Retire In Turkey For The Tax Benefits

05 views 17 Oct 2021
There is no income tax on pensions in Turkey. So if you choose to live off your foreign pension while living in Turkey, you can do so without paying any tax on it.

This is a great bonus for retired expats wanting more value for their money. Foreign currency that retirees get through their foreign pensions can go a really long way in Turkey, giving you a much higher standard of living than you would back in your own homeland.

Like many countries, residents and non-residents are subject to different taxes in Turkey. Residents pay taxes on their worldwide income, whereas non-residents only have to pay taxes on Turkish-sourced income. The country uses a progressive tax scale, ranging from 15% to 35%, depending on your income bracket.

Turkey does possess a tax treaty with the US & UK, which can provide some relief. You will only have to pay into one country’s Social Security program as a result, which in Turkey is a 14% flat tax for employees. Otherwise, there are also tax exemptions that may allow you to pay less on your US or UK income taxes.
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