Turkish President Recep Tayyip Erdoğan has proposed introducing a 20-year tax break for new residents of the country—both individuals and companies, according to the publication Imi.

According to the proposal, those who have not been tax residents of Turkey for the past three years will be eligible for the break. After moving to the country, they will be exempt from paying taxes on income earned from foreign sources for 20 years.

Income earned within Turkey will be taxed at the standard rate—a progressive rate of 15% to 40% depending on income level. Inheritance and gift taxes for new residents will be 1%, while the standard rate can reach 30%.

At present, the initiative remains only a lip service: the corresponding package of bills has not yet been submitted to the country's parliament, and the timeframe for its consideration has not been determined. The final terms of the preferential regime will be enshrined in legislative documents.