Turkey’s 2026 Wealth Amnesty: Who Can Benefit and Which Assets Can Be Declared

The 2026 wealth amnesty (varlık barışı) is in force. Article 10 of Law No. 7582 added Provisional Article 19 to Corporate Tax Law No. 5520 (Kurumlar Vergisi Kanunu, KVK). The law was published in Official Gazette (Resmî Gazete) No. 33270 of 4 June 2026 and entered into force the same day. Individuals and legal entities may declare to a bank, by 31 July 2027 (inclusive), cash, gold, foreign currency, securities and other capital market instruments held abroad, as well as assets of the same types held in Türkiye that are not recorded in their statutory books (kanuni defterler). A declaration may be made to a brokerage firm (aracı kurum) only if it covers solely securities and other capital market instruments; cash, gold and foreign currency are declared to a bank (Tebliğ m. 3). Real estate is outside the scope.

Legal Basis and Entry into Force

A “wealth amnesty” is a time-limited regime that allows certain unrecorded or offshore assets to be brought onto the record against payment of tax at a low rate. The law provides that, where the conditions are met, no tax audit (vergi incelemesi) or tax assessment (tarhiyat) will be made in respect of the amounts attributable to the declared assets; this protection is limited to the declared amount. Türkiye has introduced similar regimes before (for example, Laws No. 7417 and No. 7338). This article covers only the regime enacted in 2026.

• Law: Law No. 7582 Amending Certain Laws (7582 sayılı Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun), Art. 10. This article adds Provisional Article 19 to the KVK.
• Publication and entry into force: Official Gazette No. 33270 of 4 June 2026. Article 10 entered into force on the date of publication (7582 s. Kanun m. 14/ç).
• Implementing communiqué: General Communiqué on Bringing Certain Assets into the Economy (Bazı Varlıkların Ekonomiye Kazandırılması Hakkında Genel Tebliğ, Seri No: 1), referred to below as the Communiqué (Tebliğ). It was published in Official Gazette No. 33300 of 4 July 2026 and entered into force on the date of publication (Tebliğ m. 14).

The same law also introduced a separate exemption for certain foreign-source income of individuals who newly settle in Türkiye (193 s. GVK mükerrer m. 20/D). That exemption is a different regime from the wealth amnesty. For details, see our article on the foreign income exemption for new residents of Türkiye.

Who Can Benefit

The law defines those who may benefit as “individuals and legal entities” (KVK geçici m. 19/1). In practice there are three groups:

• Income tax or corporate tax payers: Companies and individuals with commercial, agricultural or professional income. They may declare their assets abroad and their domestic assets not recorded in their statutory books (KVK geçici m. 19/1 and 19/3).
• Persons without income or corporate tax liability: For example, a person whose only income is employment income. They may also benefit, and no bookkeeping requirement applies. They must bring assets held abroad to Türkiye within the deadline, and deposit domestic assets with a bank or brokerage firm as of the declaration date (KVK geçici m. 19/5; Tebliğ m. 6/2).
• Partnerships and ordinary partnerships (şahıs şirketleri ve adi ortaklıklar): Declarations may also be made on their behalf (Tebliğ m. 6/3).

Company assets may be declared in the company’s name through its legal representatives, shareholders or authorised persons. Assets belonging to the company or its shareholders but held in another person’s name may also be declared in the company’s name. In that case, it must later be proven that the asset belongs to the company (Tebliğ m. 8). The law and the Communiqué do not separately exclude foreign nationals or companies with foreign shareholders. There is, however, no specific provision for persons not resident in Türkiye (limited taxpayers, dar mükellef). Whether such persons can benefit should be assessed case by case.

Which Assets Can Be Declared

Basis: KVK geçici m. 19/1 and 19/3; Tebliğ m. 5/4.

Declared assets are valued as follows (Tebliğ m. 9):

• Turkish lira is valued at its nominal value.
• Foreign currency is valued at the Central Bank of the Republic of Türkiye (TCMB) buying rate on the declaration date.
• Gold is valued at its market buying price.
• Securities are valued at their stock exchange price. If there is no exchange price, the market value, the purchase price or the face value is used, in that order.

Tax Rates and the Periods They Apply To

The bank or brokerage firm collects the tax on the declared value upfront. Where no commitment is given, the rate is 5% for declarations made between 4.6.2026 and 31.12.2026 and 5.5% for declarations made between 1.1.2027 and 31.7.2027 (KVK geçici m. 19/6). Lower rates apply if the asset is held in a time deposit, government domestic debt securities (devlet iç borçlanma senedi, DİBS), lease certificates (kira sertifikası, sukuk) or a venture capital investment fund. This requires a commitment to a minimum holding period and the submission of the Annex 2 (EK-2) undertaking (Tebliğ m. 4/5-6). The commitment period starts on the date the asset is invested in these instruments. Conversion into the committed instrument must be made within 10 days (Tebliğ m. 4/8, m. 9/7).

For declarations between 1 January 2027 and 31 July 2027 (inclusive), all rates in the table increase by 0.5 percentage points. If the President extends the period, the increase for declarations in the extended period is 1 percentage point in total (KVK geçici m. 19/6; Tebliğ m. 4/9-10). The undertakings are exempt from stamp duty (damga vergisi). The tax paid cannot be deducted as an expense or offset against any other tax. Losses arising from the disposal of declared assets are also not taken into account as an expense or deduction (KVK geçici m. 19/6-7; Tebliğ m. 11).

Declaration, Transfer and Payment Deadlines

1. Declaration: By 31 July 2027 (inclusive), using the Annex 1 (EK-1) form, to a bank. If the declaration covers only securities and other capital market instruments, it may also be made to a brokerage firm (KVK geçici m. 19/1; Tebliğ m. 3). Each month counts as a separate period, so separate declarations may be made month by month (Tebliğ m. 3/4). The President may extend this deadline, by no more than six months at a time, for up to one year in total (KVK geçici m. 19/11).
2. Transfer (assets abroad): Within two months of the declaration date, the assets must be transferred to an account opened in the declarant’s name at a bank or brokerage firm in Türkiye (KVK geçici m. 19/2; Tebliğ m. 5/1).
3. Physical import: If the assets are brought in physically, customs procedures must be completed within two months, and the asset must be deposited with a bank or brokerage firm by the end of the first business day following completion of those procedures. Entry is evidenced by the customs declaration (Tebliğ m. 5/2, 5/6).
4. Domestic assets: Off-book assets must be held at a bank or brokerage firm as of the declaration date, or be deposited on that date (KVK geçici m. 19/3; Tebliğ m. 6).
5. Filing and payment of the tax: The bank or brokerage firm files the tax return as the responsible party (sorumlu sıfatıyla). The return is filed with Annex 3 (EK-3) by the evening of the 15th day of the month following the declaration, and the tax is paid within the same period (KVK geçici m. 19/6; Tebliğ m. 4/4, m. 7). The declarant does not need to file a separate return with the tax office.
6. Corrections: Declarations cannot be corrected after the declaration period ends (KVK geçici m. 19/10). Once the assets have been deposited in the account, a declaration cannot be corrected to reduce the amount. If the amount is to be increased, a new declaration is made (Tebliğ m. 3/4).

Bookkeeping Entries and the Special Fund Account

Taxpayers who keep books under the Tax Procedure Law (Vergi Usul Kanunu) record the declared assets in their statutory books as of the declaration date. Those keeping books on the balance sheet basis (bilanço esası) open a special fund account (özel fon hesabı) on the liabilities side for this entry. This fund cannot be withdrawn from the business before two years have passed and cannot be used for any purpose other than a capital increase. In the event of liquidation, the fund is not taxed. The declared amounts are not included in the period’s profit or in distributable profit. After two years, the fund may be withdrawn tax-free (KVK geçici m. 19/4; Tebliğ m. 10). The recording process should be aligned with your company’s e-ledger (e-defter) setup; for details, see our Statutory Books and e-Ledger page.

Tax Audit Protection and Its Conditions

Where the legal conditions are met, no tax audit or tax assessment may be made in any way in respect of the amounts attributable to the declared assets (KVK geçici m. 19/8). The protection is limited to the declared amount and does not rule out a tax audit altogether:

• If an audit carried out for any reason finds a difference in the tax base (matrah farkı) arising from the declared assets, and the declared amount is equal to or greater than that difference, no assessment is made for the difference. If the difference is greater than the declared amount, an assessment is made only on the excess.
• Tax base differences arising from causes unrelated to the declared assets are taxed under the general rules; the declared amounts are not offset against them (KVK geçici m. 19/8; Tebliğ m. 12).

All of the following conditions must be met for the protection to apply (KVK geçici m. 19/9; Tebliğ m. 12):

• Assets abroad must be brought to Türkiye or transferred to an account within two months.
• Domestic assets must be deposited with a bank or brokerage firm within the deadline.
• The tax must be paid on time.
• Any commitment given must be complied with.
• The bookkeeping and special fund account requirements must be met.

If these conditions are not met, the protection does not apply. Unpaid tax is collected with late payment interest (gecikme faizi), but no tax loss penalty (vergi ziyaı cezası) is imposed (KVK geçici m. 19/9). If the commitment is breached, the bank collects the shortfall in tax and the late payment interest (Tebliğ m. 12/5). If the declaration is made after a tax audit has started or after the case has been referred to the assessment commission (takdire sevk), the protection does not apply to tax base differences found in that audit or assessment, and the declared amounts are not offset against them (Tebliğ m. 12).

Calculation Example

Assumptions: A Ltd. Şti., a company with a foreign shareholder, keeps its books on the balance sheet basis. The company holds USD 100,000 in a bank account abroad that is not recorded in its books. The TCMB buying rate on the declaration date is assumed, for illustration, to be TL 42.00. In an actual calculation, the rate on the declaration date is used.

1. Declared value: 100,000 × 42.00 = TL 4,200,000.
2. Declaration made in December 2026 with no commitment: 4,200,000 × 5% = TL 210,000.
3. Declaration made in December 2026 with a 3-year DİBS commitment: 4,200,000 × 2% = TL 84,000.
4. Declaration made in February 2027 with no commitment: 4,200,000 × 5.5% = TL 231,000.
5. Declaration made in February 2027 with a 3-year commitment: 4,200,000 × 2.5% = TL 105,000.
6. For the December 2026 declaration, the bank files the tax with Annex 3 (EK-3) and pays it by the evening of 15 January 2027. The foreign currency must be transferred to an account in Türkiye in the company’s name within two months.
7. The company records TL 4,200,000 on the assets side as of the declaration date and opens a special fund account of the same amount on the liabilities side. The fund remains in the business for two years and during this period may be used only for a capital increase.

Points for Foreign Investors to Consider

• If a foreign shareholder wishes to contribute assets held abroad in its own name to the Turkish company as capital, it should be assessed separately whether to do this through a declaration in the company’s name or through an ordinary capital increase. For capital transactions, see our companies with foreign shareholders page.
• A declaration does not remove obligations under anti-money laundering and other laws. The law states that measures under other legislation are reserved (KVK geçici m. 19/8).
• Interest, dividends and trading gains subsequently earned on the declared assets are taxed under the general rules (Tebliğ m. 11/1).
• Banks may not request documents on the source of the assets (Tebliğ m. 4/3). However, for declarations made in a company’s name, it must be possible to prove that the asset belongs to the company (Tebliğ m. 8/2).

For the tax consequences of assets held abroad, see our international tax advisory page. For your company’s specific situation, you can write to us via our contact page.

Last legislation check: 9 November 2026 · Period covered: declarations made from 4 June 2026 to 31 July 2027