Turkey Extends the Law on Cash Repatriation until 31 December 2021
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, penalty or fine. According to the law, the applicants may move their assets from abroad to Turkey by simply declaring it without paying any tax.
By the bill dated 30.06.2021, this temporary law has been extended to 31 December 2021. Applicants who apply by this date may simply declare their assets and the 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 an application may result in the 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.
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