How to Retire in Turkey: Guide, Cost and Visas

As Turkey does not offer a visa expressly for retirees, you must instead apply for a residency permit. Anyone planning to stay in the country for more than three months must meet this condition. Retirees under the age of 65 are required to have either public or private health insurance. Expats with a residency permit in Turkey for more than a year can apply for public health insurance through the state-run Social Security Institution (Sosyal Guvenlik Kurumu - SGK). To cover additional payments at private facilities, most retirees choose to augment this with private insurance.

Turkey has a strong feeling of national identity and a welcoming population eager to share its culture with visitors. Turkey is a safe place to retire because of this sense of belonging, as well as the country's magnificent features and inexpensive living costs.

Is Turkey Good for Retirement?

You don't need to look further if you want to live a Mediterranean lifestyle at a low cost. Turkey is your best option. Turkey will provide you with whatever you wish in your retirement.

In Istanbul, you may live a cosmopolitan lifestyle, whereas, in Antalya, you can relax and listen to the waves. Because of the currency exchange rate, Turkey is the greatest place to retire. In comparison to your own country, you may enjoy a luxurious lifestyle on a tiny budget. In 2019, the average retirement age in Turkey was 58 years old for women and 60 years old for men.

Why Do You Retire in Turkey?

The low cost of living is the primary reason for retiring in Turkey. In comparison to cosmopolitan European countries, life is much less expensive. The weather is wonderful; you may swim in the sea and enjoy the warm breeze that welcomes you in summer or you can go skiing in the winter.

It is necessary to highlight Turkish cuisine, which offers a wide range of flavors. Turkish cuisine is typically produced with fresh ingredients and offers a wide range of options. Last but not least, Turkey, being a crossroads between Asia and Europe, provides you with quick and inexpensive travel options.

Who Can Retire in Turkey?

The answer is that ''anyone'' who is ready to start a new adventure in a new country can enjoy their retirement in Turkey. All you need is to be ready for a new culture and a new country. The most important thing is your will to start a new life but you will also need enough money to cover the expenses of your new life.

What is the Cost of Living in Turkey?

A single person's cost of living in Turkey is estimated to be roughly US$312 without rent. This cost increases to US$1,070 for a family of four, while the average cost of living in Turkey is %53 lower than in the United States. In Turkey, the typical rent for a three-bedroom apartment in the city center runs from 178 to US$623, which is %80 less than in the United States. 

Is Turkey Cheap to Live In?

Turkey is a country where you can live on a very reasonable income compared to cities in Europe. There are many reasons for this. The first reason is that the currency, namely the Turkish lira, has experienced a huge depreciation against the dollar in the recent period. So, you have a better life opportunity for the same price.

Secondly, since it works as a social state, most of the sectors such as Health in Turkey are covered by the state for you, which ensures that you have no additional costs. Also, since this country is made up of quite several different regions, you can significantly reduce your expenses by choosing a smaller city.

How is Healthcare in Turkey?

With its active and skilled health personnel, Turkey provides some of the greatest healthcare in the world. The pharmaceutical sector in Turkey has benefited from increased investment in medical care.

Turkey's average healthcare cost is predicted to be approximately 2,030 Turkish Liras, which is equal to US$148 per person, which is relatively reasonable.

How are the Taxes in Turkey?

Individual and corporate income taxes are the two main types of taxation in Turkey. Individual tax rates in Turkey range from 15% to 35%. Being a Turkish resident has a significant impact on individual taxation. Non-residents are only required to pay taxes on income generated in Turkey. Non-residents are regarded as having "limited tax liability.

Property taxes are set by the local government and range from %0.1%0.3. In metropolitan areas, these rates are increased by a factor of 100.

How to Retire in Turkey?

If you want to retire in Turkey, you must first secure a visa and then apply for a short-term resident permit. You must prove that you have sufficient assets to receive any type of authorization. Then you need to find yourself a place to live. This is necessary for citizenship and to avoid high hotel prices.

Is Turkey Safe for Retirement?

Turkey is usually regarded as a secure country, and many foreigners have settled without incident. 

What are the Requirements to Retire in Turkey?

Retirees must apply for a residency permit first. You will require citizenship unless you are a Turkish citizen. Foreigners who become Turkish citizens did so through marriage or by enrolling in a citizenship-by-investment scheme. To be eligible for this program, you must have a net worth of at least $400,000. Only qualified foreigners who have lived in Turkey for eight years are eligible for the long-term resident permit. Proof that you can financially support yourself in Turkey is required when applying for a residency permit.

How Much Money do You Need to Retire in Turkey?

When you consider how much money you will need in  Turkey,  you have to consider many factors. For example, if you own a house and you don't have to pay rent savings from rent money will be a lot. The place of your retirement also carries a lot of importance since prices differ from city to city. To simplify this matter if the retired person owns a house in Turkey $1,000 would be more than enough for monthly expenses.

Does Turkey Have Visa for Retirement?

The answer is no, and your best options are to apply for a residency permit or to make corporate or personal investments and start looking for business prospects in Turkey. After 8 years, you will be eligible for social security, medical coverage, and a pension, and you will be able to begin your long-term residency permit with an indefinite work permit. You can also choose to retire in Turkey, as many people from the United Kingdom and the United States have done in this tax-free paradise.

Do You Need to Residence Permit for Retirement in Turkey?

Yes, you will need a residence permit to live in Turkey no different than in other countries. You have to follow certain protocols before you begin your adventure. To retire in Turkey, you must first obtain a visa upon arrival in the country and then apply for a short-term residency permit. To obtain any form of authorization, you must prove that you have sufficient assets.

You should look for a DGMM office near you and apply for a short-term residence permit there. After 8 years of continuous residency in Turkey, you can apply for a long-term residence permit, which allows you to stay in Turkey indefinitely.

The Importance of Real Estate Investment in Retirement

One of the most popular options for foreigners planning retirement in Turkey is real estate investment. Turkey offers affordable housing, making it an attractive choice for retirees looking to reduce living costs. Purchasing property not only lowers expenses but also serves as a long-term investment that increases in value. Additionally, real estate investment can make it easier to obtain a residence permit, providing significant advantages during the retirement process in Turkey.

Where should You Live after Retirement in Turkey?

You've worked hard for years and are probably looking for a beautiful city to warm your heart and relieve your fatigue. Here is a list of the five best places to live in Turkey after retirement.

• Istanbul: Istanbul is your best option if you want to reside in a big city. According to the statistics, life in Istanbul is the most expensive, yet with wonderful opportunities to buy properties in Istanbul also its beauty continues to attract many travelers and locals.
• Antalya: Antalya stands as the beauty of the Mediterranean Sea but is also known for having the best nightlife this city is the favorite city of many tourists.
• Alanya: In recent years Alanya is a rapidly growing choice for ex-pats to spend their time in retirement. It is a generally warm city with welcoming people among other popular tourist cities Alanya stands with its urban life and cheap housing prices.
• Mugla: If you want to experience joy from natural beauty Mugla is a good choice for you. Especially in Fethiye and Kalkan. Among the places to visit in Mugla are the Blue Lagoon, Butterfly Valley, and Saklikent in Fethiye. Kalkan offers a more luxurious life with luxury villas and beach clubs. This city is the most popular choice for British ex-pats.
• Bursa: Unlike other examples, there is no sea or shore in Bursa but this city offers something very different. With its amazing architecture from the Ottoman era, Bursa stands as a favorite city for people from middle eastern countries.