Turkey is experiencing an extremely difficult situation, with the Turkish Lira plummeting and terrorist attacks rocking the country. The situation is immensely complex as ongoing refugee crisis, slow global economy, separatist movements, and the ongoing civil war in Syria presenting Turkey with many grave challenges.
In the long run, Turkey will likely prevail, but in the short-run your wealth will be at risk. The lira could suffer further declines, banks could come under pressure, and the economy may suffer more contractions. Greece showed us dramatically that capital controls can cut off families and companies from their assets over night. Luckily, you have a choice, you can move some or all of your assets abroad. By setting up an offshore bank account and/or company, you can shield your wealth from turbulence at home.
Setting up offshore is relatively straightforward when you use trained experts, such as ourselves. We know the best offshore jurisdictions, which banks to work with, and how to handle all of the paperwork.
For families and businesses located in Turkey, offshoring can offer numerous benefits. An offshore company can be set up to hold your assets and to provide a degree of separation between your wealth and yourself. Accounts held in USD or Euro currency will not be affected if the Lira slips further. In addition, funds on offshore bank accounts are much easier to be transferred than physically stored gold. Offshore accounts will not be affected by Turkish capital controls as long as you set them up in time.
Offshoring is easy when you’re in the right hands:
- There are no travel requirements, everything can be handled remotely.
- Essentially every business and every family can benefit from offshoring, and we can work with just about anyone.
- Nominees can be used to increase privacy and confidentiality.
- We provide free, no strings attached consulting.
- Costs start at under 650 Euros.
Remember Greece, Set Up Offshore Before It’s Too Late
After the financial crisis struck Greece and the government instituted capital controls, many Greeks wanted to offshore. Unfortunately, for many it was too late and they had to struggle through tight capital controls. That’s why preparation is always a necessity.
Could a similar situation strike Turkey? Nobody knows, but history has taught us that it is best to prepare for the worst. Financial crises and instability tends to sneak up on us, even with countless economists and experts keeping watch. Luckily, geographical diversification through offshoring can help protect both you and your family.
Most recommended countries to register an offshore company
Nearby Cyprus, which features taxes of only 12%, and offers a very affordable and simple setup process, is a popular choice for Turks. Despite tensions between Cyprus and Turkey, the country remains a great choice for setting up offshore. Cyprus is presently the cheapest way to obtain a EU registered company and bank account.
Other popular jurisdictions include:
- Hong Kong, which has no taxes on international income, is affordable, and takes only 3 to 5 days to set up.
- The Seychelles, which also features no taxation, low costs, and registration can be completed in a single day.
Our experts are available to answer any question you have – free of charge – by email and phone. Contact us today!