I. LEGAL FRAMEWORK AND WHAT IS THE 2026 ASSET AMNESTY PROGRAM?
The 2026 Asset Amnesty Program constitutes the eighth (8th) asset amnesty initiative in Türkiye’s history. It was introduced as part of the Draft Law on Amendments to Certain Laws, commonly referred to by the public as the new tax package.
In essence, the Asset Amnesty Program is a legal mechanism that allows cash, gold, foreign currency, securities, and other capital market instruments held abroad to be transferred to Türkiye, or enables similar assets located domestically but not recorded in statutory books and records to be formally registered. The primary objective of this regulation is to integrate unregistered assets into the official financial system and the national economy.
Under this framework, assets that are declared or transferred to Türkiye in compliance with the prescribed conditions are protected from tax audits, tax assessments, and tax penalties concerning their origin. In other words, no tax investigation, additional tax assessment, or tax-related sanction may be imposed with respect to the source of such assets.
Legal Basis:
The legal basis of the regulation is Provisional Article 19, which is proposed to be added to the Corporate Tax Law No. 5520 pursuant to Article 10 of the aforementioned Draft Law on Amendments to Certain Laws. Once the legislation is published in the Official Gazette and the Ministry of Treasury and Finance issues the relevant implementing communiqués, all technical details regarding the notification and declaration procedures will be clarified in accordance with this provision.
II. ASSETS COVERED UNDER PROVISIONAL ARTICLE 19 AND THE DECLARATION FRAMEWORK
Provisional Article 19 classifies the assets eligible for declaration into two main categories:
A. Assets Held Abroad (Paragraph 1)
The following assets held abroad may be declared under the program, provided that such declaration is made by 31 July 2027:
- Cash: Cash assets denominated in Turkish Lira or foreign currencies.
- Foreign Currency Deposits: Funds held in accounts with foreign banks or financial institutions.
- Gold: Physical gold and gold account holdings.
- Securities and Other Capital Market Instruments: Including shares, bonds, investment funds, and similar financial instruments.
B. Unregistered Assets Located in Türkiye (Paragraph 3)
Assets of the same nature that are located in Türkiye but are not recorded in the statutory books and records may also be declared under this provision.
C. Assets Excluded from the Scope of the Program
The following assets are excluded from the scope of the program:
- Real Estate: Real property is not included within the scope of the legislation.
- Crypto Assets: Crypto assets do not fall within the statutory definition of “cash, gold, foreign currency, securities, and other capital market instruments” and are therefore excluded from the program.
III. GRADUATED TAX RATES AND ASSET RETENTION REQUIREMENTS
The most significant structural innovation of this regulation is that the tax benefit is linked to a commitment to retain the declared assets within the financial system. No such requirement existed under the previous seven Asset Amnesty Programs.
Pursuant to Paragraph 6 of Provisional Article 19, the graduated tax rate structure is as follows:
Table 1: Tax Rates Based on Asset Retention Structure
| Declaration and Asset Retention Structure | Tax Rate |
|---|---|
| Standard Declaration (Immediate Taxation, No Asset Retention Requirement) | %5 |
| Time Deposit Account / Government Domestic Borrowing Securities (GDDS) / Lease Certificates – Minimum 1-Year Holding Commitment | %4 |
| Time Deposit Account / Government Domestic Borrowing Securities (GDDS) / Lease Certificates – Minimum 2-Year Holding Commitment | %3 |
| Time Deposit Account / Government Domestic Borrowing Securities (GDDS) / Lease Certificates – Minimum 3-Year Holding Commitment | %2 |
| Time Deposit Account / Government Domestic Borrowing Securities (GDDS) / Lease Certificates – Minimum 4-Year Holding Commitment | %1 |
| Time Deposit Account / Government Domestic Borrowing Securities (GDDS) / Lease Certificates – Minimum 5-Year Holding Commitment | %0 |
Table 2: Rate Increases Based on the Declaration Date
| Declaration Period | Rate Impact |
|---|---|
| Declaration Submitted Before 1 January 2027 | The rates set out in Table 1 apply without any increase. |
| Declaration Submitted Between 1 January 2027 and 31 July 2027 | An additional 0.5 percentage points are added to the rates set out in Table 1. |
| Declaration Submitted Following an Extension of the Final Deadline | A total increase of 1 percentage point is applied to the rates set out in Table 1. |
IV. PROCEDURE AND LEGAL TIMELINE
The procedural requirements introduced by Provisional Article 19 constitute a prerequisite for maintaining the legal protections afforded under the program:
- Two-Month Rule (Paragraph 2): Following the declaration of assets held abroad, such assets must be transferred to a bank or intermediary institution in Türkiye, or physically brought into the country, within two months. For domestic assets, the deposit into a bank must be completed simultaneously with the declaration.
- Two-Year Lock-Up Requirement for Corporate Taxpayers (Paragraph 4): Taxpayers maintaining books on a balance-sheet basis (companies) may not withdraw the declared assets from the business for a period of two years and may not use them for any purpose other than a capital contribution during that period.
- Exemption for Individual Investors (Paragraph 5): Individuals who are not subject to income tax or corporate tax liability (such as expatriate Turkish citizens residing abroad) are exempt from the bookkeeping, record-keeping, and special fund requirements prescribed under the regulation.
V. SCOPE AND LIMITS OF LEGAL PROTECTION, AND THE AML DIMENSION
The true legal value of the Asset Amnesty Program is determined by the clarity and limits of the protection it provides.
A. Protection Under Tax Law (Paragraph 8)
No tax audit, tax examination, or tax assessment may be conducted with respect to the amounts corresponding to assets declared under the program. This protection guarantees that no retroactive tax assessment will be imposed and that no tax penalties or tax-related sanctions will be applied in relation to such assets. However, measures required under other applicable legislation remain unaffected by this regulation.
B. Limits of Protection and the AML Regime
The legislation expressly limits this protection to matters falling within the scope of tax law. Paragraph 8 of Provisional Article 19 explicitly provides that “measures required under other legislation shall not be affected by this regulation.” Accordingly, the legal framework governing the Turkish Financial Crimes Investigation Board (MASAK), anti-money laundering regulations, and counter-terrorist financing measures continues to apply independently and remains fully enforceable.
VI. THE STRATEGIC TWIN: THE 20-YEAR TAX EXEMPTION (ARTICLE 20/D OF THE INCOME TAX LAW)
The strategic significance of the 2026 Asset Amnesty Program becomes evident when it is evaluated together with another regime introduced under the same legislative proposal: the 20-Year Tax Exemption Regime.
Article 4 of the proposal introduces a new tax exemption by adding Article 20/D (Repeated) to the Income Tax Law No. 193.
| Feature | Article 20/D (Repeated) of the Income Tax Law |
|---|---|
| Nature | Provides individuals relocating to Türkiye with a 20-year tax exemption and a 1% inheritance and gift tax regime. |
| Scope | Income and earnings derived from sources outside Türkiye. |
| Strategic Use | The Asset Amnesty Program regularizes the past, while this regime provides a framework for planning the future. |
VII. LEGISLATIVE PROCESS BEFORE THE GRAND NATIONAL ASSEMBLY OF TÜRKİYE (TBMM) AND TIMELINE
- 24–25 April 2026: The President of Türkiye and the Minister of Treasury and Finance publicly announced their policy intention under the “Türkiye Century – Strong Hub for Investment Program.”
- 5 May 2026: The Draft Law on Amendments to Certain Laws was submitted to the Presidency of the Grand National Assembly of Türkiye (TBMM).
- 6 May 2026: The proposal was approved by the TBMM Planning and Budget Committee and referred to the General Assembly.
- 14–15 May 2026: The first five articles of the proposal were adopted by the TBMM General Assembly. Article 4, which introduces the 20-Year Tax Exemption Regime, was among the provisions approved during this stage.
- 20 May 2026, 2:00 p.m.: During the General Assembly session considering the remaining provisions, including Article 10 containing the Asset Amnesty Program, all remaining articles were adopted.
- Next Steps: Final parliamentary approval, presidential assent, publication in the Official Gazette, and issuance of the implementing communiqués.
Conclusion
Once published in the Official Gazette, Provisional Article 19 and the implementing communiqués issued by the Ministry of Treasury and Finance will serve as the definitive legal framework governing the 2026 Asset Amnesty Program. Drawing on our years of experience in advising and managing matters involving international investors, the Nexpo Legal team is fully prepared to guide clients through this process in the most strategic, efficient, and legally secure manner possible.
