Tekce Comments About Wealth Amnesty Creating a Large Foreign Capital Inflow to Turkey
Tax benefit provided to the persons for bringing their money, gold, funds, and other capital market instruments held abroad, provided a large capital inflow to Turkey. With the new amendment, the application period was extended until June 30, 2021.
ISTANBUL--(Business Wire / Korea Newswire) February 18, 2021 -- The legislation known as ‘Wealth Amnesty’ allows the legal entrance of the funds, gold, securities and other market capitals into Turkey, without being subject to tax, with the condition to be declared until June 30, 2021.
While there was 1% or 2% tax in the past applications, with the current law, applicants started to benefit from this practice with 0% tax advantage. Natural and legal persons who have reported their wealth abroad to a bank or brokerage house in Turkey until June 30, 2021, will benefit from Wealth Amnesty if they bring these assets to Turkey within the 3 months as of the date of declaration.
Bayram Tekce, Chairman of Tekce Overseas Gayrimenkul AS, the leading real estate company in overseas property sales, evaluated the regulation: “From the real estate market side, we saw the different effects of the Wealth Amnesty. Last year, some foreign investors received Turkish Citizenship through investment to benefit this opportunity that applied to Turkish citizens and they brought their capital to Turkey. This had also a significant influence on the increase of the amount of foreign capital that come to Turkey. Some of our customers have also benefited from Wealth Amnesty in this regard. The recognition of this right to foreigners with the latest regulations, further increases the interest of international investors in Turkey. We still have a few customers that we run the process before the deadline.”
Bekir Yener Yıldırım, Chairman of BYY Finance and Neo Asset Management AS, one of the leading companies in portfolio management and investment fund establishment for foreign investors, stated that: “We have seen the positive effects of the Wealth Amnesty also on the financial markets. Turkey has a highly developed venture capital and real estate investment fund infrastructure. Advantageous tax benefits are also provided to investors who buy such capital market instruments. The monetary funds that enter the country without tax with the Wealth Amnesty, both gain a second tax advantage by turning to venture companies and real estate investment funds in the country, and foreign investors benefit from the transparent, reliable and corporate structure of the capital markets.”
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