December 12, 2023

By Trevor Hughes….

Capital Insurance Wins Prestigious Award

General Manager of Capital Insurance, Kutlu Yorucu received the top award at the Golden Caretta Awards Ceremony, being held at the Acapulco Hotel on Wednesday 31st May 2023. The award is affectionately known as “the Oscars of the business world”.

The picture shows Kutlu receiving the award on behalf of Tekin Arhun, founder of Capital Insurance.

Kutlu won the award through diligent effort and long, long hours of work, to become the worthy winner in the category of “Commercial Success of the Year” award.

Minimum Wage Review

The minimum wage review is currently underway and is expected to be announced in a few days’ time. The rate of inflation for the month of June is expected to be around 25% and if correct, will be reflected in the minimum wage and items purchased such as residency, road tax, petrol, and household purchases, to name but a few.

News on the Horizon

I am reliably informed, the Government is giving serious thought to ways in raising cash for the relief fund in Turkey, following the devastating damage caused by the recent earthquake.

The one most favoured is to deduct 5 percent of tax from the interest earned on your Turkish Lira bank account and 25 percent from your non-Turkish account. If it is implemented, I feel there would be a few people raising their eyebrows and showing considerable displeasure, to say the least!!!

Temporary Residence

The Government is giving some serious thought to amending the rules for those when they apply for Temporary Residence and listed below are the changes under discussion.

  1. Applicants over the age of 65 years at the time of application, will be exempt from applying. They have not said if this rule applies to first-time applicants as yet.
  2. Renewals will require applicants to upload documents to immigration that have changed since their last application eg, sponsorship of another person, bank statements, living arrangements, Muhtar letter, marital arrangements, and all situations liable to change. They are also giving serious thought to making the residence period for up to 5 years, but this will depend on your personal criteria.

Health Arrangements

Because very few people take advantage of the state hospital service, the requirement to pay the health provision (stage 2 of the residence procedure) may well be scrapped. We await more information on this matter before going to press.

Remember, these are the residence topics up for discussion and, are subject to change and alteration.

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