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Retirement and Pension Issues

Turkey - Retirement and Pension Issues


Retiring

Turkey is rapidly growing in popularity as a retirement destination for many reasons:

- Property value versus cost
Property prices are still a bargain when compared to those in western Europe, and building costs are significantly lower. Properties have been appreciating in value (in some cases up to 30% per year) and that trend is expected to continue.

- Rapidly growing market
Recent changes in Turkish law have opened the country up to foreign investors in the last several years.

- European Union candidacy
Turkey has been accepted as a candidate country for EU and is lobbying for full membership by 2011. If this happens, current investments are likely to see a significant increase in value.

- Convenient access
International flights are regularly scheduled via Istanbul and Ankara.

- Leisure activities
Terrific food, world-class entertainment, and intriguing historical sites combined with a sunny coastline make Turkey an attractive destination for expatriate retirees.

- Friendly atmosphere
Turks are hospitable to a fault, and go out of their way to welcome foreigners into their culture.

- Stable society
Turkey is a stable democracy with an overall low rate of violent crime.

- Climate
Mild winters and warm, sunny summers along the southern and western coasts are a powerful incentive to relocating to Turkey.

- Cost of Living
A liberal banking system combined with generally low costs for most goods and services equates to an excellent standard of living on a fixed retirement income.


Pensions

Foreign residents are generally subject to taxation on their worldwide income, thus foreign State and Private retirement pensions transferred to Turkey may be considered taxable income. Turkey has signed double-tax treaties with some nations. However, due to the complexities of Turkish tax law it is advisable to contact a Turkish attorney for clarification on the tax status of any income you intend to utilize in Turkey.

Companies registered in Turkey must make a lump sum payment to employees who retire. This amount is based upon one month's wages per year of employment with the firm.

All retired employees also receive a monthly social security benefit, which in 2003 was 4,690,000 TL.


Read more about this country



Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.