Turkey is a major medical tourism destination, especially for people from the U.K. and other West European countries, speaking to the high quality of private medical care on offer.
Unlike across most of Europe, Turkey’s population is young and growing. The country is investor-friendly, making it easy for foreigners to take a position, especially in real estate… though some property ownership restrictions can apply in very low-density areas and when purchasing large tracts of land.
It’s easy to establish residency in Turkey, including through a property investment, which can even qualify you for citizenship.
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| Information Type | Turkey Facts/Data |
|---|---|
| Population | 87,473,805 (2024 est.) |
| Gross Domestic Product PPP (GDP) | US$1.114 trillion (2024 est.) |
| GDP Per Capita | US$43,921 (2024 est.) |
| Inflation Rate | 61.8% (2024 est.) |
| Currency | Turkish Lira (TRY) |
| Exchange Rate Versus U.S. Dollar | 34.16 liras per U.S. Dollar (2024 est.) |
| Language | Turkish (official), Kurdish, other minority languages |
| Capital | Ankara |
| Population of Capital City | 5.4 million (metropolitan area) |
| Time Zone | UTC + 2 (seven hours ahead of Washington DC, during Standard Time) |
| Seasons | Temperate. Hot, dry summers with mild, wet winters. Harsher in interior. |
| International Dialing Code | 90 |
| Electricity | 230 V. 50 Hz, Plug C, F |
| System of Government | Republican Parliamentary Democracy |
| Current Leader | President Recep Tayyip Erdoğan (since Aug. 28, 2014) |
| Income Tax Rate for Residents | 15% to 35% |
| Property Tax | 0.1% to 0.6% |
| Capital Gains Tax | 15% to 35% |
| Inheritance Tax | 1% to 10% |
| Rental Income Tax | 5% to 25% |
| Transfer Tax | 2% to 4% |
| Sales Tax | 20% (as of July 2023) |
| Restrictions on Foreign Ownership of Property | None. Now it’s possible to obtain legal residency through the purchase of real estate in a much more straightforward way. |
| Local Chamber of Commerce | Reşadiye street. 34112 Eminönü Phone: 0212.455 60 00 central |
| American Chamber of Commerce | Tel. 90-212-243-35-11 |
| Primary Exports | Apparel, foodstuffs, textiles, metal manufactures, transport equipment. |
| Residency and Visa Requirements | Now it’s possible to obtain legal residency through the purchase of real estate in a much more straightforward way.If you wish to reside in Turkey longer than the normal period, you will need a residence visa.Residence visa is not obtained from this Turkish Consulate General. It should be applied to the nearest police headquarter in Turkey, before your tourist visa expires. The new law on Foreigners and International Protection which governs residency permits came into force on 11th April 2014.If you are out of Turkey for more than 120 days in the previous 12 month period your residence permit will be cancelled on re-entry to Turkey and you must obtain either an e-Visa, or visa on arrival, to cover your stay until you wish to reapply for a residence permit. |
| Special Benefits for Foreign Residents or Retirees | Still, Turkey is best suited as a part-time retirement option. If you live here more than six months of the year, you become liable to the Turkish authorities for tax on your worldwide income. |
| National Airline | Turkish Airlines |
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Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
We Value Your Privacy! We will not share your email address with anyone else, period.
Turkey stands out for its vibrant cultural heritage, significant historical locations, and the special mix of Eastern and Western traditions. Key attractions are the ancient city of Troy, the Hagia Sophia in Istanbul, and the natural formations of Pamukkale.
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