The cost of living in Turkey is a driving factor that helps people decide whether they should move here permanently. Turkey can be a surprisingly cheap place to live. If you are receiving a pension from your home country, you can enjoy a luxurious lifestyle thanks to an excellent exchange rate between the Turkish lira and other currencies like the pound, euro and American dollar.
What is The Minimum Wage in Turkey?
The minimum wage is 1780 lira a month with the employer paying all healthcare and retirement stamps known as SGK. A single person with rent to pay would have an extremely basic lifestyle for this amount. With todays ( 27.06.2018 ) exchange rates the minimum wage equals €330.00 or $ 385.00
Exchange Rates and High-Interest Savings Accounts
If you receive a pension or monthly income in a foreign currency and are deciding whether you can afford to live in Turkey, remember to factor in fluctuating exchange rates.
Many persons also put their capital into high-interest savings accounts and live off the interest that they withdraw monthly. Starting between 8 to 10%, for anyone with sizeable assets, this is an advantageous way to fund living costs.