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Medya News

New financial information sharing regulations for Turkish people living abroad.

9:43 am 31/12/2020
New financial information sharing regulations for Turkish people living abroad.

In 2 days time the bank accounts and financial information of citizens of Turkey who reside abroad, will be shared to some selected countries where they reside.

Different types of deposit and investment accounts will be shared to the country of residence, along with the person’s name, address and other information.

The end of financial year balance of the accounts and the interest/income payments deposited in the accounts will be reported.

The only hope is ‘delay’

As of December 31, 2020, Turkey will share information of Turkish citizens living abroad with 54 countries including Australia, Denmark, Finland, England, Sweden and Norway, reported the Cumhuriyet newspaper.

However, the countries having a substancial communities having migrated from Turkey including Germany, Netherlands, Belgium, Austria, France and Switzerland are not included in the 2019 statement.

The reason for the 2019 statement of declaration to the end of the financial year is due to the pandemic restrictions. Under normal circumstances, notifications had to be made by the end of September at the latest.

The only hope is for a delay. Otherwise, people face very heavy tax and penalties.

The Turkish government’s decision about sharing financial information was taken without taking citizens views into account.

The information will be shared by the end of September, 2021. Close to 6.5 million people, affecting all kinds of bank accounts in Turkey, consisting of, rental, retirement, partnership income, or other financial income will be reported to the selected country.

Reactions to the decision included ”use the right to postpone in the law”, a one-year postponment is being carried out for countries such as Germany, France, Switzerland, Austria and the Netherlands. Otherwise, information must be given to these countries in 2021.

Which information will be shared?

All kinds of information about deposit and investment accounts will be sent to the country of residence, along with the person’s name, address and other information.

As a general rule, a company established in Turkey, with operations in process of an active trade deal, even if located outside the company’s overseas partner, the company information account does not automatically enter information exchange.

On the other hand, if the income of the company holding the account is mainly composed of only income such as interest rather than active trading, the account information of this company will be covered by automatic information exchange.

Which accounts will be affected?

Amongst those who will be affected will be people who are living abroad who cannot prove that they live in Turkey. If there are any questions about where one lives, or those who have documents related to abroad found in bank information. Those who transfer their money abroad. Companies and managers operations that are controlled by persons living abroad, even if they live in Turkey.

 

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