Are You Thinking of Moving To Turkey?
Known for the greatness of the former Ottoman Empire, Turkey’s position at the nexus between Europe and the Middle East lends itself to being a prime location for anyone looking to relocate for business purposes. Governed by a parliamentary republic, Turkey boasts one of the world’s most literate populations due to compulsory free education. And the country’s rich culture and high life expectancy make it an ideal place to make a new start.
The climate of Turkey is moderate and mild, with variations between an Oceanic climate that is somewhat temperate and warm and a Mediterranean coastal climate. The country tends to have rain and snow in the winter, but is usually dry and hot in the summer time. Further into the interior of the country finds a more arid environment that is more continental with a variety of weather corresponding to the seasons.
Turkey boasts an economy that is fifteenth-largest in the world in terms of Gross Domestic Product. Recent reforms have opened Turkey’s economy up to the private sector more than in the past, when the markets tended to be dominated by state-controlled economics. Besides oil, banking and manufacturing, tourism has been seeing a sharp increase in the last several decades. Turkey’s culture is traditionally an amalgamation of its Ottoman roots as well as influences from Greek and other European exposure. Modern Turkish music demonstrates this mix of influences as well as establishes the culture’s own unique perspective. Turkey is also known for its architecture, and a visit to Istanbul will reveal the unique blend of Ottoman and Byzantine influences in classical structures that tourists visit today.
Turkey’s population is made up primarily of people of Turkish heritage, but there are substantial numbers of Greeks, Armenians and people of Jewish background. Other smaller groups include those from France, Italy and other parts of western Europe.
If you are an expat retiree living in Turkey and have no intention of moving back to the UK then your UK pension maybe better off invested in an offshore QROPS .
QROPS Turkey could save you tax.
QROPS that are based in an offshore jurasdiction may provide up to 30% of the QROPS Pension fund as a tax free cash lump sum compared to only 25% in the UK.
In addition QROPS will allow for benefits to be received in a bank account of your choice in all major currencies
You will also avoid paying UK tax and only pay tax locally in Turkey, whereas in the UK 20% tax is taken at source.
Benefits of a HMRC recognised QROPS
Income payments are paid gross and not subject to 20% income tax at source as in the UK.
On death 100% of the remaining fund is passed to your named beneficiaries and not subject to 55% tax as in the UK.
Wider investment choice enabling you the opportunity to invest in global assets.
Who is eligible for QROPS ?
- A UK national moving to Turkey
- Anyone who has built up UK pension benefits and is now resident or looking to become resident in Turkey
As QROPS experts QROPS-advice.net can provide you with all the help and guidance you may need. Contact us today to see how we can help with your QROPS Turkey enquiry.