You’ll have access to this community the moment you arrive in Istanbul, so you can strike up business conversations with people who could help you climb up the ladder.
Turkiye Visas
Let’s start out with the bad news, most nationalities are required to obtain a visa to get into the country.
The good news?
The e-visa, which can be applied for online, is easy enough to obtain and can make the process straightforward.
More than 100 nationalities are eligible to apply for the online e-visa, and within 24 hours, it could be yours. As such, travel to Istanbul shouldn’t be too challenging, as you’re free to fill out the application a few days before you head out. With the visa, you’ll have 30 or 60 days to explore the country, depending on your nationality. There’s also a small fee for this e-visa in the region of $30-60.
Bear in mind that not all nationalities can apply for this digital visa, and if this is the case the individual will need to obtain a physical visa.
You can find more information about countries eligible for e-visas on the Visas Turkey website.
For long term options read on as we explore the various visas that will allow you to stay in the country for more than 60 days.
Staying in Istanbul Long Term
Residence Permit
If you don’t have an employment contract, your best bet for securing long-term residency in Istanbul is to pursue the residence permit.
So who is the residence permit for?
Anyone who wishes to stay in the country who doesn’t currently have an employment contract, so that could be anyone from students to retirees. The first time you apply for a residence permit, the maximum amount of time it will allow you in the country is a year. Beyond that, you’ll have to go through the process again if you want to extend your stay.
The country’s immigration services website is where you’ll submit your application for a residence permit. Once you’ve filled out all the relevant information, you’ll be given an appointment which you’ll have to attend at the immigration office.
Before your appointment, you’ll want to get all the necessary paperwork in order, which can include the following:
- Rental contract or invitation from a Turkish resident
- Health insurance coverage
- A bank statement which proves you can sustain yourself financially
- A receipt of registration fees
- Biometric photos
Turkish Work Permit
If you’re looking to stay in the country for work, and you have an employment contract, then your fastest route to residency is the work permit.
To initiate the process of applying for a work permit, you’ll need your employer to submit a request on your behalf. Once they have put the application forward, you’ll go through a similar process as those seeking the residence permit. Once you have an appointment at the immigration office, you’ll need to collect the following documents for approval:
- Rental contract or invitation from a Turkish resident
- Health insurance coverage
- A bank statement which proves you can sustain yourself financially
- A receipt of registration fees
- Biometric photos
- Employment contract
- Certified translation of diplomas
- Work visa or residence permit
If you enter the country on a tourist or student visa, you’ll first have to get your hands on a residence permit and then convert it into a work permit afterwards.
To renew either a resident permit or work permit, you’ll have to do so a month before your current permit expires. With the same paperwork as before, you can apply for an extension, and fortunately you can do so without having to attend an in-person appointment.
Once you’ve been in the country for eight years on either permit, you’ll become eligible to apply for permanent residency.
Citizenship by Investment
There’s also the option of securing citizenship via investment, if you have the funds to put into the country.
To qualify for citizenship, the most common method is to invest a sum of $250,000 or more in real estate, which will open up the doors to both Asia and Europe as you’ll be granted visa-free or visa-on-arrival access to more than 110 countries across the continents.
What’s more, with this investment you won’t just become a resident of the country, but a citizen and all the perks that it carries. Your family members will automatically qualify for citizenship too through this investment.
To give you a clear idea of what to expect, here are all the ways you can secure citizenship via investment:
- Invest $250,000 or more in real estate
- Invest at least $500,000 as a fixed capital contribution
- Deposit $500,000 or more into a Turkish bank account
- Put $500,000 or more into Turkish government bonds
- Invest $500,000 into a real estate or venture capital investment fund share
- Create jobs for more than 50 people, which must be confirmed by the Ministry of Family, Labour, and Social Services
Turkiye Tax
As a business owner, one of the main reasons to consider Istanbul as a new place to call home is the low corporate taxes.
While the country has relatively low tax rates, you’ll still pay more than you would in other countries such as Panama with its progressive taxation system.
Who is Subject to Tax in Turkiye?
As is common in many countries, it’s only the residents who will file taxes for all their worldwide income earned.
For non-residents, the only tax that they’ll need to pay is for any income they have earned from a company based in Turkiye.
Is Foreign Income Taxed in Turkiye?
No, unless you’re a resident of the country, you won’t have to pay taxes on foreign income you earn in Istanbul. If you’re a resident, you’ll be subject to the same taxation as citizens, which will include both domestic and foreign income.
US Taxes When Living In Istanbul
As a US citizen you’ll have to file your US taxes once a year while you’re in Istanbul. This is common in many countries, however you’ll be pleased to know that there’s a double taxation treaty between Turkiye and the United States which means you won’t have to pay more in taxes than you need to.
Essentially you’ll be exempt from paying taxes in the US if you qualify for the Foreign-Earned income exemption.
General Tax Thresholds For Istanbul Residents
As far as individual income tax goes, Turkiye uses a progressive taxation system that maxes out at 35%.
- Fiscal residents making less than less than 13,000 Turkish lira are subject to pay up to 15% in taxes.
- Fiscal residents making between 13,001 and 30,000 TL will be subject to a 20% tax rate
- Fiscal residents making between 30,001 and 110,000 TL will be subject to a 27% tax rate
- Fiscal residents making more than 110,000 TLK will be subject to a 35% tax rate
Money, Banking & Cryptocurrency
Currency
The Turkish Lira (TL).
Bank Accounts
In Turkiye, you’re free to open a bank account whether you’re a foreigner or a resident.
For both residents and non-residents it’s straightforward to create a bank account as it can be done either in-person or online.
If you’re a resident of the country, here’s what you’ll need to open a bank account:
- Residence or work permit
- Proof of address
If you’re yet to secure residency in Turkiye, here’s what you’ll need to open a bank account:
- Tax number
- Valid passport
- Official translation showing proof of address
If you have your own company and you want to set up a business bank account, here’s what you’ll need:
- Tax ID number
- Articles of Association for your company
- Application form
- Proof of your company’s registered address
Debit Cards
In Turkiye, debit cards are widely used and commonly issued by local banks.
Credit Cards
All Turkish banks offer credit cards to their customers, so if you’re looking to get your hands on a credit card to use locally any bank will do.
Best Bank For Expats
When moving finances over to Turkiye, you’ll want to be sure that you find the best bank for your needs. Ziraat Bank is widely considered to be one of the best options for expats and global citizens, offering a range of financial products and headquartered in nearby Ankara.
Another popular bank for expats is Garanti Bank, which is headquartered locally in Istanbul, so if you have any issues at all you’ll be able to resolve them swiftly.
Making Purchases
In Turkiye, credit cards and debit cards are widely accepted, and there are ATMs in every city.
Visa and MasterCard are the best options as they’ll be accepted almost everywhere, yet you should be able to use an American Express card in some hotels and restaurants.
Cash Withdrawals
One thing to be aware of when withdrawing cash in Turkiye is Dynamic Currency Conversion (DCC). Whenever you make a transaction with a card, you’ll be prompted to pay either in the local currency or your native currency. Always pay in the local currency, otherwise you’ll be subject to currency conversion fees which are avoidable.
The Best Way To Pay In Istanbul
Cash First
It’s always a good idea to stock up on the local currency wherever you are, and Turkiye is no different.
Even though Istanbul is a major city, you’ll find that many cafes and smaller eateries only accept cash. As such, you should always have Turkish lira on hand so you’re not caught out.
While it’s not necessarily a cash economy, it is still a favored way of paying for many of the locals. For some experiences, like heading to the Grand Bazaar, you’ll be limited to paying with what local currency you have.
Card Payments
Istanbul is like any modern city in that it widely accepts the major credit cards such as Visa, MasterCard and in some places, American Express.
Cryptocurrency
While Turkish citizens showed curiosity towards the rise of cryptocurrency, things came to a head in April 2021 when the Central Bank of Turkiye implemented a ban on the use of crypto assets and virtual currency for purchases.
The ban came about as many locals were looking to the virtual form of currency as a way to avoid using the Turkish lira which has plummeted in value in recent years.
The Central Bank warned that accepting cryptocurrency payments could bring transaction risks, which is why they took decisive action last year.
Buying and Trading Cryptocurrency in Istanbul
While you might not be able to use your virtual currencies to pay for your groceries or the occasional kebab, what you can do is trade online using online brokers.
From Turkiye, you’ll be able to access many big online cryptocurrency brokers, including Coinmama, CEX, and Bitpanda. Coinmama operates in many countries, and offers a range of products, though there are fees of 4.9-5.9% per transaction. CEX supports many countries too, and Bitpanda is a reliable broker with low fees.
Healthcare & Access To Medical Care
Turkiye has both public and private healthcare services, and has had universal healthcare in effect since 2003.
Dental care isn’t included in universal healthcare though, so it’s something you’ll need to go private for.
The country has a reputation for affordable healthcare, even if the quality isn’t quite as high as it is in other European countries.
There are many English-speaking doctors and nurses working in the Turkish healthcare system, so getting the care you need should be straightforward enough.
You can’t secure a residence or work permit in Turkiye without first enrolling in a health insurance plan. Universal public healthcare is only available to those who have been living in the country for at least a year, so for most foreigners and expats private care is the best — and perhaps only — option in the beginning.
Investing in Istanbul
Real Estate
There are many compelling reasons to invest in real estate in Istanbul, and not least because it acts as a gateway to both Europe and Asia. Securing citizenship in the country through real estate investment will help you travel through both continents with ease, and with a purchase worth more than $250,000 your family will be guaranteed citizenship too.
This may seem like a substantial sum of money, which it is, but when you think that the figure used to be $1 million years ago it doesn’t seem all that expensive.
Istanbul is also an affordable city to buy property in, which means there are many great bargains ready to be snapped up.
So what are the steps you need to take to get your investment portfolio in Turkiye up and running?
- The first thing you’ll need to do is find a real estate agent to help you find the perfect real estate
- The agent will help you secure a title deed for the property you choose, which carries a fee of 4%
- Before you agree to the purchase, make sure you examine the property and have the agent do so too so you can spot any potential issues before it’s too late.
- An attorney may be necessary to speed up the process of buying a property, and we recommend that you hire one if it’s your first time investing in real estate abroad.
Stocks
The stock market in Turkiye is known as the Borsa Istanbul, and it tracks the performance of more than 100 companies picked by the National Market, including real estate investment trusts and venture capital investment trusts.
Here are some of the online brokers and trading platforms you can rely on to buy and sell stocks in Turkiye:
- Saxo Bank
- Interactive Brokers
- Capital.com
With these online stock brokers you’ll have access to research tools and varied product portfolios. There are fees associated with these brokers though including stock fees, Forex fees, and bond fees. There may also be non-trading fees too which can include account inactivity and depositing or withdrawing money.
Istanbul
Overview
The rich heritage of Istanbul is clear to see throughout the city, and it’s one of the main draws for those passing through. It’s a city in which you can appreciate the historic charm through the lens of the dynamic modern center which features bustling bazaar markets, windy streets, and rich aromas emanating from the many Michelin star restaurants.
No trip to the city is complete without a visit to the imposing Hagia Sophia, a large mosque that was designed by the Greeks and was once an important religious, cultural, and political hub. It’s just one of many historical sites you can explore at your leisure if you choose Istanbul as your next work destination.
Beyond the history you’ll find a modern metropolis with glass skyscrapers and cutting edge innovation wherever you look. The city is a paradise for budding entrepreneurs looking for a cosmopolitan environment to live out their ideal work life.
Istanbul is a StrataSix destination primarily for its remote work infrastructure, which includes fast Wi-Fi speeds and plenty of coworking spaces and cafes to work from. We know just how important it is for you to have a variety of work spaces outside of your primary place of work, which is why Istanbul made the cut with our high standards.
There should be no shortage of expats and fellow entrepreneurs in the city, especially when you make the most of the StrataSix Community during your stay.
Getting to/from Istanbul
Istanbul has a large airport in the Arnavutkoy district, which resides close to the Black Sea coast. From there, it’s just 45km into the city center, so it’ll take roughly an hour to get there by car. Aside from the main airport, there’s also a small airport called Sabiha Gokcen airport which serves the Asian side of the city.
Best Istanbul Neighborhoods
Beyoğlu
If you want to feel first-hand the authentic historic charm of the city center, Beyoğlu is a fantastic neighborhood to consider. Such is the beauty of the neighborhood that it attracts all kinds of expats and tourists, so you’ll be in good company if you’re looking to find friends who speak your native language. In Beyoğlu you’ll find a blend of ancient architecture and swirling narrow streets, so you can set your work day up with several smaller breaks to stroll through the storied district.
Eminönü
Eminönü is another neighborhood steeped in the rich history and culture that Istanbul boasts. Here is where you’ll find real architectural gems such as the Blue Mosque and the Grand Bazar, as well as the Halic metro bridge that takes you across to the other side of the river. However, the best-kept secret is how affordable it is to live in the central district.
Kadiköy
Kadiköy resides in the Eastern quarter of the city, closer to Asia than Europe. It’s a neighborhood with plenty of youthful exuberance which can be seen in the lively nightlife and student-led atmosphere. This is another excellent neighborhood to pick if you’re seeking the company of fellow remote workers and expats, since it’s both affordable and well situated.
Istanbul Accommodation
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Istanbul Temperature
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Transport
- Bus – If you don’t have a car, and you want a cheap way to get around the city, the bus is your best option. Traveling by bus in Istanbul is affordable and you can easily find timetables online to schedule your route ahead of time.
- Metro – The metro is another easy way to navigate around the city, albeit more expensive than the bus. However, if you buy a card that’s valid for multiple trips you can save money on your commute.
- Isbike – Like many major cities, Istanbul has its own bike-for-hire system called ‘Isbike’. As is typical with bike-sharing services, the first 30 minutes of your ride will be free, so you can comfortably get where you need to go for next to nothing.
Safety
Mostly safe.
English Proficiency
Low.
Phones & Connectivity
- Best Local Sim Cards: Turkcell and Vodafone.
- Best Option for U.S. Residents: Turkcell is widely considered to be one of the best Sim card options for U.S. residents. As the leading mobile service provider in the country, coverage is wide-reaching and the Sim cards on offer from Turkcell are relatively affordable too.
- Local Internet Speeds: 25.67mbps download/5.50mbps upload
Coworking
Health & Fitness
Popular Tourist Locations
- Hagia Sophia – When Istanbul was known as Constantinople, the Hagia Sophia was a Byzantine church of great significance.
- The Blue Mosque – Built in the Ottoman era, the Blue Mosque gets its name from the many blue tiles that adorn its inner walls.
- Topkapi palace – An Imperial palace in the Ottoman era, the Topkapi palace was once home to the Ottoman sultans.
- Galata tower – Once an important defensive structure, these days this watchtower serves as an impressive landmark in the city.
- Grand Bazaar – Home to all kinds of produce and goods, the Grand Bazaar is one of the largest covered markets in the world.
- Dolmabahçe Palace – This 19th century palace was an Ottoman sultan residence, and is as ostentatious on the inside as it looks from the outside.
Stratasix + Istanbul
The rich culture and history combined with the low cost of living and remote work infrastructure make Istanbul an excellent choice for global citizens.
There are so many networking opportunities and places tailor made for productivity including cafes and coworking spaces, so you should be able to scale your business as easily as you would be able to at home.
If you desperately want to set up your work life abroad, and enjoy everything Istanbul has to offer without letting your productivity levels take a hit, let us help you make it happen.
With work-ready residences and our StrataSix Community network, you’ll have everything you need to get up and running in your new home.
Are you up to the challenge of living your best work life abroad?
