All About Property in Turkey, Keeping up with Property Guidelines, Latest trends, News & Tourism. info@oludenizhomes.com
05/07/2017
01/07/2017
What is the Cost of Living in Fethiye 2017?
One of the most frequently asked questions that we get is ‘How much will this cost’, either is for council tax, annual maintenance, utilities or just for leisure.
According to Numbeo report from March 2017, compared to the UK, the cost of living in Turkey is over 70% lower.
Electricity is 56% cheaper, internet around 40 % cheaper, taxis are more then 70 %, cheese is 25% cheaper.
Overall, anyone who decides to move from the UK to live in Fethiye will see a vast improvement in daily cost of living.
Healthcare:
Public Health Insurance
Turkey has its very own public healthcare system, which is readily available for foreign residents who pay social security contributions via their employer. All residents in Turkey are given an identification number which is their social security number.
Universal Health Insurance
Foreign resident permit holders living for at least one year in Turkey and whom do not hold any other health cover plan in their own country, can apply for SGK. This enables healthcare cover for approximately 425TL (about £90 )per month and entitles them to unlimited healthcare much in the same way that the NHS operates in the UK. The 425 TL cost covers both husband and wife.
Private Health Care
Depending on age and previous ailments, private cover can range from 1000TL to 2000TL (from £220-250) per year depending on whether or not you wish to have family cover. Private cover offers you the highest level of cover and enables treatment at private hospitals. Private hospitals generally are better equipped, less crowded and lower waiting times.
Residence permit:
You can stay in Turkey on your turist visa for 90 days out of 180 which costs about £13 or you can choose to stay longer and apply for Residence permit.
There are 6 types of Residency Permit Applications.
Short term residency permit (one ,two year or renewal application)
Family residence permit
Long term residence permit (You must have resided in Turkey uninterrupted for 8 years)
Humanitarian residence permit
Residence permit issued to victims of human trafficing.
The majority of those applying for residency will apply for Short Term Residence.
The short term RP cost about £80 including administration fee for the first year.
House expences:
Utility bills, council tax and rubish tax roughly will cost you about £450 per year
İnternet depend on the deal and discount that you may get from the different providers, but on avarage around £15 per month.
İf you have purchased an apartment or villa that are based in a complex with shared facilities like swimming pool, gardens and security be prepared to pay a monthy fee. The cost will depend on how many properties are in the complex and paying for the services. Expect to pay from £50 per month.
Transport:
Petrol is not cheap in Turkey so if you choose to get a vehicle, with MOTs and insurance the avarage yearly cost to run a car will be about £600.
Because of the high cost on running a vehicle in Turkey, most of the people prefer to travel by the local transportation. Either the public bus or the Dolmus no distance is too far. The price is from 50 pence to £1.50 depending on the destination
Groceries:
Most of the people choose to buy from the local weekly market. The local produce is always fresh, organic and very cheap. You can find a large choice of fruits, veggies, cheese, olives, nuts, spices, eggs etc .. Spending about £15 a week for two people is more then enough. İf you are a meat lover prepare to spend around £11 per kilo for a lamb or beef. Chicken goes for about £3 per kilo. Fish as low as £3 per kilogram.
A pack of cigarettes goes for £2.50, but also you have the choice of the local tabbaco shops where you can find the finest local produce for as low as £13 for a kilogram of tobacco.
A bottle of local beer sells at the shops for £1.50.
İf you are a wine person you can find wine from £5 per bottle in the markets or you can choose to visit Uzumlu village (some 15 minutes drive from Fethiye) and get a really good quality home made wine for £4 per litre.
Dining out will cost you on the avarage £ 25 for two people
Many of our expat friends save substantial amounts on the cost of living in Fethiye by investing their capital in time deposit accounts paying more then 10% interest that can be withdrawn every 32 days. Therefore, someone depositing 300,000 tl (£65,000) will monthly receive 3000 tl (£650) before tax. This is more then enough to enjoy good standard of living without touching your net worth.
NEW REGULATIONS FOR SHORT TERM RENTALS IN TURKEY – FIND OUT ALL YOU NEED TO KNOW FROM OLUDENIZ HOMES
Are you a Turkish property owner?
Do you rent your property out for short term periods?
Do you let family and friends stay in your property?
Have you heard about the new GIYKIMBIL System?
Are you confused by the new legislation?
YOU NEED TO READ THIS
The new GIYKIMBIL SYSTEM has been introduced by the Turkish Government. In future, Turkish property owners who rent out their homes on a short term basis, for example, in the summer to people who come to Turkey for a holiday, will need to be aware that they now need to register their guests on a new database and, in addition, quite separately, employ the services of an accountant to set the rentals up as a proper business and also declare any income they receive to the Turkish Tax Office.
This system is also being applied as another necessary step in the fight against terrorism and is being introduced under the Turkish State of Emergency to enable authorities to keep a better track on individuals moving around Turkey and to help the Security Services locate interested individuals easier.
So, from now on, anyone coming to Turkey will need to be registered at their accommodation much in the same way people have to do if they stay in a hotel.
BUT DON’T WORRY if you own a property for your own use (you and your family) and you do not market in any way in the short term rentals market YOU DO NOT NEED TO DO A THING. This regulation will not apply to you, so please just enjoy it in the same way as you always have. But, if you own a property that is being rented out for short term holidays YOU ARE DIRECTLY RESPONSIBLE for ensuring the your property is registered on the GIYKIMBIL system and that the details of your various guests are submitted.
On the subject of Tax
If you rent, you need to register your property as a business. You will probably need the assistance of a Turkish accountant to help you do this. The accountant you appoint will take the following steps
Step 1 To create an account book, obtain Power of Attorney from Notary to act on your behalf
Step 2 Arrange the necessary registrations and certificates and liaise with the Tax Authorities
Step 3 Arrange with Civil Service to visit your property and agree commencement of business
Step 4 Instruct you about what you need to do in terms of completing ongoing administration and provision of information to comply with the Tax authorities.
Step 5 Prepare the necessary income and expenditure accounts to satisfy the Tax Office
We at Oludeniz Homes are happy to talk to you about the changes in the Law. If you think this new legislation affects you and you want further clarification, please do not hesitate to contact us
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