Retirement in Turkey for Foreigners
For everyone who has decided to buy a property in Turkey and move to a permanent place of residence on the Mediterranean coast, an important question is whether a foreigner can receive a pension in Turkey?
The answer is yes, any foreigner can receive a pension in the Republic of Turkey, but there are many nuances that we will tell you about in our article.
Pensioners can receive a pension in Turkey:
either earned in your country - your state will pay; as a rule, it is credited to a valid bank card, or it is received in your homeland by trusted persons and then transferred to you in a convenient way; Turkey has concluded an agreement with some countries on the official exchange of pension accruals (for example, Moldova - that is, all foreigners receiving a pension in Moldova and moving to Turkey automatically receive a pension here, and vice versa);
or a pension from the Turkish state - a number of conditions must be met;
or both pensions at the same time
What is necessary to receive a pension from the Turkish state?
1. Firstly, in order to receive a pension in Turkey, it is necessary to reach the retirement age, which according to the legislation is 58 years for women and 60 years for men.
2. Secondly, it is necessary to work in Turkey officially on a work visa for at least 5 years and regularly make pension contributions. There are 3 types of them: 4a - maaşlı çalışanlar. Employees on the payroll. Deductions are made by the employer. 4b - bağ-kur. An individual entrepreneur. You make payments to yourself. 4c - emekli sandığı. Government employees. Deductions from the state.
3. In Turkey, those who have not worked here can also receive a pension. There is a Bireysel emeklik sistemi (BES) system – a private pension system. To participate in this program, you must sign a contract with a bank or insurance company and make deductions every month. The programs differ in the size of deposits and terms, as a rule, you can withdraw money after 10 years.
What determines the amount of pension accrual? Depends on the number of days worked and the onset of retirement age.
With 5 years of experience, you can count on a minimum pension for a foreigner in the amount of 1400 Turkish lira (about $ 200).
On average, the work experience should be at least 19 years (7,000 days).
If you have reached retirement age, but have not worked the required number of years, you need to buy days.
If you have already worked the required number of days, but have not reached retirement age, you will not be able to issue a pension.
Twice a year in the Republic of Turkey there is a supplement to the pension.
It is worth noting that in Turkey, the wife inherits the pension of her deceased husband.
The official social tax accumulates and in the future you can dispose of this money in two ways:
After 5 years, part of this money can be received in the form of a one-time payment. BUT! Then you will not receive a pension in the future.
Do not take a one-time payment and receive a minimum pension upon reaching retirement age.
It's up to you to decide which is more profitable depending on your situation.