Planning to move to Turkey? Understanding the financial aspects is crucial, with property acquisition being a key expense. As of 2023, obtaining residency through tourist visas or leasing is no longer an option for foreigners.
In order to secure residency, one must invest in real estate, with the property’s title deed value required to be a minimum of $200,000. Investing in Turkey’s appreciating real estate assets presents an attractive opportunity for foreigners.
Residency Duration in Turkey
Initially granted for one year, residency is renewable annually. After residing in Turkey for five years with a valid permit, you can apply for Turkish citizenship.
Costs Associated with Purchasing a House in Turkey
Beyond the property acquisition itself, additional expenses include the title deed fee, set at 4% of the property’s value. From 2024 onward, an increase of 6% is anticipated.
Mandatory earthquake insurance, appraisal fees, sworn translator costs, and other taxes and charges constitute extra costs, totalling around $800-1,000 USD.
Cost of Living in Turkey
Turkey is a European country that welcomes millions of tourists each year. In recent years, there has been a sharp increase in the number of foreigners who want to move to Turkey. In this article, we’ll take a look at the costs of living in Turkey, category by category.
Subscriptions to Local Services
The cost of living in Turkey is considerably lower compared to European countries. Local services like electricity, water, and natural gas amount to approximately $100 USD per month.
Food Expenses in Turkey
Food prices in Turkey are generally more affordable than in Europe. Products such as fruits, vegetables, and fresh fish are not only cheaper but also delicious and of high quality.
While meat products are comparatively more expensive, with beef and lamb being preferred, chicken is a popular and cost-effective choice. Even though it is difficult to find pork meat, the regions inhabited by foreigners commonly have stores selling pork meat.
Turkey strictly prohibits the use of hormones and various chemicals in meat production. The average monthly food expenditure for a family is around $225 USD.
Communication and Telecommunications in Turkey
Telecommunication services, including internet, phone, and television, are reasonably priced compared to European countries. Monthly costs for unlimited home internet are approximately $35.
However, foreigners may encounter challenges with SIM cards being blocked within three months. Registering a foreign phone in Turkey costs $690 USD as of November 12, 2023. Therefore, buying a more affordable local phone is a practical alternative, considering that phone prices in Turkey are 40% higher than in European countries.
Health Insurance Costs in Turkey
Health services in Turkey are provided by both public and private hospitals. Public hospitals offer free services, while private hospitals require payment.
Obtaining health insurance is a prerequisite for residency applications, with an annual cost of around $50 USD for basic packages. However, these packages are limited to only public institutions and emergency treatments.
Comprehensive insurance covering treatment at both public and private clinics averages around $80 USD per month.
Education Expenses in Turkey
Public schools in Turkey are free for both citizens and foreigners. Private schools, however, are more expensive than public ones.
For instance, part-time enrollment in a public kindergarten costs around $10 USD per month, while full-time enrollment in private kindergartens starts from $100 USD.
Transportation Expenses in Turkey
Every city in Turkey has an advanced public transportation network. If relying solely on public transport, an average of $40 USD per month is sufficient.
Furnishing a House in Turkey
Upon receiving the keys to your new home, the immediate questions arise: How to furnish it, what the furniture will cost, and where to buy it.
In many Turkish cities, there are areas densely populated with furniture stores, offering a variety of choices. For example, Antalya has over 30 major furniture stores concentrated in regions like Topçular and Altınova. Recognizable brands such as IKEA are also present.
Furniture quality in Turkey is excellent, with prices nearly half as much as Italian designs. Furnishing a 1+1 apartment costs around $2,000 USD, providing flexibility to adjust expenses based on preferences.
Apartments sold in Turkey are typically delivered with a complete kitchen set consisting of an oven, stove, and hood. Kitchen furniture, as well as wardrobes in the hallway and bedroom, are ready and provided upon delivery. Additionally, many apartments are equipped with air conditioning units upon delivery. In more budget-friendly apartments, only the air conditioning infrastructure is installed. Studio apartments, on the other hand, are usually sold with all necessary furniture and even a refrigerator included.
Employment and Job Opportunities in Turkey
Unfortunately, working after obtaining residency through property acquisition is not feasible. Initially, the best option for those planning to move to Turkey is to utilize remote working opportunities.
The Turkish government prioritizes safeguarding employment opportunities for its citizens, requiring businesses to employ at least six Turkish workers for every one foreign worker.
Note: Working illegally without a work permit can result in serious fines and, moreover, lead to the revocation of your residence permit, resulting in deportation.
Taxation System in Turkey
Property owners in Turkey are obligated to pay an annual property tax, calculated at 0.2% of the property’s title deed value. For properties with a cadastral value exceeding $250,000 USD, the rate increases to 0.6%.
Income tax is applied progressively, ranging from 15% to 40%.
Moving to Turkey presents an enticing investment opportunity. However, considering all necessary expenses and conditions before the move is crucial.
Feel free to reach out for any inquiries.