According to the Asset Redemption Law (Law No. 5811), which entered into effect in November 2008, no assessment shall be conducted by the Ministry of Finance against individuals and legal entities in relation to properties they own outside Turkey or properties that were not registered or declared in Turkey as of 1 June 2009, provided that such individuals and/or legal entities have repatriated and/or declared such properties (including their real estate monies, foreign currencies, gold, share certificates and securities) by registering such immovable properties and declaring such movable properties with a bank, financial intermediary or tax office in Turkey, and that a one-time tax of 2% on the (repatriated) value of off-shore property and 5% on the value of on-shore property has been paid. Additionally, in the event that the Ministry of Finance were to assess any amount of tax in relation to income, corporate or value-added tax as a result of tax investigations for tax years prior to 1 January 2008, any amounts declared within the scope of the Asset Redemption Law will be deducted from such assessment, i.e. the declared amount under Law No. 5811 would also serve as an insurance against potential tax reviews in relation to tax years prior to 1 January 2008. Individuals and legal entities were able to benefit from the advantages of the Law No. 5811 by declaring their assets by 31 December 2009.

The outcome has been significant as the total amount of declarations has reached TL47.3 billion (approximately USD30 billion). Such amount is expected to help Turkey navigate the continued global economic turbulence, at least during 2010. Depending on the economic outlook for 2011 the Turkish government may grant another term under a similar asset redemption law, although most likely not before the end of 2010.