Reasons to invest in Northern Cyprus
Reasons to invest in Northern Cyprus
The island of Cyprus is the third largest island in the Mediterranean Sea, located in east of the sea. Where the trade routes of three continents of Europe, Asia and Africa intersect. Total area of the island is 9,251 square kilometers and the area of Turkish Republic of Northern Cyprus is 3,242 square kilometers. Nearest neighbor is the Turkey, located 65 km north of the island. The island of Cyprus is also located 100 km west of Syria and 420 km north of Egypt.
Lefgosha is the largest city in Turkish Republic of Northern Cyprus (TRNC). Famagusta, Iskele and Kyrenia or (Girne) are other important coastal and port cities. Due to political situation in Northern Cyprus, all international flights are operated via Turkey and cities of Istanbul or Ankara. Also there are ferry routes from port of Mersin and city of Alanya in south of Turkey, often to the port of Kyrenia in Northern Cyprus.
In Turkish Republic of Northern Cyprus, political system operates as a multi-party democracy. President is the head of state and is elected by general election every five years. Official currency in North Cyprus is Turkish Lira. It is possible to keep foreign currencies such as dollar, euro and british pounds and save these currencies in banks and use them as a means of exchanging and expressing payment figures and contracts for individuals and legal entities. North Cyprus, like the rest of Europe as well as Turkey, has an advanced banking system. In addition to “Central Bank” and “Development Bank“, there is 21 commercial banks and 7 international units.
Economy of Northern Cyprus
Despite a lack of accurate international knowledge of this country’s statistics, the North Cyprus economy is performing well and growing significantly. Per capita income of Northern Cyprus for the past 5 years was $15 million. It earns about $400 million from tourism and another $400 million from higher education and universities. There is also strong investment in Real Estate, with home buyers investing heavily in unique beachfront villas, mostly from northern Europe and Middle East. More than a thousand Britons visit Northern Cyprus during summer months. Invest in Northern Cyprus
The country’s main exports are dairy products, raw and processed citrus fruits, poultry and potatoes. In 2019, Northern Cyprus exports amounted to nearly $130 million. Industrial tourism is rapidly growing and improving in Northern Cyprus. In Northern Cyprus since 1978, due to island’s location, tourism activities are considered vital to the country’s economy.
Investment policy in Northern Cyprus
The main goal of investment policy in this country is to accelerate economic development, increase competitiveness with economies of other countries, mobilize potential resources, increase the efficiency of private enterprises in economy and encourage foreign investors to invest in this country. Invest in Northern Cyprus
North Cyprus has many opportunities for start-up tourism, service and Real Estate companies and foreign investment. A strong banking system, an increase in number of international tourists and students, trained staff and corporate tax break opportunities have greatly benefited entrepreneurs.
For those who want to start a profitable business in North Cyprus, there are four options each set for different purposes and with different tax liabilities:
1- Establish a local company
2- Establishment a branch of a foreign company
3- Establishment a company in free trade zone
4- Establishment an international trading company
Investing in partnerships with foreign and local companies is actively supported by the government with many benefits and incentives, Including full protection of private property rights. There is no difference between citizens and foreign nationals regarding such rights and all of them are guaranteed by the constitution.
The main reasons for buying property and investing in North Cyprus
1- Very reasonable property prices:
Currently the Real Estate market in North Cyprus offers the best prices among the Mediterranean countries. Prices for Real Estate starts at 47,000 GBP for an apartment and nearly 100,000 GBP for a villa. Luxurious apartments and penthouses with the best conditions with a price of about 180 thousand British pounds and very stylish villas up to 250 thousand pounds, which is much lower than prices of similar properties in other parts of the world.
2- Annual property price growth:
Annual growth of property prices in Northern Cyprus is about 15 to 20% and that is more true for pre-sold properties. Also due to the high desire of citizens of other countries to stay and invest in North Cyprus, demand for property is increasing every year and price of property and houses increases in proportion. Invest in Northern Cyprus
3- Receipt of definite inherited property document:
One of the biggest benefits of investing in Northern Cyprus is getting a definitive, lifelong single-deed document in the name of foreign buyer. Under Cypriot government law, the title deed is the same for foreign investors and people of Cyprus. Even after the buyer dies, property will be inherited in full accordance with the law or will be executed according to the deceased registered will. The government of Cyprus, unlike countries such as Georgia, Turkey and etc., will not have any share of the property of foreign buyers.
4- Simplicity of administrative process and obtaining residence permit:
There is no need to establish a company to buy property in North Cyprus. Administrative and legal process of buying property on the island is very simple. As in most projects, by paying 33% of total amount of property, the house or property is registered in the name of customer and it’s immediately possible to complete the accommodation process, which lasts a maximum of three weeks. Also, process of concluding a property purchase contract in North Cyprus is very simple and foreigners can easily have definitive and 100% ownership of the purchased property. In addition, purchase contract is prepared in three versions (buyer, seller, lawyer) in both Turkish and English languages and all versions have equal executive power. It should also be noted that the deed of inherited property (similar to that not seen in countries such as Dubai, Greece, Armenia and European countries) is given to the buyer. The Immigration Police in North Cyprus, based on the property registered in your name, conducts the process of your residence and also your family. So, legally this work is done very carefully and under full supervision of the law, which is a good platform for encouragement and benefit. Provides foreign investors from various European countries, Russia, England and Middle East. Invest in Northern Cyprus
5- Terms and facilities for payment of Cyprus projects:
Ctop Group has made payment terms very easy, so that investors in most projects can pay 33% of property price and pay the rest in several-year interest-free installments or even with 9% interest for up to 6 years. Such conditions make it easier for customer to pay, regardless of how the payment is paid in installments or in cash, the conditions for obtaining residency are the same. For customers with cash payment, special discounts and facilities such as provision of some kitchen appliances and… are considered as gifts by company.
6- Easy accommodation conditions in Northern Cyprus:
Applicants for immigration or long-term residence in North Cyprus must apply for a residence permit. To obtain residency through the purchase of a property in Northern Cyprus, after completing the initial stages of purchase contract, you must take the relevant documents with our representative to the tax and registration offices and register the property in the name of buyer or buyers. The issuance of residence for individuals is in no way subject to the permanent presence of persons in North Cyprus and compulsion to live here. The buyer can leave or enter Northern Cyprus at any time. Similarly, some people leave Cyprus after buy a property and obtain a residence permit. Perhaps they leave the house for annual rent. Invest in Northern Cyprus
7- Obtaining permanent residence in Northern Cyprus:
After receiving an annual residence permit in North Cyprus and extending it for 5 years (with the need for continuous living and presence in island mor than 300 days a year), foreigners will have right to receive a permanent residence card for themselves and their family.
8- One of the safest countries in the world :
According to statistics of international organizations, North Cyprus is ranked first among the small countries with global security and cleanliness of environment. And according to the world statistics of 2021, it is ranked fifth among all countries in the world in terms of social security, crime and optimal living conditions.
9- Political and economic growth of Northern Cyprus:
The country of Northern Cyprus is separate from the Southern Cyprus, but due to actions and negotiations, as well as various political issues and political situation of two countries, in future we will see an agreement and unification bitween two countries. Given the above, it’s obvious that this is an ideal opportunity to apply for residency through investment and purchase of property, in the near future (both before and after the agreement) will be profitable.
Climate:
One of the main reasons people choose Northern Cyprus is its very mild and temperate climate. Clean and suitable climate has made life on this beautiful island enjoyable. Cyprus has one of the healthiest and best climates in Mediterranean region with an average of 300 sunny days a year, which is why the island welcomes travelers from all over the world all year round. Temperature in most months is between 15 and 27 degrees Celsius.
Recreation:
Among tourists, the Mediterranean has always been known for its charming and beautiful beaches. The island of Cyprus also enjoys this Mediterranean gift, and the magical beaches of this region, with their magical clear water and sparkling sands, capture the hearts of all tourists. Calm sea and golden sands provide a beautiful and pleasant place for swimming, sunbathing and water sports.
In Northern Cyprus there are countless entertainments for adults as well as children. 5-star hotels provide unlimited recreational facilities for everyone, as well as restaurants and nightlife. All are available to everyone, even those who do not stay in hotel. Leisure centers and bowling alleys, cinemas as well as countless historical sites that you will not be satisfied with. At the same time, One of the most important attractions is the coastal island with golden sands and a huge variety of beach and sea recreation. North Cyprus is also one of the most popular areas for diving enthusiasts around the world due to its excellent water depth and unparalleled diversity of aquatic species.