Are you looking for a new place to live that offers a wealth of opportunities? If so, Turkey may be the perfect place for you. With its strategic location, friendly people, warm climate, and affordable cost of living, Turkey is an attractive destination for investors and citizens alike.
Living as a citizen in a vibrant and diverse country like Turkey is considered a rewarding and fulfilling experience, and at the same time less expensive compared to other Western European countries.
In recent years, Turkey has become a popular destination for citizenship through investment program. This program allows foreigners to obtain Turkish citizenship by investing in real estate, government bonds, or other approved assets. Citizenship by investment can offer a number of benefits, including the ability to live and work in Turkey, travel visa-free to many countries, and pass on Turkish citizenship to children.
If you are considering relocating to Turkey, then this article is for you.
Turkey ata Glance
Turkey is the world’s 11th largest economy that surged 7 places in 17 years[1]. The country was able to reduce its gross public debt to GDP ratio from 71% in 2002 to 39% in 2020. It was also able to expand its GDP from $238 billion to $717 billion in 18 years and generate 6.2 million new jobs in 10 years. There are several cities that expats choose to move to in Turkey. Big cities such as Istanbul, Ankara, and Izmir are better for doing business and enjoying an active lifestyle, while smaller ones are ideal for retirement and for leading a relaxed and comfortable life on the seashore.
Quality of life
For foreigners seeking long-term residence in an affordable Mediterranean nation, Turkey has a lot to offer. The same features that make Turkey a must-visit location for tourists have the same allure for expats who move there. The historical sites, vibrant beaches, and rich culture are enjoyed by both tourists and locals. However, foreigners, in particular, can value the simple visa application process, good healthcare system, well-developed transit system, and affordable cost of living. Foreigners can expect to experience a unique blend of Eastern and Western culture, with a relaxed and laid-back lifestyle and a strong emphasis on family and community values.
Affordable cost of living
Turkey is considered to be an affordable country to live in compared to many European countries. However, the cost of living can vary depending on the city or region you live in. Istanbul, for example, is more expensive than other cities in Turkey. The average home rental price[2] for a 1-bedroom apartment in the City Centre of Istanbul is about $350 (8,900 TL) and drops slightly outside the center to $250 (6,250 TL). However, the average rent per month for 3-bedroom apartments in the City Centre is around $600 (15,500 TL) and drops to $400 (10,350 TL) outside the Centre. Smaller towns like Bodrum, Fethiye, and Gaziantep are cheaper but has less developed infrastructure and service industry.
When comparing Istanbul with other Western countries, we find out that household bills in Istanbul are exceptionally cheap. For instance, monthly utilities including electricity, heating, cooling, water, and garbage for an apartment may cost around $55 (1,500 TL). A mobile phone monthly plan with calls and internet may cost $15 (350 TL) per month. Eating out is also not expensive, as a dinner for two in an average restaurant is around $20, and a fast-food meal will cost around $5.
Regarding transportation, Turkish residents have special monthly passes that cost $30, which allows them to save money. The taxi has different tariffs, with an average cost for a kilometer at $0.5.
The cost of living in Turkey is, on average, 63.4% lower than in the United States[3], and rent in Turkey is, on average, 81.9% lower than in the US.
High-quality healthcare
Turkey has a universal healthcare system that provides free or low-cost medical services to its citizens. The quality of healthcare in Turkey is generally good, and there are many private hospitals and clinics available. Turkey is a popular place for medical tourism, especially since a wide range of Turkish clinics are accredited and meet international standards.
Access to affordable Education
Education in Turkey is free and compulsory for all children between the ages of six and fourteen. There are also many private schools and international schools available for those who want a more specialized education, offering studies in English and Turkish, with an average price per year of $5,000. Turkey is also home to more than 200 universities that are located mainly in Ankara and Istanbul. Costs for studying in universities are relatively low. Turkish citizens can also apply for scholarships that may reduce expenses. As Turkey is part of the Bologna system, the country’s diplomas are recognized in EU countries.
Promising business opportunities
With its resilient, fast-growing economy, geo-strategic location, and developed infrastructure, Turkey offers business friendly policies, a deep talent pool and global market access at the nexus of Europe, Asia, and Africa. Turkey is at the center of economic activity in the region and has proven itself a resilient player in global value chains with multinational companies shoring up their presence in the country in line with their strategies of nearshoring, regionalization, and diversification. The export base of Turkey is solid, supported by a sophisticated industrial infrastructure. It is also perfectly integrated into global supply chains in the automotive, machinery, chemicals, aerospace and defense, pharmaceuticals, and textiles sectors. There are also 18 free zones in Turkey, with various benefits for companies opening there, for instance, investors don’t need to pay property tax on buildings and lands located in a free zone. Turkey’s technology advantages, along with the continuous reform process and tailored incentives, have resulted in a robust startup environment throughout the years. To encourage international investors to contribute in Turkey’s economy, the institutional profit tax on foreign investors has been decreased from 33% to 20%. Foreigners are free from this tax in several instances, either entirely or partially. Investors are also encouraged in specific places where the government has allotted land and other incentive schemes.
How to obtain citizenship
To qualify for obtaining a Turkish passport by investment and citizenship, applicants must invest $400,000 in real estate in Turkey, which needs to be held for only 3 years. It is important to select a real estate project that can provide the necessary paperwork required from the developer for the citizenship application. To be eligible to apply for citizenship, the investor must be over 18 years, have no criminal record or prosecutions, have no serious illness, and be capable of confirming the legality of the income. The investor can also add their close family members, a spouse, and children under 18 to the application.
With its rich culture, friendly people, and growing economy, living in Turkey as a citizen can be a wonderful experience. For more information required about acquiring Turkey’s citizenship by investment, and the financial goals, please visit our here.
[1] https://www.invest.gov.tr/en/library/publications/lists/investpublications/turkiye-real-estate-market-overview.pdf
[2] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Turkey
[3] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Turkey