Turkey rises as a preferred retirement location by 2025, according to a report
In recent years, Turkey has been gaining popularity as a retirement destination, offering a unique blend of affordability, straightforward residence procedures, and financial advantages. The country ranks 5th globally in economic accessibility, making it an attractive choice for those seeking a cost-effective retirement location.
Obtaining residence in Turkey is achievable within a reasonable timeframe and under clear requirements. The process begins with the issuance of a Short-Term Residence Permit (STRP), which usually takes about four months to process and covers spouses and dependent children. To qualify, applicants must demonstrate proof of at least €1,000 in monthly income.
Retirees in Turkey can find opportunities grounded in cost-effectiveness and flexibility based on foreign exchanges. The weaker Turkish lira contributes to Turkey's economic appeal, making it easier for retirees earning in foreign currency to enjoy a comfortable lifestyle. Additionally, Turkey does not levy wealth tax or inheritance tax on assets located within the country, providing an added financial benefit.
The quality of life in Turkey ranks 28th, reflecting a mixed picture with appealing climate, culture, and lifestyle, but also issues such as infrastructure, healthcare quality, or social services. While safety and integration remain concerns, with Turkey ranking 42nd in these categories, the country offers competitive tax conditions, ranking 21st in tax optimization.
Residency in Turkey can lead to citizenship after five years, and Turkey allows dual citizenship. However, it's worth noting that countries and cities offering benefits comparable to Türkiye for retirees include Portugal (notably the Algarve region) and Spain's Costa Blanca. Both provide favorable tax regimes and lower living costs similar to Türkiye, and many EU countries and Switzerland have social security and double taxation agreements with Germany, facilitating pension receipt and reducing tax burdens.
Turkey distinguishes itself with economic accessibility, ranking 5th globally in this category. Economics is Turkey's strongest area, with relatively low living costs for those earning in foreign currency, competitive property prices, and overall financial accessibility. This, combined with the country's emergence as a favorable retirement destination, makes Turkey an appealing choice for retirees seeking a cost-effective and straightforward retirement experience.
In a recent report, it was indicated that 86 foreign investors were granted Turkish citizenship through a private pension scheme, further highlighting the country's appeal for retirees. While concerns about safety and integration remain, the benefits of living in Turkey, such as its cost-effectiveness, financial advantages, and straightforward residence procedures, make it an attractive retirement destination for many.
In conclusion, Turkey offers a unique blend of affordability, financial advantages, and cultural experiences, making it an appealing retirement destination for those seeking a cost-effective and straightforward retirement experience. However, potential retirees should consider the country's challenges in personal security perceptions and social adaptation as a foreign resident before making a decision.
