Turkey Holds Another Tax Amnesty: Offering 1% on Repatriated Assets

Turkey's so-called Omnibus Bill includes a provisional article allowing individuals and legal entities to repatriate and dispose of any fiscal assets held overseas without tax consequences, regardless of when they were acquired.

The only catch is that their existence must have been filed with a Turkish bank, lender or other intermediary before December 31st, 2019 and then repatriate them to Turkey within three months of the respective notification.

The notified banks will then remove and take 1% of the assets' values on behalf of the Turkish tax office. The proceeds of liquidating foreign assets such as overseas property can also be repatriated under the same circumstances.