Turkish Cash Repatriation Law
Turkey Extends the Law on Cash Repatriation until 30 June 2020
Turkish Cash Repatriation Law is a temporary law that allows individuals and companies to transfer their money, gold, foreign currency, movable property and other stocks to Turkey without any tax inspection, criminal investigation, penalty or fine. According to the law, the applicants may move their assets from abroad to Turkey by paying 1% of their value as tax to the Turkish State.
By the Presidential Order dated 30.12.2019, this temporary law has been extended to 30 June 2020. Applicants who apply by this date may submit their tax declaration and pay 1% tax within 15 days. The applicants may then transfer or move their assets to Turkey within 3 months of the application.
Turkish Cash Repatriation Law requires collaboration between multiple government authorities. Missing the deadlines or making errors in the tax statements while filing application may result in loss of the right to benefit from the Turkish Cash Repatriation Law and even tax penalties. Investors who are planning to invest in Turkey are recommended to consult a lawyer who is experienced in direct foreign investments, Turkish tax law and Turkish banking law.
Antalya Lawyer Baris Erkan Celebi and his Antalya Law Firm offer legal services to foreign investors who wish to apply for the Turkish Cash Repatriation Law and take advantage of other tax incentives provided to foreign investors by the Republic of Turkey.