Turkey's ruling Justice and Development Party (AKP) has long had an eye on the wealth that Turkish nationals keep abroad, but incentives introduced in 2008, 2011 and 2013 to lure those funds produced disappointing results. The government is now gearing up for another "wealth amnesty" as part of an economic reform package, submitted to parliament in late June. The 77-article bill outlines tax exemptions and other facilities for foreign investors and companies but also unprecedented incentives for Turkish nationals who bring money, gold and other financial instruments into the country.
According to Wealth Insight, the assets Turkish nationals and companies own abroad are expected to reach $195 billion in 2017. With the new bill, the government hopes to lure at least 100 billion Turkish liras (some $35 billion) back home. According to pro-government media, Turkey's fence-mending moves toward Israel and Russia have boosted investor confidence in the AKP and, coupled with the impact of the Brexit vote, the new law will spur a boom in funds flowing to Turkey.
