Asset Amnesty 2026: How the Tax Rate Drops from 5% to 0%

Law No. 7582, published in the Official Gazette on 4 June 2026, introduced a new Asset Amnesty scheme in Turkey. If you hold an account abroad, keep gold at home, or have undisclosed assets in your business, this article is for you.

Unlike previous amnesty programmes, this one contains a genuine innovation: under the right conditions, the tax rate can drop all the way to zero. Let’s look at the details.

What Exactly Is This Scheme?

Through Provisional Article 19 added to the Corporate Tax Law, both individuals and legal entities may declare and register cash, gold, foreign currency, equities, bonds and other capital market instruments held abroad — or held in Turkey but kept off the books.

One important exclusion: real estate is not covered. The scheme applies only to cash and securities.

Who can benefit? All individuals and legal entities, whether or not they are income or corporate taxpayers. Sole proprietorships and ordinary partnerships are also in scope; even if they are not income or corporate taxpayers, they can file notifications for VAT and withholding tax purposes.

The Deadline Matters: 31 July 2027

The filing deadline is 31 July 2027. You must notify your bank or intermediary institution before this date.

For overseas assets there is an additional requirement: the assets must be transferred to a bank or intermediary account in Turkey within two months of the notification. Assets physically brought into the country are documented through a declaration to the Customs Administration.

For undisclosed domestic assets the process is simpler: depositing them with a bank or intermediary at the time of notification is sufficient.

The President has the authority to extend this period by up to six months at a time, for a total extension of one year. So 31 July 2027 is not a hard final deadline — but acting early works in your favour.

The Tax Rate: From 5% Down to 0%

This is the most striking part of the scheme.

The standard rate is 5%, withheld upfront on the declared value of the asset and collected by the bank or intermediary institution.

However, there is an opportunity here. If you commit to holding the declared asset in certain financial instruments (term deposit, government domestic borrowing bond, lease certificate, or venture capital investment fund) for a specified period, the rate decreases in steps:

• 5-year holding commitment: 0%
• 4-year holding commitment: 1%
• 3-year holding commitment: 2%
• 2-year holding commitment: 3%
• 1-year holding commitment: 4%

In other words, if you commit to keeping the funds in the specified instruments for five years, you pay zero tax. This is a flexibility we have not seen in previous amnesty programmes.

Important warning: For notifications filed between 1 January 2027 and 31 July 2027, half a percentage point is added to these rates. If the deadline is extended, an additional full percentage point applies during the extension period. Early filing means a lower rate.

The Biggest Advantage: Protection from Audit and Assessment

The real power of this scheme is not just the low rate. Amounts corresponding to declared assets are, as a rule, not subject to any tax audit or additional assessment.

In other words, once you declare and register an asset whose origin might otherwise be questioned, that asset is removed from the risk of scrutiny by the tax authority.

But this protection has limits:

• The protection is limited to tax; it does not affect measures under other legislation (e.g. anti-money-laundering rules).
• If a tax audit begins for another reason and a tax base discrepancy is found, and that discrepancy is traced to the declared asset, the declared amount is deducted from the discrepancy. Tax is assessed only on the remaining difference.
• Notifications filed after a tax audit has started or after referral to an assessment commission do not benefit from this protection.

This last point is critical: if you are considering acting, you must do so before any audit begins.

Special Flexibility for Companies

If you own a business, this section concerns you.

Taxpayers who keep accounts on an accrual basis open a special reserve account on the liabilities side for the registered assets. This account is treated as part of capital and cannot be withdrawn from the business or used for any purpose other than a capital increase for two years from the date of notification.

After two years, you can withdraw these assets from the business without taking them into account in determining taxable income. This means the registered asset is not permanently “locked” inside the company — it can be freely used after a set period.

Overseas assets managed under a power of attorney or representation agreement executed before 4 June 2026 by the legal representatives, shareholders or authorised persons of a company may also be declared in the company’s name. This is a practical convenience for group companies and holding structures.

Restrictions to Be Aware Of

We have listed the advantages; now let’s look at the limits.

• The tax paid cannot under any circumstances be deducted as an expense or offset against another tax.
• Losses arising from the disposal of declared assets cannot be treated as an expense or deduction.
• Tax once collected is not refunded or credited.
• No amendments to notifications may be made after the filing period ends. You must get the notification right the first time.
• If assets are not brought to Turkey on time, not deposited in an account, the tax is not paid, or commitments are not honoured, the protection from audit and assessment is lost.

This last point is particularly important: if you gave a commitment for a reduced rate and fail to honour it, the protection lapses and the shortfall in tax is collected together with late-payment interest, without any penalty waiver.

Summary: What You Need to Do

• Establish whether you have any undisclosed assets overseas or domestically.
• If you do, file early to benefit from the lower rate — rates go up as 2027 approaches.
• If you are targeting zero tax, assess whether a five-year holding commitment fits your financial plan.
• If you are filing under a company, clarify the reserve account and two-year restriction details with your CPA.
• Get the notification right the first time; there is no right of amendment.

Final Word

Asset amnesty schemes are not new in Turkey, but this time the stepped tax reduction and the possibility of a zero rate represent a genuine departure from previous programmes. If you have undisclosed assets, it makes sense to take advantage of early filing rather than waiting until 31 July 2027.

If you would like to assess together whether your situation falls within the scope of this scheme, feel free to get in touch.