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Retirement Turkey-bound

Lots of Brits are choosing to buy holiday or retirement property in warmer climes - particularly in the west Aegean and south Mediterranean coastal zones. Property buys in Bodrum, Turkey offer some good investment and lifestyle choices which can also be found in the Fethiye, Kusadasi, Alanya and Kalkan areas.

Bodrum property buys at time of writing include small villas at approximately £100,000 and some studio apartments at £20,000.

Importantly, Turkey offers Brit retirees a low cost of living, reasonably priced property and good opportunities to mix with friendly locals. However, if you’re planning to spend your retirement in Turkey make sure you read the following points.

Turkish residency and health matters

There are moves afoot to make Turkey an EU member but currently you have no automatic rights to live/work in Turkey or access free health services. That said, if you are making a full retirement it is easier to obtain residency papers. Key points are:

• at time of writing, residency permits typically stretch up to five years and require you to prove that your financial independence. When the five years are up you can apply for Turkish citizenship
• if you want to avoid applying for Turkish residency - you can leave the country every three months and get a new tourist visa and
• as there is no health agreement established between Turkey and the UK to date, you’ll need to take out private health insurance.

Turkish property costs involve:

• a yearly estate agent tax of 0.1 to 0.2 per cent which is determined by location and
• new build properties over 150 square metres attract 18 per cent VAT.

Turkish tax matters:

• if your UK pension is taxed in the UK - it shouldn't be taxed in Turkey
• for most people, income tax is higher in Turkey than in the UK. So you’re often better off in many cases remaining a UK tax payer and
• if you sell your property within a four years of buying you’ll need to pay capital gains tax.

Finally, do try and make a few visits to the area(s) you are interested in both summer and winter months. These trips will help you decide if you want to retire in Turkey – giving you opportunities to see places at busy and quiet times and meet the locals.