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Erdogan's new project: Turkey as a tax haven for foreign billionaires and pensioners

2026-06-01 22:24:53Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Erdogan's new project: Turkey as a tax haven for foreign billionaires and
Istanbul

Turkish President Recep Tayyip Erdogan has decided to play a much bigger game than a usual fiscal reform, writes Correre della Sera.

At a time when the war between Iran and Israel is changing trade, investment and capital flows in the region, Ankara is trying to reposition itself as a major financial platform between Europe, the Persian Gulf and Central Asia. To do this, the Turkish government has chosen the most powerful weapon of global competition: taxes.

The reform approved by the Turkish parliament creates an ultra-favorable fiscal regime for the wealthy, international entrepreneurs, holding companies, multinationals and foreign pensioners.

"We want to position Istanbul as a regional global hub ," Finance Minister Mehmet Simsek declared, presenting the plan that aims to turn Turkey into an alternative to Dubai, Singapore and Hong Kong.

The most aggressive part of the reform is the total tax exemption for 20 years on income generated outside Turkey. Anyone who transfers fiscal residency to Turkey will not pay taxes on dividends, financial gains, investment income or profits of companies established abroad.

Under the new model, this income will not even be declared to the Turkish authorities, bringing the system closer to the most aggressive fiscal regimes in the world. While income generated within Turkey will continue to be taxed normally.

The package also includes a drastic reduction in inheritance tax to just one percent for those who enter the special regime, as well as another fiscal amnesty for the repatriation of capital held abroad. Cash, gold, currency and securities can be brought back to Turkey at greatly reduced tax rates.

But the reform is not only aimed at wealthy individuals. Ankara also wants to attract regional headquarters of companies, holding companies and international financial services. For this reason, the plan foresees almost total relief for companies operating in the Istanbul Financial Center, the giant financial district built in recent years in the Asian part of Istanbul and which aims to compete with Dubai, Singapore and Hong Kong, writes, among other things, this Italian media.


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