Author Topic: is it possible to live of my intrest in turkey ?  (Read 6172 times)

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Offline Nataliem

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is it possible to live of my intrest in turkey ?
« on: April 08, 2018, 16:57:43 PM »
hi everyone im seriously considering moving to turkey this is the first time ive looked into it,  so i know absolutely nothing at this stage. What i do know is i love Turkey! My question is can you live of the intrest from your money in the bank? Is the intrest paid monthly like in the u.k? If i had a large amount of money to put in the bank would this be possible? apologies if this sounds stupid like i said im at the very beginning of looking into everything



Offline JohnF

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Re: is it possible to live of my intrest in turkey ?
« Reply #1 on: April 08, 2018, 18:19:51 PM »
If i had a large amount of money to put in the bank would this be possible?

On the basis that the inflation rate is only a few percentage points less than interest you receive (which is also taxed) you would need to change a very large sum of money into one of the most volatile currencies in the world, currently at an all time low against the USD, EUR & GBP. 

So, theoretically yes you could - but would it be the financially prudent thing to do?  No it wouldn't, unless you can afford to leave the money in lira for the foreseeable future and believe everything the wee fella says about the economy.

JF

Offline Anne

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Re: is it possible to live of my intrest in turkey ?
« Reply #2 on: April 08, 2018, 19:31:30 PM »
Hi Natalie
Welcome to CBF.

It depends on how much you invest to be honest and as John has said above it's risky.  If you needed to go back to the UK you'd lose out big time on your capital when changing it back to GBP.

There are some brilliant topics on here, this one recently has a great summing up from Linda.
http://www.calis-beach.co.uk/forum/index.php?topic=64891.0

Good luck with whatever you decide

Offline Nataliem

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Re: is it possible to live of my intrest in turkey ?
« Reply #3 on: April 08, 2018, 21:11:32 PM »
If i had a large amount of money to put in the bank would this be possible?

On the basis that the inflation rate is only a few percentage points less than interest you receive (which is also taxed) you would need to change a very large sum of money into one of the most volatile currencies in the world, currently at an all time low against the USD, EUR & GBP. 

So, theoretically yes you could - but would it be the financially prudent thing to do?  No it wouldn't, unless you can afford to leave the money in lira for the foreseeable future and believe everything the wee fella says about the economy.

JF
Thanks Johnf

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Offline Nataliem

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Re: is it possible to live of my intrest in turkey ?
« Reply #4 on: April 08, 2018, 21:14:48 PM »
Hi Natalie
Welcome to CBF.

It depends on how much you invest to be honest and as John has said above it's risky.  If you needed to go back to the UK you'd lose out big time on your capital when changing it back to GBP.

There are some brilliant topics on here, this one recently has a great summing up from Linda.
http://www.calis-beach.co.uk/forum/index.php?topic=64891.0

Good luck with whatever you decide
Hmmm thanks Anne so say £30,000 probably wouldn't be enough ? Is it easy to find work out there ? I will search the forum also about jobs ☺ xx

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Offline JohnF

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Re: is it possible to live of my intrest in turkey ?
« Reply #5 on: April 08, 2018, 21:27:55 PM »
No and no in answer to both questions.

I think you need to do a little bit more research into Turkey, and living there as a foreigner.

JF

Offline nichola

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Re: is it possible to live of my intrest in turkey ?
« Reply #6 on: April 08, 2018, 21:28:13 PM »
Add a 0 to your 30K and you might be ok. Interest rates are around 12-14% at the moment so interest pa on 30K isn't enough to live on.

It's not easy to find employers here that will go to the trouble of forking out for a work permit which apart from the cost takes a good couple of months to process and can be rejected if they're not convinced a Turkish person couldn't do the job and a foreigner is needed to be employed.

Some people risk working without a work permit and mostly the local Jandarma have better things to do than worry about foreigners working without a permit but if someone is reported they will investigate and deportation is a real possibility.

Offline JohnF

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Re: is it possible to live of my intrest in turkey ?
« Reply #7 on: April 08, 2018, 21:50:23 PM »
They're turning things round quicker in Ankara now Nichola, target date is 30 days from application and a guy I know in Istanbul got his in about three weeks last December.  Mind you, the firm he is working for is a bit "pro" so maybe that had an effect    :)

However, I did hear that they've upped the ratio of Turkish v foreign workers for small businesses in a lot of sectors, from five to ten now.

JF

Offline mercury

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Re: is it possible to live of my intrest in turkey ?
« Reply #8 on: April 08, 2018, 23:07:25 PM »
Don't forget the tax on that 13% interest..  You will only end up with about 7 or 8%  if that.. In the real world of funding a job in Fethiye/Calis it is a no.. There is always done "well meaning" person willing to get you deported for trying...Interest you would be living in is roughly £50 a week at those rates... Sorry to burst your bubble.. I know it may seem a small thing but I have also known people who go to live in Turkey and find out that it isn't always sunny either and can be very wet and cold in the Winter.  Think very carefully and do lots of research.

Offline Nataliem

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Re: is it possible to live of my intrest in turkey ?
« Reply #9 on: April 09, 2018, 13:55:57 PM »


No and no in answer to both questions.

I think you need to do a little bit more research into Turkey, and living there as a foreigner.

JF

Thank you for your rely Johnf if you read I did say I'm at the beginning and know absolutely nothing yet so this is the start of my research.

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