Secure your financial assets as an expat in Turkey

Cheryl Moderator

Member since 15 October 2018

CherylModerator23 June 2023 05:38:47

15878

Hello everyone,

As we navigate the exciting world of living and working in Turkey, it's essential to make informed decisions about our financial future.
We’d love to hear about the different investment options available for expats: how to invest in Turkey or in your home country, explore international options or use online accounts.

To kick off the discussion, here are some guiding questions:

What are the investment opportunities as an expat in Turkey? Are there any specific investment programs?

In your opinion, what are the advantages and disadvantages of investing internationally ? How is your experience with international investments?

What specific points should you consider regarding your investments as an expat (exchange rate management, international tax obligations or repatriation of funds)?

Do you use specialized banking services for expats, such as multi-currency accounts? What are the pros of these services and how do they help you with your finances?

How is the property market for expats? Are there any specific regulations or aspects we should be aware of when investing in real estate in Turkey?

What strategies do you apply to save and invest for your financial future in Turkey and/or to secure your children's financial future?

Thank you very much for sharing your experience with us!

Cheryl
Expat.com Team

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cdw057 ViP

Member since 01 November 2017

cdw057ViP23 June 2023 11:05:11

2031

Good start, I am happy the topic is addresed.

Just to list my concerns and experiences,

-I have most of my assets in EUR (without interest or revenues), but that is inflation, getting interest can also get some challenges (tax filing). Right now, no income whatsoever, but things might change.

-EU Banks do not like for clients to have an account in Turkey (my Luxembourg cancelled because of this (even if I was a client 20 years plus). Lets see what happens with my Dutch bank (luckily they need clients who have some capital) (I am thinking about my Hungarian bank)

-Financial future is more global, of course the depreciation of TRY is very annoying (every much so), but not killing for us.

-I really think to put my assets in a savings account if interest rates go very high (not in TRY I think (too risky)), I personally hate Crypto etc.

-The interest rate hike in Turkey was too small, but it is helping, having said that property prices will go down a bit. Yes of course the foreigners were guilty on the boom in prices (but low interest (relatively) was as well). In a way good that there will be a crash (not for me personally though)

-I do not like all of these financial products (I like products which are tax free (yes they exist, but implicitly tax is there), I have to see how to protect myself against inflation.

Bottom line I have no real strategy as of yet, I should have though