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Retiring to Turkey

 

Turkey is becoming a very popular destination for potential retirees from Britain, Europe and even further afield.  A combination of good weather, very affordable housing, the overall lower cost of living,  a high living standard and excellent medical care are essential factors in attracting the over 50’s to leave cold and economically depressed Northern  Europe behind and embark on an adventure in the sun.

 

In Kalkan there are now over 150 foreign residents who live here year round. There is an active social scene for those who want to make friend sand a range of activities on offer  - from walking groups to bridge, film nights to art classes, line dancing and keep fit and even a gym. Establishing good social network will help you settle in more quickly and other ex-pats who have been in Kalkan some time will be a very useful source of information when you need to know how to do things.

 

you will also want to consider what type of property will best suit your needs. If you live in Kalkan full time or even for half year, you will have far more possessions than somebody who comes here for only a month a year. You will need a property that has good storage or has enough room to create storage.  If you have a hobby you want to pursue, you may want a dedicated space for that. You might want to create a garden, so having sufficient land for a thriving garden would be a priority. If you plan to buy a car do you want a property with a garage?

 

Turkish people are very welcoming to new arrivals in their community and it is very easy to feel you belong even after just a few months here.

 

RetireeAdvisory Service

 

Kalkan Domain offers anybody who buys a property from us with a view to retiring to Kalkan a free, on-going advisory service.  We will assist you in opening a bank account, obtaining a tax number, finding tradesmen, sourcing furnishings, importing goods from theUK or other European destinations, buying, taxing and insuring a car, setting up accounts with the utilities providers, registering with the British Consulate or other Consulate appropriate to your nationality, registering with a local doctor, obtaining household and medical insurance and any small day today problems.  Prior to your arrival we will even organise a small social gathering for you to meet other foreign residents and put you in touch with the organisers of many of the social activities on offer.

 

Making the decision to retire overseas is a big step and there are also issues to consider around pensions, tax and healthcare costs before you do so.

 

Tax, benefits and pensions

 

Before you move you can;

 

- Get a State Pension forecast

 

- Ask HM Revenue & Customs for information about your tax liability on any income over the UK personal allowance, UK tax payable from abroad can vary depending on where you decide to live

 

- If you are retiring abroad seek independent tax advice about the benefits of off shore banking, as this could reduce your tax liability depending on where you are living                                     

 

- Inform your social security office, HM Revenue & Customs Charity, Assets and Residence (Residency),and the Department for Work and Pensions when you move and provide your contact details abroad     

 

Health

 

Here are some of the things you could consider doing to protect your healthcare needs;

 

- Find out about welfare rights abroad; some UK benefits are not payable outside the UK, others apply only inthe EU or in countries which have agreements with the UK

 

- Find out about healthcare costs in the country you want to move to   

 

- You are strongly advised to take out health insurance if appropriate to cover private medical and dental treatment, as well as medical repatriation to the UK  

 

- Inform your and your family's doctor, dentist and other relevant practitioners

 

- Benefits for UK citizens living abroad

 

Your homein the UK

 

Things to remember;

 

- If you decide to keep your property in the UK and it is going to be empty or rented out, you will need to let your mortgage lender and insurance providers know.  

 

- Look at how the property can be kept secure while you are away. Contact your local council, their Council Tax department and electoral registration unit will need to know when you are leaving and will require a forwarding address

 

- Notify your utility companies that you are moving in order to get your final bills and provide a forwarding address for them to send you any outstanding payments or refunds

 

- Tell your bank, building society or any financial institution that you have a policy or agreement with that you are moving abroad

 

- Have your mail forwarded by asking for a re-direction form at a Post Office - allow enough time for this to be set up as it can take a few weeks

 

- Tax on sellingproperty (money, tax and benefits section)

 

 

Your personal finances

 

When you are planning how far your money will stretch there are a number of factors to consider;

 

- The value of the Turkish lira against the pound, Euro or other currency is not constant. Currency fluctuations could cause your income to fall by up to 30% in a given period - of course it could also increase by that amount - but prepare for the worst rather than just hope for the best.

 

- Interest rates for Turkish lira on deposit in Turkish banks are considerably higher than those on offer for sterling accounts in UK banks. In mid- 2010 it is possible to obtain 7.5%interest on a Turkish lira deposit account

 

- Imported goods and alcohol are very heavily taxed in Turkey. If you want to regularly buy all your UK favourite goodies, you will find many of them here but allow for the high cost.  As an example, a small tin of Colman’s mustard powder costs approximately eight pounds in Kalkan.

 

- Work out how you will access your money when you are in Turkey if you do not want to transfer large sums here.Some banks do not charge for withdrawing funds overseas on certain accounts, others charge a percentage per transaction.

 

 

 

 

 

 

Kalkan Domain Estate Agent and Property Services

Office: +44 (0)142750866
Mobile: +44 (0)7742030235
Email: info@kalkandomain.com
55 ErringdenRoad, Hebden Bridge, West Yorkshire HX7 5AR

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