We are planning to come out to Turkey to live very soon, we have sold our property in the UK and are close to retirement age (58 & 62). We plan to rent something while we look for something to buy. We would be grateful for any advice members could give us on Turkish Tax system.
Initially we would be living on equity from the sale of our property and then our UK state pensions. Would we be better leaving the bulk of our money in UK banks or putting it all into Turkish banks? Would we have to pay income tax on any interest accrued and eventually on our UK pensions? There does not seem to be any tax free allowance in Turkish income tax so could we be taxed only in the UK?
It's all very confusing and the nearer it gets the more I worry that we will make mistakes we can't afford. Any help very much appreciated.
Thanks - Glo