Turkey Facts & Figures

Turkey Facts & Figures

Reviewed by Kathleen Peddicord

Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.


A boy makes pomegranate juice at a Turkish market
Information TypeTurkey Facts/Data
Population85,816,199 (2023 est.)
Gross Domestic Product PPP (GDP)US$3.613 trillion (2023 est.)
GDP Per CapitaUS$41,887 (2023 est.)
Inflation Rate62% (2023 est.)
CurrencyTurkish Lira (TRY)
Exchange Rate Versus U.S. Dollar29.16 liras per U.S. Dollar (2023 est.)
LanguageTurkish (official), Kurdish, other minority languages
CapitalAnkara
Population of Capital City5.2 million (metropolitan area
Time ZoneUTC + 2 (seven hours ahead of Washington DC, during Standard Time)
SeasonsTemperate. Hot, dry summers with mild, wet winters. Harsher in interior.
International Dialing Code90
Electricity230 V. 50 Hz, Plug C, F
System of GovernmentRepublican Parliamentary Democracy
Current LeaderPresident Recep Tayyip Erdoğan (since Aug. 28, 2014)
Income Tax Rate for Residents15% to 35%
Property Tax0.1% to 0.6%
Capital Gains Tax15% to 35%
Inheritance Tax1% to 10%
Rental Income Tax5% to 25%
Transfer Tax2% to 4%
Sales Tax20% (as of July 2023)
Restrictions on Foreign Ownership of PropertyNone. Now it’s possible to obtain legal residency through the purchase of real estate
in a
much more straightforward way.
Local Chamber of CommerceReşadiye street. 34112 Eminönü

Phone: 0212.455 60 00 central

American Chamber of CommerceTel. 90-212-243-35-11
Primary ExportsApparel, foodstuffs, textiles, metal manufactures, transport equipment.
Residency and Visa RequirementsNow it’s possible to obtain legal residency through the purchase of real estate in a
much more straightforward way.If you wish to reside in Turkey longer than the normal period, you will need a residence visa.Residence visa is not obtained from this Turkish Consulate General. It should be applied to the nearest police headquarter in Turkey, before your tourist visa expires.

The new law on Foreigners and International Protection which governs residency permits came into force on 11th April 2014.If you are out of Turkey for more than 120 days in the previous 12 month period your residence permit will be cancelled on re-entry to Turkey and you must obtain either an e-Visa, or visa on arrival, to cover your stay until you wish to reapply for a residence permit.

Special Benefits for Foreign Residents or RetireesStill, Turkey is best suited as a part-time retirement option. If you live here more
than six months of the year, you become liable to the Turkish authorities for tax on your worldwide
income.
National AirlineTurkish Airlines

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