Governments are no longer competing for international capital in the same way.

Some are increasing the cost of passive ownership. Others are building incentives to attract mobile entrepreneurs, investors, and internationally held wealth.

Two recent examples show that shift clearly. In New York, policymakers proposed a pied-à-terre tax on high-value homes that are not used as a primary residence. In Turkey, the government announced a proposal for a 20-year exemption on foreign-source income and capital gains for eligible new residents. Both measures were announced in April 2026, and neither is law yet. But together they point to something more important than the headlines: jurisdictions are becoming more selective about the type of capital they want.

Two very different messages

New York’s proposal targets residential properties valued above USD 5 million that are not used as a primary residence, with officials presenting it as a way to raise revenue and push more of the burden onto ultra-wealthy non-resident owners. The underlying message is clear: holding a premium asset in a major city without meaningful local participation may become more expensive.

Turkey’s proposal sends the opposite signal. President Recep Tayyip Erdogan announced a reform package that would allow qualifying individuals who have not been Turkish tax residents for the previous three years to relocate to Turkey and potentially benefit from a 20-year exemption on foreign-source income and capital gains. Turkish-source income would remain taxable, and the proposal also mentioned a 1% inheritance and gift tax rate for qualifying individuals.

One jurisdiction is asking: if you benefit from this market, what are you contributing?

The other is asking: what would it take for you to move here, stay here, and build from here?

This is not about real estate or tax in isolation

It would be easy to read these as two separate stories. One is about luxury property. The other is about tax incentives for new residents.

But the more useful reading is broader.

These are examples of how governments are redefining their relationship with international wealth. In practical terms, the old assumption that capital is always welcome is becoming less reliable. Whether you are holding property, relocating personally, or expanding a business internationally, the question is no longer just where conditions look attractive on paper. It is whether your structure matches what that jurisdiction is trying to encourage.

That matters because structuring mistakes often come from looking at jurisdictions in isolation.

A founder sees a low-tax regime and assumes it is the answer.

An investor sees a prime market and assumes holding assets there will remain simple.

A business sees a well-known jurisdiction and assumes reputation alone solves the operational side.

In reality, jurisdictions reward different forms of activity. Some want substance. Some want relocation. Some want jobs, exports, or financial sector participation. Others are becoming less tolerant of dormant ownership and passive positioning.

The real takeaway for international clients

For internationally mobile entrepreneurs and investors, the lesson is straightforward: tax and residency decisions cannot be separated from strategy.

New York’s proposed tax is a reminder that ownership without use can become politically and fiscally exposed. Turkey’s proposal is a reminder that some jurisdictions are still willing to offer very competitive entry terms when the policy objective is to attract new residents and foreign wealth.

Neither development should be read as a universal answer.

New York is still one of the world’s key property and financial markets. Turkey, even if this proposal is enacted, will not automatically be the right fit for every entrepreneur, investor, or family. The point is not to chase whichever jurisdiction looks cheapest or most prestigious in a given week.

The point is to understand direction.

A jurisdiction that is becoming more expensive for passive ownership may still make sense for commercial access, asset diversification, or long-term family positioning.

A jurisdiction offering a major tax incentive may still be the wrong choice if the legal framework, banking environment, business ecosystem, or personal residency reality does not fit the client.

Why this matters for structuring

This is where many international plans fail.

People compare countries as if they were products. They ask which one is best, cheapest, or most tax efficient.

That is usually the wrong starting point.

The better question is this: what are you trying to achieve over the next three to five years, and which jurisdiction actually supports that path?

For some clients, that means separating operating business, holding structures, and personal residency.

For others, it means accepting that a top-tier jurisdiction is not the right first move.

And for many, it means understanding that what works for asset protection is not always what works for tax residence, licensing, or market entry.

2026 is making one thing clearer

Jurisdictions are becoming more intentional.

Some want active participation and are penalizing passive holding.

Others want to import talent, capital, and businesses and are willing to design incentives around that goal.

That trend will continue.

The winners will not be the people who react to every new proposal. They will be the ones who build structures that can adapt as policy direction becomes clearer.

Final thought

There is no best jurisdiction.

There is only the right sequence, the right role for each jurisdiction, and the right timing.

New York and Turkey are moving in very different directions, but they tell the same story: international structuring is no longer about picking a place that looks good today. It is about building a position that still makes sense when policy changes tomorrow.

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