27 Jul Turkish government prepares new investment reform package
Government Spokesman and Deputy Prime Minister Numan Kurtulmuş yesterday stated that the Turkish government is working on arrangements to issue permanent residence and citizenship to foreign investors who either deposit a certain amount of money to bank accounts, transfer money as fixed capital investment, invest in bonds, buy property in Turkey, or create employment opportunities.
Following the adoption of the 2016 Action Plan and Medium Term Program, put forward by the government following the November 2015 general elections, a new investment reform bundle aiming to remove obstacles for foreign investors and rekindle the investment environment has been prepared by the government. The package includes reforms covering various aspects of social and economic activities in Turkey, such as arrangements to ease the investment process, with a particular focus on an improved tax regime. The new regime would see a lower stamp duty burden with a one-time charge for stamp duty tax on contracts, a property tax exemption on land investments, tax exemptions for buildings constructed under investment incentives, and incentives for research and development expenditures.
The work-permit regime for expats in Turkey will be more flexible and the “Turquoise Card” application, which provides a permanent work permit for skilled expats, will be put into practice through this new investment reform package.