Author Topic: Right, decision made...  (Read 1734 times)

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Offline trainer

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Re: Right, decision made...
« Reply #10 on: May 02, 2019, 15:48:44 PM »
I wish you all the best for your future plans and i hope it all works out
the big question is that if you convert your money straight away and your there for a year or so and you realise that its not for you you will of lost a lot of money
me personally when i have thought about it i always think that I would rent my property in the UK for the first year and if then I am still happy then sell but i am not one for rushing in and most likely be still thinking about it when its to late  :D



Online Karennina

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Re: Right, decision made...
« Reply #11 on: May 02, 2019, 20:16:22 PM »
I defo would not convert such a large lump sum into lira ( that is just me personally) Iv seen soo many people lose a lot of money when they have had to convert back to sterling.

The one thing that I could not stand if I was living full time in Turkey are the winters, we were here in January and Iv never been so cold and wet in fact we cut it short at our home in Calis and went to Antalya earlier then planned which was not much better weather wise but at least the hotels had heating and lashings of hot water!

Good luck with whatever you decide to do re your finances here!

Offline Menthol

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Re: Right, decision made...
« Reply #12 on: May 02, 2019, 22:18:44 PM »
Wishing you all the very best with your move here.

I'm rubbish at finances so can't help you with your initial questions.

We've been here just over 5 years now but still have a property back in the UK that we are thinking about - sell, rent? Sell and buy a smaller property? Got to say, I'm quite nervous about the idea of not having a base back in the UK. If, in the future, for whatever reason, we have to move back, I'm not sure we would be able to afford the kind of property we'd want to live in permanently, bearing in mind the spiralling British property prices.

However, we have no regrets about our move here. Every day presents a new little adventure and life lesson.

Yes, the winters here can be difficult to bear as on the whole building construction is more geared towards staying cool than staying warm. However, luckily for us, the previous owners of our house had had the foresight to install central heating pipework and so after 2 winters here, we bit the bullet and had the radiators and system installed. We also updated the immersion heater in the water tank to ensure a steady flow of hot water.  Very wise decision. As a consequence, we love the winters here - bright, sunny, crisp days that afford you clear far reaching views. Much reduced traffic, empty beaches, milky turquoise seas, snow covered mountains and lush plant growth all around. (There's also lots of rain and storms but they are also pretty spectacular).

Oh and there's no such thing as a stupid/daft question - if you don't know, you don't know, so ask away   ;)

Offline Ian_and_Sian

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Re: Right, decision made...
« Reply #13 on: May 03, 2019, 12:56:28 PM »
Thanks so far for all your replies.

I'm certainly aware of the issue regarding the exchange rate, I'll certainly be keeping a close eye in it! Though, I'm also thinking that should the Lira start to recover (it was about 4.5 to the pound when we first bought) then instead of losing, we'll make a tidy packet. (I've obviously spent WAY too much time on money market trader floors in investment banks!!)

Our initial plans are to live in Calis, living off around 30% of the interest, while continually reinvesting remaining interest to a point where we can then buy a villa, probably in Uzumlu. We calculated that this would take around three years to acheive but does involve moving the entire £100K into a Lira timed account. With the advice received from you all, I think I'll recalculate what we could do by moving £50K to the Lira account and keeping £50 either in a Sterling, Euro or Dollar account instead so, Excel sheets at the ready!!



Offline trainer

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Re: Right, decision made...
« Reply #14 on: May 03, 2019, 15:03:11 PM »
it looks like you no what your talking about and have it all planned out so once again good luck and keep us all informed I will be watching as it could be me one day inshallah

Offline Ian_and_Sian

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Re: Right, decision made...
« Reply #15 on: May 03, 2019, 17:44:57 PM »
Next question as I can find this anywhere online.

I now know that the tax rate on the Lira time deposit account is 15% (thanks Liz 101) but does the same tax rate apply to a foreign currency account (£, $, or Euro)

TIA




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