Istanbul Financial Center (IFC) is expected to approach its targeted occupancy levels by 2026, as banks, financial institutions and regulators accelerate their relocation to the complex, its chief executive said on Friday.

"2026 will be a year in which relocations accelerate, and the Istanbul Financial Center succeeds in largely reaching its targeted occupancy capacity," Ahmet Ihsan Erdem, general manager of the IFC, told Anadolu Agency (AA).

Erdem said financial sector companies operating in both banking and non-banking segments have already begun working at the vast business complex, which was opened in April 2023.

The financial district on the Asian side of Istanbul will eventually boast most of the country's most prominent institutions, including the central bank, the stock exchange, as well as the banking and capital markets regulators.

Around 20,000 employees are currently working at institutions based at the IFC, Erdem said, noting that the complex was designed to accommodate 50,000 to 70,000 employees.

Daily footfall at the center exceeds 100,000 people, he added.

The IFC spans 1.3 million square meters of office space, 100,000 square meters of shopping mall, a congress and performance center for approximately 2,000 people, a 30,000-square-meter five-star hotel and a parking capacity for 26,000 vehicles.

The opening in 2023 marked the launch of the banking phase of the project, which saw state-owned banks relocating their operations to the center.

Erdem said some financial authorities are also currently operating from the complex, including the Central Bank of the Republic of Türkiye (CBRT).

The Capital Markets Board (SPK) is expected to relocate to the IFC in the next phase, while the Borsa Istanbul Stock Exchange (BIST) is also planned to move to the site, he added.

Erdem also highlighted the legal framework behind the project, pointing to the Istanbul Financial Center Law, approved in 2022, which sets out tax incentives and operational flexibility for firms operating at the hub.

Under the scheme, companies meeting certain criteria can deduct 100% of income derived from eligible financial activities at the IFC from their corporate tax base, he said.

The law also includes incentives aimed at attracting international talent and encouraging reverse brain drain. Individuals, Turkish or foreign, who have lived abroad for at least three years may benefit from income tax exemptions of between 60% and 80%, depending on professional experience, if employed at the IFC.

Erdem said the center also provides administrative facilitation through a "one-stop office" coordinated by the Presidency's Investment and Finance Office, allowing companies and employees to complete licensing, work permits and residency procedures on site.

The IFC will also host the Istanbul Finance and Technology Hub, a technopark focused on financial technologies.

"This will be a key platform supporting fintech startups and will become Türkiye's largest fintech cluster," Erdem said.