Turkey is rapidly growing in popularity as a retirement destination for many reasons:
- Property value versus costProperty prices are extremely inexpensive when compared to those in Western Europe, and building costs are significantly lower.
- Rapidly growing marketRecent changes in Turkish law (including FDI legislation) have been successful in attracting foreign investors. Properties have been increasing in value and this trend is expected to continue.
- European Union candidacyTurkey was granted official-candidate status for European Union membership in 1999 and is hoping for full membership by 2011. If this happens, current investments will most probably see a significant increase in value.
- Convenient accessThere are now direct flights from UK airports to Bodrum three times a week. Alternately, there are international flights regularly scheduled via Istanbul or Ankara from all major UK airports.
- Leisure activitiesTerrific food, world-class entertainment and intriguing historical sites combined with a gorgeously sunny coastline make Turkey an attractive destination for expatriate retirees.
- Friendly atmosphereTurks are world-renowned for their hospitality and delight in welcoming foreigners into their culture.
- Stable societyTurkey is a stable democracy with an overall low rate of violent crime.
- ClimateMild winters and warm, sun-drenched summers along the southern and western coasts are a powerful incentive for relocating to Turkey.
- Cost of LivingAn advanced banking system combined with generally low costs for most goods and services (and, for the English retiree to Turkey, no large annual Council Tax bill) equates to an excellent standard of living on a fixed retirement income.
Please note, that foreign residents are generally subject to taxation on their worldwide income, so 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 to clarify the tax status of any income you intend to use in Turkey. For more information please follow the link: