Updated: Sep 4
Living and working in Turkey comes with numerous advantages for foreigners who obtain a residence permit. Let's delve deeper into some of the benefits:
Business Opportunities: The strategic location of Turkey makes it an ideal hub for conducting business with partners from both Europe and Asia. The country's growing industries, such as pharmaceuticals, chemicals, food, tourism, textiles, leather, and construction, present lucrative opportunities for entrepreneurs and investors.
Simplified Business Registration: The Turkish government has prioritized attracting foreign investment, resulting in a streamlined process for registering a business. To establish a business in Turkey, you will need essential documents such as a Turkish TIN, passport, charter, receipt for payment of the state fee, application, and a bank statement indicating the balance on the current account. Applications and relevant documents are typically submitted in person by the founder or accountant to the Chamber of Commerce and Industry. Additionally, opening a current account in a Turkish bank is also required.
Low Living Expenses: Turkey boasts relatively lower living costs compared to many countries. In a recent analysis by Numbeo, which compared consumer prices, rental costs, utilities, public transportation, taxi tariffs, and average restaurant checks in 139 countries, Turkey ranked 130th. As a result, living expenses in Turkey are generally more affordable than in the EU, Russia, and Belarus. Renting real estate is also more budget-friendly compared to the EU and Russia, with one-bedroom apartments in cities like Ankara, Istanbul, and Izmir being relatively inexpensive.
Real Estate Opportunities: Foreigners with valid residence permits in Turkey have the option to purchase real estate and acquire a mortgage. Under Turkish law, mortgage loans are available to foreigners, with each bank setting its interest rates based on factors such as the property's value, down payment, and loan terms. For example, Halk Bank offers loans with a monthly interest rate of 1.3% for up to 15 years, whereas Deniz Bank requires a 20% down payment and offers loans for a maximum term of 25 years with a minimum interest rate of 1.5%. These opportunities make property ownership in Turkey accessible and attractive to foreign investors.
Quality Healthcare: Turkey has become a popular destination for medical tourism due to its high-quality medical services. The government allocates a significant portion of its GDP to healthcare each year, ensuring the availability of top-notch medical facilities, equipment, and experienced healthcare professionals. Many Turkish clinics and hospitals are accredited by internationally recognized bodies such as the Joint Commission International (JCI), signifying their adherence to stringent quality standards. Patients from around the world travel to Turkey for treatments, including those related to cancer, epilepsy, and Parkinson's disease. Notable medical centers in Turkey, such as Koch University Hospital, Medipol University Hospital, and Liv Hospital, offer specialized care in various medical fields and employ advanced technology and techniques.
These benefits make Turkey an attractive destination for foreigners seeking to live, work, or invest in the country. However, it is crucial to stay updated with the latest regulations and requirements, as they may be subject to change. It is advisable to consult official sources or reach out to relevant authorities to obtain the most accurate and up-to-date information regarding living and working in Turkey.