Retiring in Türkiye
Türkiye, a perfect blend of history, culture, and breathtaking landscapes, is viewed by many as an ideal destination for retirees seeking a fulfilling chapter in life. Nestled at the crossroads of Europe and Asia, it offers a unique mix of tradition and modern comfort that a lot of retires from the neighboring European countries and the UK have come to appreciate.
In addition to the natural beauty and mild climate, the country offers relatively straightforward residency application processes for retirees and a lower cost of living compared to most other countries in Europe.
So, if you are thinking about retiring in Türkiye, let's look into some details.
Why retire in Türkiye
As we've mentioned above, there are quite a few reasons why expats may choose to retire in Türkiye.
Türkiye offers a relatively low cost of living compared to many Western countries, making it an attractive option for retirees looking to make the most of their retirement income. An important condition of financial well-being is that your income comes in foreign currency. As the Turkish Lira continues to fluctuate, the purchasing power of those receiving their income in local currency continues to drop. However, if you receive your income in foreign currency, you will find that your living expenses here may be substantially lower that in most European countries.
Türkiye boasts a rich cultural heritage with a blend of Eastern and Western influences. The country is home to numerous UNESCO World Heritage Sites, including Ephesus, Troy, and Pamukkale. Retirees can explore these historical treasures and enrich their cultural understanding. Retirees can immerse themselves in historical sites, vibrant markets, and diverse traditions. Moreover, from the stunning beaches along the Mediterranean and Aegean coasts to the captivating landscapes of Cappadocia, Türkiye offers diverse and picturesque natural surroundings. A lot resort towns in Türkiye are “used to” expats and visitors, and navigating your travels in the country should be relatively easy.
Many regions in Türkiye enjoy a Mediterranean climate, characterized by mild winters and warm summers. This climate is favorable for those seeking comfortable living conditions, especially if you are looking to escape less friendly weather conditions back home.
Turkish people are known for their warm hospitality and friendliness. Expats often find a welcoming and inclusive community, facilitating a smooth transition to their new lifestyle.
Türkiye has a well-developed healthcare system with modern facilities. Access to quality medical care is crucial for retirees, and Türkiye provides reliable healthcare services. In the country's major cities, you will also find international hospitals, such as the American Hospital in Istanbul.
The real estate market in Türkiye offers diverse options, from seaside properties to historical homes. Expats can often find suitable and affordable housing based on their preferences.
Finally, Türkiye has a growing expatriate community, providing retirees with a sense of community and support. Expat groups and organizations contribute to a fulfilling social life.
How to retire in Türkiye: Formalities
Retiring in Türkiye involves several formalities and considerations.
First, if you plan to stay in the country for over 90 days in a 180-day period, you will need to apply for a residence permit. For retirees, this is typically valid for one to two years and can be renewed. You'll need to apply for a residence permit at the Office of Migration Management (Göç İdaresi) in your area. This may involve providing the following:
- Proof of income: to apply for a residence permit as a retiree, you will need to provide an official document proving state or private pension income in the amount of at least US$800 a month. The specific financial requirements may vary, so check with the relevant authorities in your area at the time of application.
- Health insurance: obtain health insurance that covers your stay in Türkiye. While the country has a public healthcare system, private healthcare is also prevalent. Having comprehensive health coverage is important, and you may need to present proof of insurance during the residence permit application.
- Proof of accommodation: in a lot of cases, to apply for a residence permit as a retiree, you will also need to present proof of accommodation. This can be a long-term lease or a deed to the real estate that you have purchased in Türkiye.
Consider consulting with legal professionals who specialize in expatriate or retirement matters in Türkiye. They can provide guidance on specific legal requirements and potential pitfalls.
The costs of retiring in Türkiye
The costs of retiring in Türkiye will surely vary, depending on your lifestyle, location, and personal choices.
Türkiye is generally known for having a lower cost of living compared to many Western countries. Housing, food, transportation, and daily expenses can be more affordable. However, costs can vary significantly between urban and rural areas as well as resort towns and inland towns.
Housing
Housing costs in Türkiye depend on factors such as location, size, and amenities. Keep in mind that the legal requirements and restrictions for expats renting and purchasing property change frequently — this is why it's essential to consult real estate professionals when you are making your real estate decisions.
Utility costs, including electricity, heating, cooling, water, and internet, are generally reasonable in Türkiye. However, these costs can vary depending on your usage and location.
Good to know:
Türkiye imposes restrictions on areas where the number of registered foreigners exceeds certain quotas. These areas are known as “closed neighborhoods,” — and you won't be able to use rented or purchased accommodation in these areas as proof of accommodation in a residence permit application.
Healthcare
While healthcare in Türkiye is generally more affordable than in many Western countries, it's crucial to budget for health insurance, especially as a retiree. Private health insurance costs can vary based on coverage and individual health needs.
Transportation
Public transportation in Türkiye is often inexpensive. However, if you plan to own a car, consider the costs of purchasing, maintaining, and fueling a vehicle. Note that the tax rate for vehicle purchase in Türkiye is very high: vehicles that cost up to 200,000 Liras come with a 70% tax rate, while those priced above 200,000 Liras are taxed at 80%. In short, purchasing a car of the same make and model in Türkiye can cost you double or even triple its price in Europe.
Food, groceries, entertainment
Grocery prices in Türkiye are generally affordable. If you enjoy dining out, eating at local restaurants can also be cost-effective compared to many Western countries. The cost of leisure activities, entertainment, and cultural events can vary. Türkiye offers a rich cultural experience, and the costs will depend on your preferences and lifestyle.
Important:
As the Turkish Lira is a highly unstable currency, receiving income in a foreign currency (such as the US Dollar, the Euro, or the UK Pound) will be highly beneficial for your purchasing power.
The best areas to retire in Türkiye
If you are considering a retirement in Türkiye, you are probably looking for warmth, the sea, beautiful views and an expat-friendly environment. This takes us to the Aegean and Mediterranean coasts.
The largest city on the Mediterranean coast of Türkiye is Antalya. Antalya is known for its stunning beaches, historic sites, and pleasant climate and offers a mix of modern amenities and a relaxed lifestyle. The city has a large Russian expat population, and a lot of local businesses have Russian signs and staff that speak the language.
If you are looking for a town with an English-speaking expat community, consider Fethiye. Nestled along the Turquoise Coast, Fethiye is surrounded by lush landscapes and offers a serene environment. The town is home to one of Türkiye's most famous beaches, Ölüdeniz, and would make a great choice for those looking for natural beauty, lots of hiking routes, and a generally laid-back lifestyle. Keep in mind that the closest airport to Fethiye is a one-hour drive away.
Known for its vibrant nightlife, Bodrum also has beautiful beaches, historical landmarks, and a lively atmosphere. It's a popular destination for those seeking a mix of leisure and entertainment.
Situated on the southern coast, Alanya boasts a pleasant climate, affordable living, and a welcoming community. It's a relaxed destination with beautiful beaches and historical attractions.
For a tranquil retirement, Kaş, on the Lycian Coast, offers a chill atmosphere, charming streets, and stunning views of the Mediterranean. It's ideal for those seeking a peaceful coastal retreat. The cost of living in Kaş may be slightly higher than in other coastal towns as housing options are mostly limited to villas and standalone houses.
Another gem on the Turquoise Coast, Kalkan is known for its picturesque harbor, rooftop restaurants, and sophisticated ambiance. It attracts retirees looking for a refined coastal lifestyle.
Sitting between Fethiye and Dalaman, Göcek is a small coastal town surrounded by islands. It offers a tranquil setting, making it appealing to retirees looking for a peaceful waterfront lifestyle. It would be the perfect match for those interested in yachting and have the budget for more upscale living as the cost of living in Göcek can be rather high.
Between Bodrum and Fethiye, we find Datça. This is a charming small town, famous for its wineries, farm to table dining, and natural beauty. Settling in Datça would be a great choice for those who value good food, picturesque landscape and quiet.
Located on the Aegean coast, Çeşme is famous for its thermal baths, beautiful beaches, and relaxing environment. It's yet another strong choice for those seeking wellness and leisure.
