Many questions arise when considering retirement: When can I retire? What amount should I put aside? Will I continue to volunteer or work? How am I going to stay active? Where you intend to retire influences how you respond to each of these questions. Should you retire abroad or at home? Many foreigners choose to retire in Turkey for good reasons.
Whether you desire time by the poolside or the opportunity to visit new cities, some foreign locations are significantly more affordable than your native country. Retiring in Turkey can be a terrific alternative to save a little extra money, whether you want a larger residence or want to extend your retirement budget – especially as you will likely receive a decent exchange rate. At API Investment, we are passionate about helping our clients make the best choices, and we explore the main questions asked about retiring in Turkey in this post.
Should I Buy Property in Turkey or Rent?
The main goal of purchasing property abroad is diversification. This justifies buying rather than renting during retirement, regardless of whether you’re investing or not. Buying property in Turkey as a retirement home entails transferring funds from your country to another market and currency. Use some of your money to buy a retirement home where you wish to live and another portion to invest in a different market that might use foreign currency. That way, you can achieve diversification and a rent-free retirement.
That is, if you make an investment in Turkish real estate where you eventually plan to live when you retire abroad, when the time comes to flip that switch, your retirement home will be ready, waiting, and paid for, which means you won’t have to worry about housing costs. The majority of retirees’ budgets are primarily devoted to housing. So, your cost of retirement becomes much more bearable if you take it off the table. Another benefit of buying property in Turkey rather than renting is that it encourages you to “take the plunge.” It enables you to advance your life while embracing the brand-new experience firmly.
Many people who rent before they buy do so so they can keep a house in their hometown “just in case.” While this could make sense, it also acts as a drag and an anchor. It may divert your focus and impede your move into your new life. You risk falling into the water if you keep one foot on the dock and the other on the departing boat. You might only be partially committed, which would be a disadvantage.
Do I need Turkish Residency when Retiring in Turkey?
Retirement visas are not available in Turkey. If you plan to retire in Turkey, you must instead apply for a Turkish residency permit. Within a month of your arrival in Turkey, you must apply for a short-term residency permit. You can do this easily on the Turkish Ministry of Interior website. After you’re done, it will prompt you to schedule a visit with the local DGMM office to continue the procedure and make the necessary payment for your visa.
A temporary residence permit is given out every two years. You can apply for a long-term residency permit once you’ve continuously resided in Turkey for eight years while holding a short-term visa. You will probably need to provide evidence that you have sufficient assets, regardless of the type of residence visa you seek. Depending on whether you have dependents, this requirement may change. Still, typically, a single individual needs to have enough money saved up to equal one month’s worth of the Turkish minimum salary. That would be the equivalent of about $450 as of the beginning of 2023.
The quickest and easiest way to obtain permanent residency in Turkey is through the Turkish Citizenship by Investment program. With real estate investments starting at $400,000, you can accomplish it in two months. Furthermore, Turkey permits dual and multiple citizenships, so you won’t have to give up your previous passport from your home country. Therefore, it’s advantageous if you wish to travel freely between Turkey and your own country.
Healthcare in Turkey for Expat Retirees
You will be pleasantly pleased by the exceptional level of healthcare in Turkey offered at reasonable prices since it has undergone a significant transition as a nation and political entity. Public or private health insurance is required for all inhabitants under 65, and public health coverage is granted to residents over 65. In addition, the government-run Sosyal Güvenlik Kurumu accepts applications for public health insurance from foreign nationals who have been living in Turkey for more than a year under their residency visa (SGK). Expats typically combine this with private insurance to offset additional costs at private facilities.
What’s The Cost of Living in Turkey?
The low cost of living in Turkey is one of the main draws for people retiring in Turkey. Day-to-day living costs are significantly lower than in developed European nations. Since you won’t be working anymore, you’ll need a place where you can live comfortably without spending much money. Utilities, food, and water are reasonably priced, and you don’t even have to pay for a television license!
Where are The Best Places to Retire in Turkey?
The Antalya region covers a significant stretch of Turkey’s south coast, but the city benefits from several characteristics. First, visitors worldwide are drawn to the cosmopolitan atmosphere, which comprises a sizable city center and more intimate beach resorts. Meanwhile, established ex-pat communities have quickly acclimated to life in the Mediterranean. Finally, due to its year-round activity, Antalya is preferred by expats as a place to retire in Turkey over other smaller resorts that are only accessible from May to October. Keep this in mind as you consider potential areas.
Kalkan, a premium location on the western fringe of the province of Antalya, commands attention as a luxury Turkish Riviera hub. Although some retired expats only go to the resort in the summer, there is an active community all year long if you wish to make new friends and widen your social circle.
The stunning environment, relaxed atmosphere, and affordable cost of living in Fethiye have drawn a sizable number of foreign retirees. While some individuals have chosen to dwell in the town center, which offers year-round shopping, dining, and entertainment opportunities along with a first-rate transit system, others have chosen to live in smaller resorts like Hisarönü, Ovacik, and Caliş. In addition, Fethiye’s proximity to the Dalaman airport adds to its appeal.
Retiring in Turkey? API Investment Can Help
Turkey is a country with a strong sense of identity and friendly people that are eager to share their culture. That sense of belonging, the nation’s stunning natural features, and the affordable cost of living are all excellent reasons to retire in Turkey. If you want to retire in Turkey and need a knowledgeable advisor, API Investment is here to help. Additionally, because of the Turkish origins of our long-standing company, we can help you find the right property to serve as both a wonderful retirement home and a successful investment. Contact our team today to plan your dream retirement living in Turkey.
