What You Spend as an Expat in Turkey 2023Tue, Feb 28, 2023, 07:16:43 PM
Turkey is one of the most popular destinations for expats from around the world, offering an ideal blend of East and West with a rich cultural heritage, stunning landscapes, and a diverse population. If you're considering moving to Turkey, it's important to have a good understanding of the cost of living, taxes, and banking systems. This article provides a comprehensive guide to what you can expect to spend as an expat in Turkey in 2023.
Cost of Living in Turkey:
The cost of living in Turkey is relatively low compared to other European countries, but it's important to note that prices can vary depending on where you live. Below is a breakdown of some of the main expenses you'll encounter.
Housing is one of the most significant expenses for most expats in Turkey. The rental prices vary widely depending on the location and the size of the property. For example, a one-bedroom apartment in Istanbul can range from 7,500 to 10,000 TL per month. Outside the city center, you can expect to pay around 5,000 to 7,000 TL per month for the same type of apartment.
Utilities such as gas, water, and electricity are generally affordable in Turkey. For an average-sized apartment, you can expect to pay around 500 TL per month for these services. However, prices can increase in the winter when heating bills rise.
Public transportation in Turkey is cheap and efficient. In Istanbul, a single journey on the metro or bus costs 3.50 TL, while a monthly pass costs around 205 TL. Taxis are also affordable, with an average fare of 10 TL per kilometer. (December 2022)
Food and Drinks:
Turkey is famous for its delicious cuisine, and you can eat out at affordable prices. A meal in a mid-range restaurant costs around 120-150 TL per person, while street food is even cheaper. If you prefer to cook at home, groceries are also relatively affordable, with a weekly shopping budget for a family of four ranging from 1,500 to 2,000 TL.
The healthcare system in Turkey is affordable and of a high standard, with both public and private hospitals available. Expats can take out private health insurance for around 500-1000 TL per month, depending on their age and medical history.
Taxes in Turkey:
Expats living in Turkey are required to pay income tax on their earnings. The income tax rate varies depending on your income, with rates ranging from 15% to 35%. There is also a value-added tax (VAT) of 18% on most goods and services in Turkey.
Banking and Currency in Turkey:
Turkey's banking system is modern and efficient, with both local and international banks available. The currency used in Turkey is the Turkish lira (TRY), and most transactions are conducted in cash. Credit and debit cards are widely accepted, but it's important to have cash on hand for smaller transactions.
Living as an expat in Turkey is affordable and offers an excellent quality of life. While there are some significant expenses such as housing, other costs such as transportation, food, and healthcare are relatively affordable. By understanding the cost of living, taxes, and banking systems, expats can make informed decisions about their finances and enjoy all that Turkey has to offer.
Q1. How much does it cost to rent an apartment in Turkey?
A1. The cost of renting an apartment in Turkey varies depending on the location and size of the property. In Istanbul, a one-bedroom apartment can cost between 6,500 to 10,000 TL per month.
Q2. What is the healthcare system like in Turkey?
A2. The healthcare system in Turkey is of a high standard and affordable. Both public and private hospitals are available, and expats can take out private health insurance for around 600-900 TL per month.
Q3. How much do utilities cost in Turkey?
A3. Utilities such as gas, water, and electricity are generally affordable in Turkey. For an average-sized apartment, you can expect to pay around 500 TL - 1000 TL per month for these services.
Q4. Can expats open a bank account in Turkey?
A4. Yes, expats can open a bank account in Turkey, and both local and international banks are available.
Q5. What is the income tax rate for expats in Turkey?
The income tax rate for expats in Turkey varies depending on their income, with rates ranging from 15% to 35%.
In conclusion, Turkey offers an attractive destination for expats looking for a high-quality lifestyle at an affordable cost. While housing can be a significant expense, other costs such as transportation, food, and healthcare are relatively affordable. Expats should also be aware of taxes and banking systems to ensure that they can manage their finances effectively while living in Turkey. With its rich cultural heritage, stunning landscapes, and diverse population, Turkey is a country that has something to offer everyone.