🇹🇷President Erdogan on Friday announced a fiscal incentive package that would,...

🇹🇷President Erdogan on Friday announced a fiscal incentive package that would, among other measures, grant incoming foreign residents a 20-year exemption from Turkish tax on foreign-source income and capital gains. The proposal still requires parliamentary approval, and Erdogan did not specify a date for submission of the legislative package. Speaking at the Dolmabahce Working Office in Istanbul during the “Turkey Century Strong Center for Investment Program” event, Erdogan described the measures as a “radical step” and said his government was “determined to make Turkey a global center of attraction.” Individuals who have not been Turkish tax residents for at least three years could, under the proposed rules, relocate to Turkey and pay no Turkish tax on their foreign-source income for 20 years. Only domestically earned income would fall within the Turkish tax net. Inheritance and gift tax for qualifying individuals would drop to a flat 1%. Turkey’s standard rates currently range from 1% to 30%. 🔴@DDGeopolitics