The regulation widely known as “Asset Peace” (Varlık Barışı) entered into force through Law No. 7582, published in Official Gazette No. 33270 dated 4 June 2026. The General Communiqué (Series No. 1) setting out the implementation procedures was published in Official Gazette No. 33300 dated 4 July 2026. This is Turkey’s eighth Asset Peace regime, introduced through Provisional Article 19 added to Corporate Tax Law No. 5520. In this article, we summarize the scope, tax rates, declaration deadlines, and key points to watch under the current legislation for individuals and legal entities eligible to benefit from this regulation.
İçindekiler
What Is Asset Peace?
Asset Peace is a regulation that allows assets held abroad, or assets located in Turkey but kept off the statutory books, to be declared and brought into the formal economy upon payment of a defined tax. Unlike previous editions, the 2026 regulation introduces a tax rate that decreases progressively depending on how long the declared assets are held in specific Turkish financial instruments.
Assets Within Scope
The following asset types may be declared under this regulation:
- Cash
- Gold
- Foreign currency
- Securities
- Other capital market instruments
Important: Real estate (immovable property) falls outside the scope of this regulation. However, foreign real estate may be converted into a qualifying asset type and brought into Turkey before the deadline.
The regulation covers two separate asset groups:
- Assets held abroad: Cash, gold, foreign currency, securities, and other capital market instruments held abroad by individuals and legal entities.
- Undisclosed domestic assets: The same asset types located in Turkey but not recorded in the statutory books of income or corporate taxpayers.
Who Can Benefit?
Both individuals and legal entities (companies, foundations, and similar bodies) can benefit from this regulation. Persons with no income or corporate tax liability may also benefit by declaring qualifying domestic assets.
Declaration Deadline
The deadline for declaring assets to banks or brokerage firms is 31 July 2027. The President is authorized to extend this deadline, in periods not exceeding six months each, up to a total of one year.
- Foreign assets may be declared between 4 June 2026 and 31 July 2027.
- Declared foreign assets must be transferred to a Turkish bank or brokerage account, or physically brought into the country, within 2 months of the declaration date.
- Undisclosed domestic assets must be deposited with a bank or brokerage firm on the declaration date itself.
2026 Asset Peace Tax Rates
The general tax rate collected by the bank or brokerage firm on declared assets is 5%. However, this rate decreases progressively if the declared assets are committed to be held in one of the eligible instruments below for a defined period:
- 1-year commitment: 4%
- 2-year commitment: 3%
- 3-year commitment: 2%
- 4-year commitment: 1%
- 5 years or more: 0%
Instruments eligible for the reduced rate: time deposit accounts, Government Domestic Debt Securities, lease certificates (sukuk), and venture capital investment funds. A 5-year commitment to a venture capital investment fund also secures the 0% rate.
Conversion period: To benefit from the reduced rate, the declared amount must actually be converted into the committed instrument within 10 days — from the transfer/deposit date for foreign assets, or from the declaration date for domestic assets. If conversion is not completed within this period, the reduced rate is lost and the shortfall is collected together with late payment interest.
Early declaration advantage: Declarations made by 31 December 2026 are subject to no rate increase whatsoever. Declarations made between 1 January 2027 and 31 July 2027 carry a 0.5-point increase. If the deadline is extended, declarations made after the extension carry a 1-point increase in total.
Tax Protections Provided
For amounts corresponding to properly declared assets:
- No tax audit or tax assessment of any kind will be conducted.
- No tax penalty or administrative fine will be imposed.
- If a tax base difference arising from an unrelated audit is equal to or less than the declared amount, no assessment is made for that difference.
Limits of the Protection
This protection is provided solely under Turkish tax legislation. The following matters remain unaffected and fall outside the scope of this regulation:
- Money laundering and terrorist financing offenses (Law No. 5549),
- Measures required under the Law on the Protection of the Value of Turkish Currency,
- Measures required under the Capital Markets Law, Customs Law, and the Law on the Prevention of Smuggling,
- Tax obligations arising under the domestic law of the foreign country where the asset originated.
Additional Requirements for Companies
Declared assets must be recorded in the statutory books; for taxpayers subject to balance-sheet accounting, these amounts must be tracked in a special fund account that cannot be withdrawn from the business for at least 2 years. In addition, a company’s legal representatives, shareholders, or attorneys acting under a power of attorney or representation agreement executed before 4 June 2026 may also declare foreign assets held on the company’s behalf, provided the required conditions are met.
Relationship with the 20-Year Tax Exemption
Repeated Article 20/D of the Income Tax Law, introduced under the same omnibus law, grants a 20-year income tax exemption on foreign-source income to individuals who become Turkish tax residents on or after 1 January 2026. The two regimes are complementary: a person who repatriates assets under Asset Peace and also qualifies for this exemption can both declare their assets at a low or zero tax rate and avoid Turkish tax on their foreign-source income for the following 20 years.
Important Note: Asset Peace Is Not a Tax Amnesty
Asset Peace does not cancel previously accrued tax debts. It is a separate mechanism that allows an asset held abroad or kept off the books to be brought into legal record upon payment of a defined tax. Banks also remain subject to know-your-customer (KYC) and source-documentation obligations under Law No. 5549, so supporting documents regarding the source of the asset may still be requested.
At Mete CPA & Auditing, we manage your Asset Peace declaration process in full compliance with current legislation — from selecting the right tax rate to tracking declaration and transfer deadlines. Contact us to review your situation.
