Türkiye sets July 2027 deadline for asset repatriation

ANKARA

Türkiye’s Revenue Administration has clarified the rules for bringing overseas assets into the country under a scheme widely known as “asset peace.”

Under a general communiqué published in the Official Gazette, individuals and companies will be able to notify banks or brokerage houses in Türkiye of their overseas assets until July 31, 2027.

The arrangement covers money, gold, foreign currency, securities and other capital market instruments held abroad, as well as assets located in Türkiye but not recorded in company books.

Notifications may also be made by authorized representatives or legal representatives, according to the communiqué.

Banks and brokerage houses will collect a 5 percent tax in advance from those notifying the assets and declare it by the evening of the 15th day of the following month.

A reduced tax rate will apply if the assets are pledged to be kept in term accounts, government domestic debt securities, lease certificates or venture capital investment funds.

A separate income tax communiqué also set out the procedures for a 20-year tax exemption on foreign earnings and revenues for individuals living abroad who move to Türkiye and meet certain conditions.

Other communiqués clarified tax incentives aimed at investment, production, exports, international trade, high-value services and strengthening the registered economy.

The measures include wage tax exemptions for qualified personnel working at qualified service centers.

For eligible employees, wages up to three times the gross minimum wage will be exempt. The ceiling will rise to five times the gross minimum wage for qualified service centers operating in the Istanbul Finance Center and certain industrial zones.

The Revenue Administration also detailed rules on income tax exemptions for shares granted free of charge or at a discount by technology start-ups to their employees.

A corporate tax communiqué set out the procedures for new incentives, including tax reductions on income from transit trade and mediation in overseas goods trade.

It also clarified rules for qualified service centers’ foreign-sourced income, a 12.5 percent corporate tax rate for producers with industrial registry certificates and agricultural producers, and corporate tax exemptions for some sales by manufacturers operating in free zones.