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  1. Like
    Star reacted to IbrahimAbi in Interest Rates, Inflation, and Investments in Turkey   
    Forex is risky as it depends on the confidence of others in the country and economy. Recently some world leaders have been making rash decisions and statements, all out of your control.
  2. Like
    Star reacted to Ken Grubb in Interest Rates, Inflation, and Investments in Turkey   
    The best investment you can make is an investment of your time to learn about personal finance and investing. Then you can do so intelligently and not rely on guesses and other people's advice. There are many books about this which can help you, just look on Amazon.com.
  3. Like
    Star reacted to REDDERS in Purchace and register the phone   
    Star,you only need to register a handset when you initially bring it  into the country,once the tax is paid,it doesn't have to be paid by a new owner if sold on. If you buy from a shop here in Turkey,the import tax will have already been paid.. so no registration is required. Slip in a sim card and use .
    If you want a new smart phone many shops like Vatan even Migros & Kipa have deals every now & then.
    There are only 2 players out there now as far as service providers.....
    Turkcell & Vodafone.
  4. Like
    Star reacted to Ken Grubb in What is the Cost of Health Insurance in Turkey and How Long Does it Take to Get It?   
    You will get your policy, and your card, as soon as you pay for the policy. The policy number will be on the policy itself. It doesn't matter when the policy starts. Get two copies, one for yourself and one for the immigration office.
  5. Like
    Star reacted to REDDERS in Purchace and register the phone   
    You may be able to use an unregistered phone for 'up to' 120 days,but many folk have stated they have had their IMEI code blocked at 30 days,so it can be anytime. Once the phones IMEI code is blocked the phone is not usable at all with a Turkish sim inserted.
    If you intend to register an imported handset the registration process must be completed within 120 days of your last incoming passport stamp.
    If you intend to purchase a new or 2nd hand phone in Turkey from a phone shop or private sale where the import tax was initially paid then there is no need to register the handset.
    Avea is now part of the Turk Telecom group.
  6. Thanks
    Star reacted to Ken Grubb in Interest Rates, Inflation, and Investments in Turkey   
    I would assume that it would involve a fairly large amount of money, or regular investments over time. But only for those who want to invest in Turkey. It may be that your country has better investment options. This would not be a bank account, it would be money invested in Turkish companies, involving stocks and bonds.
    This would also involve something called a "mutual fund." A mutual fund is a pool of money, contributed by investors like yourself, and managed by someone working for a mutual fund company. The mutual fund would have certain objectives, such as high-risk speculative stocks and bonds, or medium risk, more stable stocks and bonds (from which you would get a lower, but still respectable, return), or very stable investments which would yield the lowest returns, but be much more reliable and steady.
    Let's say you buy into a mutual fund of stocks. While there are mutual funds which invest in certain business sectors, others invest in a diversified group of companies. Diversification is good because if the economy changes and some companies are hit badly, others will do well because of the changes, and a diversified mutual fund will own stocks in both types of companies.
    A financial planner would recommend to you which type of mutual fund to invest in, one which is best for you.
    There responsibility would be to advise you on the best investments for you, based on your situation. For example, if you are young and are investing for retirement some forty years later, you can take more risk. Risk being defined in fluctuations in value. Over the long run, stocks perform better than other investments, but they fluctuate in value along the way. Then as you get closer to your long term goal, a financial planner might recommend you start moving your money into bonds, which still fluctuate in value, but less, and also yield lower returns. Then when you come close to retirement, a financial planner should recommend you start moving money into more short-term, but reliable investments, which fluctuate very little.
    The financial planner wouldn't be managing your money. He would only be advising you on the best funds to invest in. And when you invest in a fund, the fund management company will send you literature explaining what their strategy is and what they are investing in (and why). So you would be dealing directly with your investments. The financial planner would only be recommending where you invest.
    So for example, let's say your financial planner tells you that you should invest in XYZ fund. You ask for literature about XYZ, and get literature from them. Then you read it, and you decide if you want to invest or not.
    Absolutely. And you should never put all of your eggs in one basket! And you definitely should do some research on the company which will be managing  your investment before you invest.
    No. But my situation is completely different from yours.
    I used to invest in mutual funds in the USA. I wasn't disappointed, I just got interested in real estate and bought properties instead.
    I figured out that the US military was paying me money for my housing, and it didn't matter if I rented a place or bought one. So I started buying. When I got transferred overseas I would use a property management company to rent out the property I bought, then collect rent.
    When I returned to the states, the rent income would cover the mortgage debt on the property I had bought previously, so I could qualify for another loan and buy another property.
    Besides that, I volunteered for deployments to places where I would get imminent danger pay and hostile fire pay. That can really add up, since one in such a situation has few expenses.
    I survived, and used the money I earned to pay off the mortgages on the properties I bought.
    In my situation, at the time, it was the best way to set up a nice supplement for my retirement. And for me, that was the best thing, financially, I could have done. I definitely wouldn't recommend doing that to anyone else.
    Right now I am retired, so it makes no sense for me to invest in stocks, bonds, or mutual funds offering those things. I don't need to invest in anything any more.
    Don't get involved in currency exchange. It is like gambling. Maybe you will win a lot but you can also lose a lot. It is extremely volatile.
    Don't invest in one company. Invest in a mutual fund which invests in many companies. That way, if one company does badly, it won't bring the value of your investment down so much, because the fund you are invested in will be invested in a diversified portfolio of companies.
    Read up on the internet about mutual funds and how they work.
    I cannot recommend anyone. The person I mentioned, we have worked as partners in the past, and I have known him for many years. He has never been dishonest with me, I have never known him to be dishonest with anyone else, and he has never said or done anything which would make me think he is dishonest. If I wanted to invest in Turkey, I would go to him. I haven't seen him for a long time, but we keep in touch. Recently he has told me that he is now a fee-only financial planner.
    In any case, whoever you deal with, be sure to do your own research as well. If you don't understand something, then learn it, on your own. There are lots of resources to learn about various types of investments on the internet. A fee-only financial planner is there to point you in the right direction and make recommendations. You make the final decision, and your decision should be an educated one. That way you can stay in control of your own investments.
    I will send you a PM with his contact information.
  7. Like
    Star reacted to Ken Grubb in What is the Cost of Health Insurance in Turkey and How Long Does it Take to Get It?   
    You would have to ask the university about that.
    Based on what you said about your situation before, that you will be here with a student residence permit and your wife will be here with a short-term residence permit.
    Yes, she will have to buy health insurance if she isn't already covered by health insurance which is valid in Turkey.
    If you, or she, is not already covered by health insurance which is valid in Turkey, you will have to buy a private Turkish health insurance policy.
    Go here:
    Ankara Sigorta Free Health Insurance Quote
    You can also buy it online from Ankara Sigorta by using that link.
    During the first year that might be true.  The first year of such policies is an "exclusion period." So during the first year there are many things they don't cover. See here:
    What is Covered by a Turkish Private Health Insurance Policy for Expats?
    One could not expect any insurance company to immediately cover someone with a definite medical condition which would inevitably be very expensive to treat as soon as they walk in the door, the same as one would not expect an insurance company to provide fire insurance for someone's house if it was already on fire.
    From year two onward, the exclusion period is over, and the insurance will cover a multitude of things. For example, for me, my insurance company covered a very expensive hospital stay and treatment, far more than I paid for the policy. So it is not a sham, it is real health insurance, and it does pay. I was shocked when I went to pay the bill for my hospital stay. I was expecting to be billed for nearly 10,000 Turkish Lira. The hospital told me that I owed very little. Except for my share of a couple of tests which had to be run, which amounted to just a few hundred Turkish Lira, my "expat health insurance" had paid for everything. Just as they said they would do in the policy. All I had to do was give my insurance card to the hospital billing people, and pay my (very small by comparison) share.
    See here for more information about Turkish private health insurance policies and what they cover.
  8. Thanks
    Star reacted to Ken Grubb in Interest Rates, Inflation, and Investments in Turkey   
    Since I am an American, I have a bank account in the USA. I am retired, and get paid in US dollars. This has been very good for me lately in Turkey. Until now, every now and then, I have just been going to the bank machine, or ATM, to take out money to pay my rent and bills, in cash. But it can be a pain in the neck, since I have to go in person to my landlord's bank to pay the rent, and have to go to a bill payment center to pay for my utilities, television, etc. every month.
    So I went to my landlord's bank and opened an account. That way I can just transfer the rent money from my account to my landlord's account using the internet. And I can also set up automatic payments for my utilities and other bills. All I have to do is transfer money into my Turkish account from my US account, at the beginning of every month.
    So maybe a Turkish bank account might not be the best way to earn interest (savings accounts are never the best way), they can definitely be useful.
    If you want to earn interest, or dividends, on your money in Turkey, I have a Turkish friend who is a fee-only financial planner. Fee-only financial planners are the best, because they work for the person who pays their fee. If a financial planner doesn't charge a fee, they will probably just sell you whatever financial instruments they earn the best commissions from, rather than those which are best for you. If you have need of a financial planner in Turkey I will send you his information by personal message (PM).
  9. Thanks
    Star reacted to Ken Grubb in Turkish Residence Permit for the Wife of a Student with Student Residence Permit   
    If I have helped you, it means I have been successful.
    I spent a large part of my life in the US military. I went to a lot of places in the world which were, of course, foreign to me. Before I went to a new place, I depended on others to help me anticipate what my life would be like in that new place. Then after I got there, I depended on others to understand where things were, how things were done, and what was going on around me. I know how you feel.
    I just saw that this topic has had 663 views. So besides you, hundreds of others have also been helped because you have taken the time to share your situation here. And that's just this topic... you have a few others going as well.
    It would be nice to meet you some day. But for now let's just get you and your wife to Turkey and get you settled, so you can get to working on your PhD!
  10. Like
    Star reacted to Ken Grubb in What is the Cost of Health Insurance in Turkey and How Long Does it Take to Get It?   
    I bought my second private Turkish health insurance policy today.  In view of your questions and a general need to get this information out there, I just wrote an article which outlines what the Groupama policy covers, I copied it directly from my policy.
    The cost for a year of coverage was the same for me as it was last year, 1,326 TL. It's actually payable by the month, but since most people get residence permits for a year, they (I) pay 12 months in advance.
    Here's the article:
    What is Covered by a Health Insurance Policy Purchased for a Residence Permit?
  11. Thanks
    Star reacted to Ken Grubb in Turkish Residence Permit for the Wife of a Student with Student Residence Permit   
    If your passport is in English, it should be no problem at the noter office.
    There is a lasting misconception about what is required to prove one has enough money to live on. People are repeating old information which is now obsolete.
    There used to be a rule which required foreigners to have the equivalent of $500 USD in a Turkish bank account. This requirement was rescinded like two years ago. It is not because they don't enforce the rule. It is because the rule no longer exists.
    The information I am giving you is based on an interview I did personally with an immigration specialist at the Antalya immigration office. I asked her specifically about the standard they were using to determine if a person had enough money to live as a foreigner in Turkey. And she gave me an example.
    There was a lady who wanted a residence permit, but she had little money. Nowhere near the "$500 per month" as required by the old rule. The lady explained to the immigration specialist that she never went out, never went to bars or expensive places, cooked at home, and lived a simple life. She easily convinced the immigration specialist (the same one I was interviewing) that she had enough to live on. So the lady got her residence permit.
    The main reason they make sure foreigners have enough to live on is to make sure they aren't coming to Turkey to work illegally.
    So in your case, I think you will have zero problems bringing your wife here.
    Student residence permits, which you will get, are different. You, personally, have been invited to Turkey to be educated here. You have already been checked and approved, and will get a student visa if you don't already have it. After you get here, getting your student residence permit will be a formality.
    And by the way. Congratulations for being accepted for a PhD program here. I didn't realize you were coming for a PhD. What a great accomplishment in your life!
    And besides my personal admiration for you, I think this is also going to make a big difference when your wife goes to get her residence permit. You are not a person coming here to start at a university, as if they just finished high school. You are coming to work on a PhD. And I am sure they will take this into consideration in a very favorable way for you.
    So one tip I would give you. When you or your wife talk to the immigration specialist, be sure to mention that you are here for a PhD program. I think that will immediately remove any worries that your wife might be here to work illegally.
  12. Thanks
    Star reacted to Ken Grubb in Interest Rates, Inflation, and Investments in Turkey   
    The best information I can give you is don't just look at the interest rate. You must also look at the inflation rate.
    This is a mistake often made by expats in Turkey. They say "hey, I only earned three percent interest on my savings account in my country, but I'm earning ten percent in Turkey!"
    They are deluded, because they aren't also looking at the inflation rate, which is probably lower in their country as compared to Turkey.
    Inflation rates play a large part in determining interest rates.
    So in 2015 you were getting eight percent interest. But, according to Statistica.com, the inflation rate in Turkey, during that same year, was 7.67 percent. To calculate the real rate of return, add "1" to both the interest rate you are getting and the inflation rate. Then subtract the inflation rate from the interest rate.
    So your real rate of return during that year was
    1.08 (interest rate) - 1.0767 (inflation rate) = .013, or 1.3 percent real return.
  13. Like
    Star reacted to Ken Grubb in Foreigner ID before residency   
    The main thing she will need to show is that she will have enough money to live on, regardless of the source. If she can show this, that should be good enough. So lets say she's in her interview. And the immigration specialist says "how will you live here without working?" She will say "my husband will provide enough money for me to live on." Then you just need to be able to prove that. So they will need to see that you are married, and that you have enough money to provide for her to live on.
    I don't know of a situation the same as yours and I have never encountered one before. But I have talked extensively with a representative of the Antalya immigration office. And I am basing this on what he told me. If a person can show that they have enough to live on during the time they will be in Turkey, this is what they are looking for, and that will be enough.
    Of course, the best way to get information is to call 157 from within Turkey and ask one of their representatives. I can only give you answers based on what I have experienced, and learned from the immigration office myself.
  14. Like
    Star reacted to Ken Grubb in Turkish Residence Permit for the Wife of a Student with Student Residence Permit   
    In this case, you will be the host for your wife. That is, you will have a residence where your wife will stay. And you will make a legal guarantee (taahutname) saying that you will be responsible for making sure your wife complies with the laws (as you mentioned in your previous post).
    You make this statement before a noter (notary). The noter will have you sign this guarantee. Then the noter will stamp and sign it. Then your wife will take the taahutname to the immigration office and give it to an immigration specialist at her appointment.
    For the taahutname itself (I am not talking about your actual residence permit application), the only person you will need to show your passport to is the noter. I have never heard of any noter which requires a translation of a passport, if it is in English. However, since it will be from Azerbaijan, it is possible. I doubt it though.
    If, by some very small chance, the noter wants it translated (I really don't think they will ask for this), there will probably be a translation office close by.
    I don't think she will need a tax number. Most foreigners get one so they can open a bank account. But if she doesn't need a bank account, she shouldn't need a tax number. At the appointment she will need to pay the fees, but I don't think they require a tax number for that.
    If by some chance they do need one, they will tell you where to get it, and let you come back on the same day or soon after.
    And if there is any problem with the application, don't worry. They'll just tell you what they need and give you time to go and get it and bring it back.
  15. Like
    Star reacted to Ken Grubb in Turkish Residence Permit for the Wife of a Student with Student Residence Permit   
    Your applications will be completely separate. I don't know of any rule which requires an applicant who is staying with a friend, for example, to also bring the friend who is actually renting the residence or who owns it, as long as the applicant has the taahutname. However in your case, since you will be a student, and not a long-time resident of Turkey, I think it might be a good idea for you to go with her, just in case.
    And yes, you would have a student residence permit and she would have a short-term residence permit.
    There is no "tourist residence permit," actually. Tourism is just one of the options people can use to get a short-term residence permit, and this is also used for people who are renting their residence instead of owning it.
  16. Like
    Star reacted to Ken Grubb in Foreigner ID before residency   
    You can open a bank account with only a tax number. If someone at a bank says you can't, talk to a manager or go to another bank.
    While you don't need a yabancı kimlik numarası (YKN, foreigner identification number) to open a bank account, if you are in the process of getting your residence permit, you can get your YKN before you get your residence permit. Just talk to the people at the Directorate General of Migration Management office in your province, or call 157 to get more information.
    Basically, the tax number is so you can do business transactions, as a foreigner or a resident. Your YKN, once you get it, can be used in place of your tax number. To get telephone and internet service though, you will have to have a YKN and a residence permit. The telephone company won't accept solely a tax number, which is understandable since a non-resident might run up huge charges and disappear.
    Anyway yes, you can open a bank account with a tax number. If a bank employee is telling you otherwise, it's either a policy with that particular bank, or they are just plain wrong.
  17. Like
    Star reacted to THY in Are Jobs Without Insurance Legal?   
    See your question shifted a bit.. First you asked what is legal and what is illegal. This is to do with the laws written in the books and constitution. People do work illegally but obviously this is illegal and may if caught be deported..
    Foreigners work hard and are paid much less than locals and at some places even the Police and other relevant departments also have corruption but having said that at the end of the day. Illegal work is Illegal work. 
  18. Like
    Star reacted to THY in Are Jobs Without Insurance Legal?   
    There are two things... Permission to live and permission to work.
    The Tourist residence permit is permission to live for 'touristic' purposes only.
    Any type of Residence permit is a permission to live only. Even the family residence permit (that spouses of Turks) get is also a residence permit hence only giving permission to live. 
    Permission to work is a work permit. Which an employer applies and gets on your behalf for you. This is the only way to legally work in Turkey. 
    Another way is live as a tourist for 8 years and apply for a long term residence permit and a non restrictive work permit. This allows you to work anywhere in Turkey without a need for work permit but it needs at least eight years of uninterrupted residence in Turkey (11 months in every 12 months).
  19. Like
    Star reacted to Fil in Are Jobs Without Insurance Legal?   
    I think you may have gained a false impression about tourists working. As far as I know, few tourists work and those that work in visible jobs, especially cafes and restaurants, are often picked up by the authorities quite quickly. There may be people on tourist visas working in less visible jobs such as in workshops or as day labourers. But if they have enough money to enable them to get a residence permit, why would they be working for little money?
    People who are refugees or are applying for that or have some permission to be in Turkey  other than a regular residence permit seem to have a different status and that may be how they are able to work.
    In general in Turkey the authorities are clamping down on the employment of people without insurance. Last year all work places were required to submit the names and tc numbers of all people working there. The fines for businesses employing unregistered staff, TC citizens and foreigners, are very high.
    Another interesting point, not relevant to the ilegals you are asking about, is that anyone who is entitled to work but does not have their sgk paid by the employer, or whose income declared by the employer is less that the actual amount, can complai to the sgk and the employer will have to pay up the rest of the amount and pay a large fine. 
  20. Like
    Star got a reaction from Ken Grubb in Study in izmir   
    Terminal is open 24/7 and no problem. I guessed that since there are many buses go to istanbul at 3 and 4 at night!
    I think I can stay there and wait for my friend
  21. Like
    Star reacted to Ken Grubb in Ziraat charging 45 TL to withdraw 1000 EUR?   
    OK I understand what's happening now, the same thing happened to me at Garanti Bank. When you move, and want to withdraw money from a different bank than the one where you deposited the money, you have to transfer your account to that branch first. Then you can take the money out without a fee.
  22. Like
    Star reacted to Ken Grubb in Study in izmir   
    I can't find anything that specifically says the Izmir bus terminal is open 24 hours, but I am sure it is. Long-distance buses typically travel at night, and stop in at the bus terminals along the way, so it should be open.
  23. Like
    Star reacted to Ken Grubb in Study in izmir   
    Since I don't live in Izmir, I can't give you any personal assistance, but everything there is to know about renting an apartment, in any city in Turkey, is in this guide:
    The websites which offer property for sale or rent are posted as links in the bottom of that article. On any of those websites, you can specify how many bedrooms and bathrooms you want, your minimum and maximum monthly rent, apartment characteristics, etc.
    Congratulations on your arrival in Turkey!
  24. Like
    Star reacted to David Hagan in Short term residency application - Staying in Turkey Before Appointment, and Extra Requirements for Child's Application   
    Thanks again Ken - I feel confident knowing that we can stay beyond the tourist visa that I have got plenty of time to sort the necessary documentation from the UK. The income bit still confuses me slightly as they use this odd term on the application site "financial possibility" but I think they are only referring to income rather than savings both on the drop down box and on the box below where you can can type in a monthly income figure. It is very reassuring to hear that you had no problems with entering a zero. 
    I will share my experiences on this forum as soon as I have completed the process in case there is anyone else in similar circumstances both in terms of income and applying for residency on behalf of a child. 
  25. Thanks
    Star reacted to IbrahimAbi in Study in izmir   
    Buca is a long way from Balcova. Birkattaki means the number of flats on the same floor (ie 3) .
    It is also on the third floor and is heated by air conditioner so electricity bills may be high. I would look in Balcova, Goztepe or Narlidere 1+1 means one salon and 1 bedroom.
    If the house is furnished it should come with a tube of gas (it may be empty though). The cost of a refill is about 70TL (for 12kg), normally you call and someone on a moped/van will deliver it to your door.
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