Calis Beach and Fethiye Turkey Discussion Forum
Property For Sale in Calis Beach & Turkey => Moving To Turkey => Topic started by: big a on August 25, 2010, 17:10:37 PM
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hoping to move to fethiye this year after we sell house in england already have apartment any advice how to invest money in turkey many thanks
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Put it in the bank and leave it there.
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Even when someone has a fantastic business deal or partnership to offer you, leave it in the bank :D
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Bank
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do all banks give same interest and which is safest
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Don't buy land, don't buy a 2nd property, don't invest in 'cast iron platinum edged 100% guaranteed' anything!
As Tinx says put it in the bank and leave it there. Enjoy the interest off it as its the only thing near a certainty that you will gain.
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My advice for what its worth, buy cheap flat land 15 to 20 minutes drive from the coast, before parting with any money make sure you have the deeds in your name,and always use a good solicitor, trust no one and do not do anything you would not do in the UK with regards to investments, the reason i say land is they do not make it anymore, I was advised this many years ago by a very astute Turkish gent, imo the Bank rate will not last much longer, look at the rates over the last 10 years and you will see what i mean. PS good luck with your move.
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No-one has mentioned the amount of money that is protected in Turkish banks if they go belly up. Is the protected amount not 50000TL - (happily open to correction if I'm wrong) in which case you may need to use many Turkish banks if you're planning to invest the sale of your UK home
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50k TL each name person ie joint account 100k TL.Spread the rest accordingly in different banks
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And check the banks are not in the same group.
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Don't change all your money straight off keep some in sterling or euros incase it all goes pear shaped.
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thinking of selling house and moving to turkey and living off the interest....is it still a good idea or am i just being silly...help, pleas
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Why not Kymm, you are only here once. Interest rates are not what they used to be but if you have enough to put in the bank you can live a good life off the interest, if that's the life you fancy :)
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oh thankyou im all talk, dreamt of it for years....have a good job here and then theres the new grandchildren....aaaarrrrggggghhhh...your kind, ta
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Your grand children can keep in touch on skype.............. plus they'll ome for longer visits so you may end up seeing more of them :-)
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Skype is no compensation for being able to spend time with and cuddle your grandchildren. Mine are 2 and 4 and I wouldnt leave them permanently for the world. I see them every weekend and as much as I love our life when we're in Turkey I'd not live there full time for that very reason
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I'd advise you to rent before you buy. That way you can see if it really is for you before putting all your eggs in one basket. I speak as an older and wiser man. Sometimes things you don't expect to go pear shaped just do so.
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It depends on the lifestyle you would like to lead. The expenses to consider are residency and compulsory health insurance. Residency is about a pound a day,health insurance is compulsory now,think it is about 182 lira a month and who knows what it actually covers.I do not know if that will cover the dentist as well. Meat,petrol and some foods that you take for granted in Britain like Cheddar cheese, sausages,bacon cost more in Turkey.If you are going to pay for maintenance on an apartment the cost of that should be considered too. If you run a pool of your own then chemicals and running costs of that have to budgeted for.
You need to check your finances well before making a decision like this.The exchange rate on you money and the interest on the money you may put in a Turkish bank are not predictable.
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Daffodil do you know something I don't I thought this health insurance was still unsubstantiated. One of the last comments I read about it was that the Kalkan Newspaper was having a meeting with various agency in September and Tribal Elder was going to report back to us. So have I missed something?
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I thought that the meeting was to clarify who is covered and for what. Maybe my understanding is wrong.It looked as if the law was passed in 2008 and allowed a period of time before foriegners were asked to pay.
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Whichever way you look at it, you've got to consider the cost of medical treatment, whether it's compulsory or whether you pay into a voluntary scheme.
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Or do what I did - pay as you go. It was brilliant - 15 lira here, 60 lira for a consultancy there. Then 3 of the 4 of us got food poisoning at at a hotel in Belek - nearly 2 grand there!!!
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Or £1,000 per session for chemotherapy.
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I have known of people chartering an airoplane equipped with medical care for the journey to fly family members back to England for treatment and it has cost them between 20 and 30 thousand so it has meant their lifetime savings.
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Thanks Daffodil :) You did know more than me. Just don't know what to do now think it maybe time to think about returning to England. Really don't fancy it, but if they can just go on demanding money like this, maybe the way to go. Know a lot of people like to be insured, but I do prefer to pay as you go. I agree with the comments you made to the guy who wants to move her lot to consider and take into account. Not such an easy decision now with ths health insurance, increased residency, plus lower interest rates in the bank and higher food prices not to mention electricity and water.
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You can rent here for part of the year. The winters are lovely in Calis and Fethiye and if you are not here more than three months at a time you would still not lose your right to medical care in Britainav,some bank accounts in Britain have travel insurance included in their charges. You could probably buy an apartment for a reasonable price too. Many people do live here and the cost of living is up to you and what you want. If you do not run a car and a swimming pool then it is not expensive. Public transport is really good in Turkey and you can travel all over the place exploring if you want to because it links up well. I have quite a few friends who are single women living in Fethiye area and they are happy there.But it is something you just need to plan well and make sure you have enough to live on. I was not trying to put you off, just to plan in advance what you can afford. :)