Destination is among the most important elements when building the perfect retirement plan. Those looking to leverage their retirement as an investment strategy, real-world Plan B, and enjoy a life of luxury should retire in Turkey.
Officially, Türkiye, commonly simplified as Turkey, is a European country with everything.
With its rich cultural heritage, stunning natural beauty, and unbeatable combination of old-world opulence, modernity, and hospitality, Turkey is quickly becoming the go-to choice for savvy retirees and sophisticated investors worldwide.
There are genuinely compelling reasons to retire in Turkey – the fact that Turkey is where millionaires live like billionaires is the biggest.
Astons Istanbul office and seasoned team of local experts and industry insiders is a trusted partner for global entrepreneurs, investors, and families seeking sound investment opportunities with guaranteed ROI in the Turkish market.
Their long-term plan to retire in Turkey – and perfect their retirement plan in a streamlined and straightforward way – is a common reason why HNW clients trust Astons.
Why retire in Turkey?
There are countless reasons global HNW entrepreneurs, investors, and families choose to retire in Turkey – but here are a few of the most common.
A rich tapestry of culture and history
Turkey has an astonishingly rich cultural heritage that spans millennia – in truth, the history of the modern world requires a discussion that includes Turkey.
For those who love history and culture, Turkey is home to an incredible 21 UNESCO World Heritage Sites [which is more than Greece], including
- The legendary city of Troy
- The breathtaking rock formations of Cappadocia
- The majestic Hagia Sophia in Istanbul
Turkey offers retirees endless opportunities to immerse themselves in local and international living, as Turkey has become a melting pot for cultures.
Bridging Asia and Europe, Turkey continues to attract Europeans, global expats, entrepreneurs, and international retirees who seek the best luxury lifestyle that their individual budgets allow anywhere in the world.
Strategic location
Location is a critical element of any retirement plan, and it is a driving reason why many HNWIs retire in Turkey.
One reason is that Turkey’s prime location at the crossroads of Europe and Asia makes it an ideal base for retirees who love to travel.
With direct flights to over 500 destinations worldwide, including 325 direct flights to over 43 countries within Europe, Istanbul Airport is one of the world’s busiest travel hubs, offering unparalleled connectivity to the rest of the globe.
Turkey’s accessibility offers retirees the opportunity to turn a day trip into a global expedition – offering direct flights to most major cities in the region:
- Istanbul to Rome – 2.5 hours
- Istanbul to Jerusalem – 4.5 hours
- Istanbul to Cairo – 2 hours
- Istanbul to Dubai – 4.5 hours
Turkey’s central location also means it shares time zones with many European and Middle Eastern countries, making it easy to stay connected with loved ones back home.
To retire in Turkey essentially means transforming the world into your weekend getaway.
Robust 21st-century infrastructure
A retirement plan in Turkey is a contemporary retirement strategy.
Turkey’s modern and well-developed infrastructure is a significant draw for HNW retirees.
The country boasts a high-quality healthcare system, with state-of-the-art hospitals and medical facilities staffed by experienced and highly-trained professionals.
Expats who retire in Turkey can access the public healthcare system by paying into the national social security system. If they prefer private healthcare, many high-quality options operating to international standards are available in major cities.
In fact, Turkey is a growing destination for medical tourism, with over 1.2 million foreigners visiting the country for medical treatments in 2022 alone.
Turkey’s transportation infrastructure is also top-notch, with an extensive network of highways, high-speed trains, and modern airports.
The country has high and reliable internet speeds, remarkable public parks and green spaces, and an overall efficient and effective infrastructure that provides a daily life equal to any developed country.
Active lifestyle
Individuals with an active lifestyle love to retire in Turkey.
Turkey offers a wealth of outdoor adventures, from soaking up the sun on its stunning Mediterranean and Aegean coastlines to exploring the country’s many natural wonders, like the calcium travertines of Pamukkale or the lush forests of the Black Sea region.
The country is also home to a thriving arts scene, world-class museums, music and film festivals, and a vibrant nightlife – especially in Istanbul and Bodrum.
Those who retire in Turkey enjoy a unique blend of Eastern and Western culture, allowing retirees to create and enjoy the retirement environment of their dreams.
Mediterranean cuisine elevated
Foodies flock to Turkey, which is no surprise because it is renowned for its delicious and diverse cuisine.
Turkish food is a feast for the senses. Retirees in Turkey enjoy dining at a dozen Michelin-star restaurants, a variety of coffees at countless cafes, or shopping for fresh ingredients at colorful local markets to cook up their own Turkish feasts at home.
Turkey ranks as the world’s 7th largest agricultural producer. Thus, there is a year-round abundance of fresh, locally-grown produce.
Europe’s real estate insider secret
For those with a plan to retire in Turkey, the real estate market offers the chance to invest in an appreciating asset that provides:
- Citizenship [or residency]
- A passive revenue stream [Astons guaranteed income programs]
- A European Plan B passport
- A very high quality of life
Turkey’s booming real estate market presents an incredible opportunity for investors who are not only looking to retire in Turkey but turn their retirement plan into a passive Plan B revenue stream with long-term ROI.
Despite high inflation rates, Turkey’s housing market has seen phenomenal growth in recent years. House prices surged 86.5% year-over-year in October 2023 to an average of TRY 30,036 (approx. $998) per square meter.
Turkey is also one of the world’s top-producing rental markets, with yields ranging from 3.16% to 10.13% in popular cities like Istanbul, Antalya, and Bodrum [Q3/23].
And, for properties that are held for at least five years, there is no capital gains tax once the property is sold.
Legendary Turkish hospitality
Finally, one of the biggest reasons to retire in Turkey is the country’s legendary hospitality and welcoming attitude towards foreigners.
Turks are known for their warm, friendly, and generous nature, and expats in Turkey often remark on how quickly they feel at home in their new communities.
From the lively coffee houses where locals socialize and play backgammon to the bustling neighborhood markets where shopkeepers greet you with a smile, Turkey’s welcoming atmosphere makes it easy to become part of the social fabric in your new home.
Turkey’s status as a melting pot of cultures means it is inviting to all. Metropolises – such as Istanbul – are expat hubs; everyone enjoys their native culture as well as everyone else’s.
Retire in Turkey in style – The Turkey CBI Program
The best plan of action for those who want to retire in Turkey is the Turkish Citizenship by Investment [CBI] program.
The Turkish CBI provides investors who want to retire in Turkey with two essential resources:
- Turkish citizenship and a Plan B passport
- Real estate in one of Europe’s best markets
Foreign nationals can obtain Turkish citizenship by investing a minimum of $400,000 USD in Turkish property. This citizenship provides them with the right to live, work, bank, and conduct business in Turkey. The CBI also enables investors to include dependent children and parents under one application.
Thus, by establishing your plan to retire in Turkey far in advance, you can secure Plan B passports for the entire family and add a passive income stream to fund your retirement plan decades in advance.
A key advantage of Turkey’s CBI program is its flexibility regarding real estate options.
There are no restrictions on the number of properties that can be purchased – providing the total value is at least $400,000.
Thus, if your plan to retire in Turkey is still 30 years off, you could buy multiple properties and use one as a vacation residence – that will become your primary residence – and others for rental income.
For example, an investor can obtain three properties, one to use personally and two studios near universities to rent out.
With Turkey’s real estate market showing no signs of slowing down, the CBI program presents a smart opportunity for investors who want their retirement plan to eventually pay for itself.
Turkish CBI applicants can obtain their new citizenship in as little as three to six months, allowing them to take full advantage of the years they have before actually implementing their retirement plan.
Investors can also mix between residential, commercial, and industrial properties to create the optimal real estate portfolio that suits their preferences and needs.
The rapid immovable property appreciation rate in Turkey is also an essential factor.
Under the CBI, investors must maintain their investments for at least three years before they can resell them to recoup their money and gains.
However, holding the property for at least five years means it becomes exempt from capital gains tax once sold.
This five-year strategy aligns perfectly with a long-term retirement plan, as investors can apply decades early, resell their property after five years, and keep the second citizenship and Plan B passport.
The Turkish CBI’s simplicity and massive potential for profitability make it the ultimate retirement plan for HNWIs looking to retire in Turkey.
Best cities to retire in Turkey
Turkey offers a wide range of destinations to suit every lifestyle, from urban metropolises to exclusive communities along four of Europe’s most sought-after coastlines.
Istanbul
At the center of the world map is Istanbul—the heart of the world.
Istanbul is Turkey’s vibrant cultural capital and a top retirement destination for those seeking a perfect blend of culture, urban lifestyle, and modern amenities.
The city’s housing market has been experiencing impressive growth, with average home prices rising 66.7% year-over-year in October 2023, reaching TRY 44,387 (approx. $1,475) per square meter.
Rental yields in Istanbul are strong, ranging from 2.84% to 9%, with a city average of 6.21% as of Q3/23, making it an appealing option for those seeking to generate rental income.
Antalya
Often referred to as the Turkish Riviera, Antalya is a sun-soaked coastal city that has become increasingly popular-especially among retirees.
Antalya offers an idyllic Mediterranean lifestyle with its stunning beaches, crystal-clear waters, and year-round warm climate.
The city is also home to numerous world-class golf courses, making it a paradise for golf enthusiasts.
Antalya boasts a thriving expat community, which makes the transition much smoother.
The city’s housing market is flourishing, with foreign buyers accounting for an impressive 36.7% of total home sales in the first eleven months of 2023 – evidencing a healthy and growing real estate market.
Gross rental yields in Antalya range from 3.16% to 8.03%, with a city average of 5.05%, providing retirees the opportunity to generate a steady rental income.
Bodrum
Bodrum, a picturesque port city, is another top retirement destination in Turkey and a focal point for global and Turkish HNWIs.
Known for its crystal-clear waters, high-end luxury residential communities, and vibrant nightlife, Bodrum offers a unique blend of relaxation, excitement, and opulence.
Rental yields in Bodrum are reported to range from 5% to 8%.
Bursa
Bursa, located in northwest Turkey, is a historic city that offers retirees a more laid-back and traditional Turkish lifestyle.
The city is renowned for its stunning Ottoman architecture, relaxing thermal baths, and lush parks, providing a tranquil and picturesque setting.
Bursa’s housing market has been experiencing steady growth, with home sales increasing 13.1% year-over-year in the first eleven months of 2023.
Gross rental yields in Bursa range from 6.16% to 7.9%, with a healthy city average of 7.05%.
Astons – The optimal retirement plan partnership
Turkey is a country that genuinely fits the perfect retirement plan:
- A rich cultural heritage
- Stunning natural beauty
- Modern infrastructure
- An incredibly welcoming population
With its high-end luxury lifestyle, booming real estate market, and attractive CBI program, Turkey offers unbeatable opportunities for retirees looking to enjoy a beautiful and vibrant retirement.
Strong rental yields and the potential for significant capital appreciation make investing in Turkish real estate a smart financial move – as part of a retirement plan or simply for investment value.
But thanks to Turkey’s impressive rental market, a plan to retire in Turkey established years in advance is a retirement strategy that could eventually pay for itself.
If you are planning or considering to retire in Turkey, then planning is critical—schedule your Free Confidential and Comprehensive Consultation with Astons today.
