Turkey Launches New ‘Asset Peace’ Scheme to Repatriate Foreign Funds
The Turkish government, through its Ministry of Treasury and Finance’s Revenue Administration, has announced a new phase for its “asset peace” scheme, known as “varlık barışı”. This initiative allows individuals and companies to declare foreign funds and assets to Turkish financial institutions, with the final deadline set for July 31, 2027.
The programme is designed to integrate capital held abroad into Turkey’s formal economy. Declared assets, which include money, gold, foreign currency, and securities, must be reported to banks and brokerage firms within Turkey. While a specific tax rate has been set, details were not provided in the announcement.
Such “asset peace” schemes aim to attract foreign capital, enhance a country’s liquidity, and broaden its tax base. For Turkey, this move is expected to boost foreign exchange reserves, stabilise the Turkish lira, and stimulate investments amid ongoing economic challenges. The government views this as a crucial tool in its broader economic strategy to strengthen confidence and draw funds from informal channels.
Source: Haberglobal
