Repatriation of income

According to the Decree on the Protection of the Value of Turkish Currency No. 32 which regulates the exchange control and currency requirements foreign investors are allowed to repatriate; (i) net profits, (ii) dividends, (iii) proceeds generated from sales, liquidation and indemnity, (iv) consideration incurring from licence, management or similar agreements that arise from their transactions and operations in Turkey.

It should be also noted that foreign investors can transfer these amounts abroad through Turkish banks in foreign currency or Turkish lira. However, if the amount is above or equal to USD 50,000 (fifty-thousand-US-dollars), the Turkish bank conducting the transfer must notify the relevant Turkish authorities within 30 days following the transaction. Payments for exports, imports and invisible transactions are exempted from this rule.