New law to woo wary capital, not black money: Deputy PM

ANKARA (AA) – The proposed capital repatriation law seeks to give foreign investors red carpet treatment, not make Turkey a haven for black money, Deputy Prime Minister Nurettin Canikli said Thursday, pledging that Turkey will “absolutely” keep dirty money out of the country.

In an exclusive interview with Anadolu Agency, Canikli said there is a tremendous amount of money in global markets seeking a suitable parking destination, and the government wants Turkey to be one of the places where capital feels safe.

Rebuffing opposition and media claims that the repatriation law could turn Turkey into a black money haven, Canikli called the allegations inaccurate.

“There is still a huge mass of capital in global markets seeking a direction for both investments and parking. We are talking about hundreds of billions of dollars, Gulf capital in the first place. Our goal is especially to be a harbor for capital from the international banking sector looking for direction,” he said.

“Gulf capital was the most prominent victim. In some developed countries their investments were seized. They are not sharing this with the public. There is one requirement we are looking for: It must be clean, not black money. We will absolutely not let black money into Turkey,” he added.

As part of an economic stimulus package, the capital repatriation law would allow foreign investors and companies to enjoy tax exemptions and other advantages.

In addition, Turkish nationals seeking to move their capital to Turkey in the form of money, gold, or other financial instruments would be able to directly deposit their money to banks free of tax without dealing with the Finance Ministry or tax offices asking about the origin of the funds.

Canikli said that there will be other regulations in favor of investors, both locals and foreigners, such as reducing costs during initial investments, and easier residence permits, work permits, and citizenship for a qualified workforce, an issue of great importance for foreign investors.

“Regulations regarding a qualified workforce, which foreign investors see as vital in the area where they operate, will be adjusted per investor demands,” Canikli said.

“We have sent the legislative proposals, known as the ‘Turquoise Card,’ enabling foreign investors and workers to access work and residence permits much more easily,” he said.