Those who relocate to Türkiye will be in luck, the government will not ask for a single rupee in taxes for 20 years.

Ankara: Turkish President Recep Tayyip Erdoğan has made a historic move to boost the country’s economy. The government has announced a 20-year tax-free package to attract foreign nationals and talented professionals. This major decision aims to make Turkey a new hub for global trade and investment. According to the Turkish government’s new plan, foreign nationals who have not been tax residents in Turkey for the past three years and now decide to relocate will receive significant relief. Such individuals will not pay a single rupee of tax on their foreign income and capital gains for the next 20 years.

Simply put, if you earn money from any other country in the world while living in Turkey, the Turkish government will not levy any taxes on it. Tax will only be paid on income earned within Turkey’s borders. Furthermore, the inheritance and gift tax rate for these individuals has been reduced to just 1 percent.

During an event in Istanbul, Erdoğan clarified that this relief isn’t limited to individuals. The corporate tax rate for manufacturing exporters has been reduced from 25% to 9%, while the rate for other exporters has been set at 14%.

The Istanbul Finance Center is poised to rival global hubs like Dubai and London. Companies conducting transit trade within the center will be granted a 100 percent corporate tax exemption. Companies operating outside the center will also benefit from a 95 percent exemption.

Erdoğan announced the creation of a “single-stop investment bureau” to ease the path for investors. This will be a digital platform that will accommodate all tasks such as company registration, work permits, and tax filing. The president emphasized that Turkey is no longer just a bridge between East and West, but a hub for the world’s energy and trade routes.

Wealthy investors and multinational companies from around the world can now turn to Turkey. The 20-year tax exemption is a significant move that could establish Turkey as a safe and profitable investment destination. This package will soon be presented to Parliament, after which it will be enacted into law.