Cost of living in Turkey is very affordable with a CPI of 38.6 (NYC = 100). Groceries (39.1) and restaurants (37.6) are also very affordable compared to the NYC baseline.

Property prices are affordable, with a property price to income ratio of 6.7 years. The rent index is very low at 11.7, indicating a highly affordable rental market.

The purchasing power index is 82.4, indicating moderate buying power compared to NYC. Turkey's GDP is approximately $906 billion.

Turkey operates a progressive income tax system for 2025, with rates ranging from 15% to 40%. The standard Value Added Tax (VAT) rate is 20%, with reduced rates of 1% and 10% for certain goods and services. Annual property tax rates vary from 0.1% to 0.4% depending on property type and location.

Turkey's startup ecosystem is dynamic and growing, with Istanbul ranked #3 among Emerging Startup Ecosystems in 2025. The country has fostered several unicorns and benefits from public-private partnerships, though regulatory predictability remains an area for improvement.

Turkey provides universal healthcare through the SGK, accessible to expats after one year of residency. The pension system includes state-funded and private options, with a new supplementary retirement system (TES) planned for 2026. Unemployment benefits offer financial support for up to 300 days, and maternity benefits are also available.

Deposits in Turkey are protected up to TRY 650,000 (approximately USD 14,365 as of May 2026) per depositor per bank by the Saving Deposits Insurance Fund (SDIF). The banking sector is regulated by the Banking Regulation and Supervision Agency (BRSA) and the Central Bank of the Republic of Turkey (CBRT), with oversight for financial stability and anti-money laundering efforts.