Are you an expat who wants to retire in Turkey and live in a beautiful coastal town on the Mediterranean coast? Honestly, I can’t think of a better place to retire in the whole world! Turkey is an affordable country to live in, and Turkish people are the friendliest and most hospitable people you’ll ever meet! These are just some of the best reasons for retiring in Turkey.
Now, let’s learn everything you need to know about retiring in Turkey as an expat.
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What Visas Do I Need To Retire In Turkey?
For seniors moving to Turkey, there are no special visa requirements. Those who wish to relocate must apply for a long-term residence permit. First, you will need to arrange for a short-term permit on the Turkish Ministry of Interior website within the first month of your stay. Every two years, a new short-term permit is granted to you.
On the other hand, you can apply for an indefinite long-term residency visa after eight years of continuous residence in Turkey. When you’re asking for a long-term or short-term visa, you’ll usually need to provide proof of sufficient finances which must at least equal to the Turkish minimum wage.
How Much Money Do You Need To Retire In Turkey?
Turkey is undoubtedly a good choice if you want to move somewhere where your money will go a little further.
The average cost of living is 53% less than in the US, and even living in a metropolitan area is substantially less expensive than in the US.
Eating out is also inexpensive. Meals that include both mezze and main courses can cost as low as $6 on average, and dining out can be much more affordable if you shop at local markets.
Transportation is also quite cheap; long bus journeys can run about $5, but flights to other European locations occasionally cost about $40.
What Are The Tax Regulations For Retiring In Turkey?
In Turkey, as in many other nations, there are various tax rates for residents and non-residents. While non-residents are only required to pay taxes on income originating in Turkey, residents are taxed on their entire worldwide income. The tax system in the nation is progressive, with rates varying from 15% to 40% based on your income bracket.
There is a tax pact between the United States and Turkey that may offer some respite. As a result, you will only be required to contribute to the Social Security system of one nation, which in Turkey is a 14% flat tax for workers. If not, there are tax exemptions that can help you reduce your income tax liability in the United States.
One example is the foreign-earned income exclusion. If you can show Turkish residency, you can remove the first $120,000 in foreign-earned income.
What Are The Healthcare Options In Turkey?
Both public and private health services are part of Turkey’s healthcare system. The central government body responsible for healthcare is The Ministry of Health (Sağlık Bakanlığı).
The level of infrastructure in a given area has a direct impact on the quality of healthcare provided in Turkey. Larger cities, such as Istanbul, naturally have greater services than more rural locations, where people are less likely to understand English.
Under 65-year-old inhabitants of Turkey must have public or private health insurance; non-residents can apply for public health insurance after more than a year of residency.
Where Are The Best Locations In Turkey To Retire?
Your dream retirement lifestyle will determine where you choose to settle in Turkey. Do you want to escape the large cities and spend your post-work days at the beach? Or would you rather just take in the culture of the nation, with all of its vibrant bazaars and historic ruins?
While you should do your own research to decide which Turkish city best fits your ideal retirement, here are some of the most popular destinations in Turkey:
- Antalya
- Fethiye
- Istanbul
- Bodrum
- Alanya
- Muğla
Can An American Citizen Retire In Turkey?
There is no visa specifically for foreigners who are retiring in Turkey, so they must apply for a residence permit, which is mandatory for stays over three months.
What Happens To My Retirement Benefits If I Retire In Turkey?
One question that probably crosses your mind if you’re considering retiring to Turkey is if you’ll still be able to collect your retirement benefits.
The good news is that you remain eligible for Social Security benefits while residing overseas, just like you would if you were a US citizen. Therefore, if you were living in Turkey, you would receive them in the same way as if you were living at home.
It’s crucial to keep in mind, though, that you will still be subject to taxes on your worldwide revenue. Therefore, filing your tax returns will still be required if you are a retiree residing in Turkey.
How Do You Say “Retirement” In Turkish?
The word “retirement” translates to emeklilik in the Turkish language.
Related Turkish Vocabulary
For learning more words and phrases in the Turkish language, why not give the Ling app a try? You’ll get to learn so much more in a fun and engaging manner!
Frequently Asked Questions On Retiring In Turkey
1. Is Turkey A Good Place To Retire?
Yes, Turkey is a good place to retire. It offers a lower cost of living, beautiful landscapes, rich culture, good healthcare services, and a welcoming atmosphere for expatriates.
2. How Much Money Do You Need To Live Comfortably In Turkey?
To live comfortably in Turkey, you would generally need around $1,000 to $1,500 per month. This covers rent for the apartment, utilities, groceries, and other living expenses, but it can vary based on your lifestyle and the city you choose to live in.
3. Does Turkey Tax US Pensions?
No, Turkey does not tax US pensions. Turkey has a tax treaty with the US that prevents double taxation, so your US pension income is not taxed again in Turkey.
To Wrap It Up!
Retiring in Turkey offers a blend of affordability, cultural richness, and quality healthcare, making it an attractive option for many seniors. With a cost of living significantly lower than in the US, you can enjoy a comfortable lifestyle on a modest budget. If you dream about serene coastal towns, Turkey is the best place for you!
