Notification Of Assets Located Abroad

Notification Of Assets Located Abroad

Currency, gold, foreign exchange securities and other capital market instruments located abroad may be subject to notification. Natural or legal persons who report these assets until the date of 06.30.2021 bank or intermediary institutions in Turkey, will be able to save these assets freely. These notifications can also be made by authorized representatives or legal representatives.

Who Can Benefit From Regulation?

Natural and legal persons who have money, gold, foreign exchange securities and other capital market instruments abroad can benefit from the regulation.

As a result of this notification, no tax will be calculated and no tax inspection will be made regarding the said foreign currency.

What Are The Conditions For Benefiting From The Regulation For Assets Located Abroad?

In order to benefit from the regulation;

  • The existence of a foreign currency, gold, foreign currency securities and other capital market instruments.
  • Assets located abroad until 30.06.2021 (including that date be reported to the bank or brokerage house in Turkey.
  • These assets should be brought to Turkey within 3 months from the date of notification.

Without tax liability or turkish citizenship you can benefit from this regulation. Everbody can benefit from this regulation.

What Are The Documents Proving That Assets Located Abroad Brought  To Turkey?

  • Bank statements or brokerage operations in the event of results forms to be transferred to an account in a bank or brokerage house in Turkey
  • Until 06.30.2021  the bank or brokerage firm been notified  made the case to be brought to Turkey as a physical record  declaration / statement referring to documents received from the Customs administrations will be used that have been brought to Turkey.

How Assets Located Abroad Will Be Brought To Turkey?

Purpose of bringing assets to the country;

  • To bring them to the country physically.
  • Be transferred to a bank or brokerage account to be opened in institutions in Turkey.
  • Physically, it is not possible to be transferred to an account opened in the Turkey or brokerage of securities and other capital market instruments to be reported to the brokerage firm.

How To Report Assets Located Abroad?

  • The said assets owned abroad will be notified to banks or brokerage houses until June 30.06. 2021 (this date will be included) over their Turkish Lira value. Only securities or other capital market instruments will be reported to brokerage houses.
  • For assets located abroad, real and legal persons will be notified to banks or intermediary institutions until 30.06.2021 by filling out the form attached to the general communiqué on the acquisition of certain assets with serial no. 1. In addition, no notification will be made to the tax authorities regarding these assets.
  • Real and legal persons can make this notification themselves, or if this is done by their authorized representatives or their legal representatives, banks or intermediary institutions will check whether the said proxy or legal representative is authorized.
  • No documents will be requested from those who notified by banks or intermediary institutions regarding the reported assets.
  • Assets located abroad but not covered into scope can be converted into scope of these assets until 30.06.2021 can be brought into Turkey.
  • Assets abroad can be used to pay off loans from foreign banks or financial institutions registered in the statutory books as of 17.11.2020 at the latest until 30.06.2021 (including that date ).  In this case deducting from the record books for assets used for the payment of the debt with the condition will not be a prerequisite of bringing Turkey. It is sufficient for the beneficiaries of this provision to keep to submit the incentive documents of their receivables from the banks or financial institutions abroad, to submit when requested.
  • Until 17.11.2020 date statutory be able to benefit from the opportunities provided by deducting from the registry of the said advances of assets located abroad, the registered capital advances, if met by brought to Turkey before that date.
  • It is essential that a single notification is given by real and legal persons for assets located abroad.

However, it is possible to make more than one notification until 30.06.2021. (including that date)


Will Tax Be Paid On The Value Of The Assets Notified?

The tax will not be calculated and paid due to the foreign assets notified.

**This study is prepared by Kula Law Office. Please contact by e-mail ([email protected]) or call at +902324350604 for publication of the article in other channels, detailed information and questions about the subject.

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