Turkey is a civil law country which enables its citizens
to take advantage of various setups for the purpose of protecting their assets. One of the most popular ways of planning one’s estate is to create a trust.
does not provide for the establishment of such entities. The closest structure to the trust in Turkey
is the private foundation
Trusts and private foundations in Turkey
does not acknowledge trusts
or has any legislation
which provides for their establishment. The private foundation
is similar to the trust in Turkey
because it can be set up for the same purpose and will basically have the same structure in terms of participants. Just like the trust
, a private foundation can be opened in Turkey
for the following purposes:
- - charity;
- - public services;
- - estate planning.
The establishment of a trust will be carried you by preparing a set of documents which must be signed by the settlor and the trustee. The documents, which can be a deed of trust or a will, must be notarized by a public notary.
We invite you to discover our accounting firm and opt for payroll in Turkey
. Being an important part of accounting, payroll involves a series of procedures and formalities, with the help of which employees' salaries are calculated, following which they are delivered to the bank accounts, after paying the related taxes and according to the company's regulations. But for more information on this matter, we invite you to contact us and talk to our specialists in the field.
Elements of the trust in Turkey
must have a settlor who can be an individual or a company. Turkish companies
can also set up trusts outside the country. Then, the settlor must appoint a trustee who can be an individual or a company and who will manage the assets conveyed through the deed of trust
. The beneficiary or beneficiaries are those in favor of which the trust
was created. The beneficiaries can be foreign or Turkish citizens
Taxation of trusts in Turkey
are not recognized as legal entities in Turkey
, the taxation system
applicable will not have any negative impact on the settlor or beneficiaries of a trust
. Considering trusts
are used for estate planning reasons in most jurisdictions, the Turkish Tax Code provides for the levy of a tax on real estate transfer and of the value added tax.
For full information on the Turkish taxation system, please feel free to contact us
. You can also rely on our company registration advisors
if you want to open a company in Turkey