Retirement is a major life event and one for which you can never quite plan enough. This has become especially evident over the past year, as economic issues continue to plague the UK and threaten the nest eggs on which many expect to happily retire.
These economic issues underpin a growing expatriate movement, as middle-aged and older workers start to look a little farther out for their retirement plans to countries that can afford a higher standard of living, as well as a unique post-work adventure. Turkey is one such country, which has already successfully attracted 34,000 ex-pats from the UK alone – and could be the perfect retirement destination for a new age. But what makes Turkey such a good retirement destination, and how might you plan an ex-pat retirement?
About Turkey
Turkey is a beautiful country, that links the south of Europe with the northwest of Asia. It is a cradle of modern civilisation, being a country that enjoys ease of access to Europe, Africa, and Asia. It enjoys temperate weather year-round and offers a bustling multicultural society at a fraction of the UK’s cost of living.
Turkey has become increasingly popular as a retirement destination in recent years, as UK retirees seek a comfortable place to enjoy their sunset years. The UK’s departure from the EU has also made it harder for people to re-locate to once-popular retirement destinations such as Spain and Greece – leading many to set their eyes on Turkey as a non-EU alternative with an equivalent climate.
Budgeting for an Ex-Pat Retirement
But planning a retirement in Turkey is not as simple as booking your plane tickets. There are several key things to consider, the first of which is your retirement budget. Retiring is a nerve-wracking thing at the best of times, requiring as it does a firm grasp on your financial situation. You will need to know you have enough money to live your ideal retirement lifestyle, let alone to afford to move your life to another country.
Many people square their retirement funds through a combination of sources – including private pension plans and the state pension. In many cases, these aren’t enough alone to guarantee a high enough standard of living; retirees frequently top up their retirement ‘pay’ through active financial planning, which enables them to grow savings and investments alongside pension plans.
Visa Requirements for Retiring in Turkey
Moving to Turkey also requires you to obtain a residence permit, in the form of a visa. Some countries offer a retirement visa, but Turkey does not; rather, you are expected to apply for a residence visa, and then re-apply every two years until eight years have passed. At the eight-year mark, you can apply for a long-term residence permit.
Logistical Arrangements
Lastly, you have the logistics of moving to Turkey to worry about. Finding somewhere to live will require multiple trips to the country, for you to fully familiarise yourself with the various regions you could call home. These costs can mount but are still in service of a much cheaper retirement than if spent in the UK.
