The Trust Law, which regulates various forms of trusts, resembles the Anglo American model, although the general applicability of this law is wider. A trust has no necessary form and no particular procedure is necessary to form a trust that falls within the law. A trust purports to cover any situation in which someone is empowered to deal with property for the benefit of another. Whether a trust arises within a certain legal relationship is not subject to the will of the parties. It is the contents of the relationship that reveal whether a trust arises.

Turkey International Trust Key Features

  1. The trustee is endowed with control over the assets, although there are no particular conditions as to the manner of control.
  2. A common means of control is acquired through title to the trust assets passing to the trustee.
  3. The trustee may, however, be vested with control over the assets by being empowered to deal with them.
  4. A trustee is deemed to have control if the trustee can act to affect the way the trust assets will be dealt with, including whether these are distributed, invested, or exchanged for other assets.
  5. The trustee must exercise control over assets to fulfil the purpose of the trust.
  6. A trust will be valid and enforceable where there is a definite beneficiary or where there is no definite beneficiary but there is some purpose to the trust

Turkey Trust Legal Requirements

Turkey Trust

Corporate Details

  • Type of Entity

Trust

  • Registered Office in Turkey

Yes

Share capital or equivalent

  • Standard currency

USD

  • Permitted currencies

Any

  • Minimum paid up

None

Trustee

  • Minimum number

One

  • Corporate directorship allowed

Yes

Protector

  • Minimum number

Turkey does not recognize the Institution of a protector

  • Corporate shareholder allowed

NA

Accounts

  • Requirements to prepare

Yes

  • Audit requirements

No

  • Requirements to file accounts

No

Turkey Trust Tax Requirement

Turkey Trust are tax exempt

Turkey Trust Duration of Set up

2 Weeks

Turkey Trust Distinctive Benefits

  • Turkey Trust are tax exempt on all nonresident incomes.
  • Turkey does not recognize the Institution of a protector.
  • There is no minimum paid up capital for a Turkey Trust.
  • The trustee must exercise control over assets to fulfil the purpose of the trust.

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