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About North Cyprus
Corporate tax in the TRNC stands at 35% which might sound high at first glance, but once the dividends are distributed, shareholders may be entitled to a refund of a large part, if not all of the tax paid by the company. In such instances, this amount normally translates to 6/7th which means that the effective tax paid is only 5%.
Furthermore, if an individual is not a resident of North Cyprus (and holds permanent residence elsewhere) he is not taxed on the refunds received.
In terms of double taxation the TRNC holds tax agreements with some various countries worldwide, which means that profits made in North Cyprus are not subject to tax in the residence country of the investor or, they are eligible to a tax credit thanks to some of the incentives the TRNC provides.
If you are interested in finding out more about North Cyprus, and to see if the TRNC fits your requirements, we invite you to contact us. Also seminars consist of a short presentation followed by private meetings by appointments.
This event is free of charge, however seating and appointments are limited and available on first-come, first-served basis.
The lowest council tax, 1 Turkish Lisa per square meter.
Investors does not pay income tax when they resale their properties with higher price.
Generally in North Cyprus all taxes are lower than EU and other countries.
Property buyers can easily open Bank accounts in North Cyprus, which let you keep your money safely and cannot be controlled by other countries.
When one relocates to North Cyprus, they also think property – either for sale or to rent. Yet property in the TRNC can also be a solid investment. Back in 2009, it was hardly affected by the global financial crises, particularly thanks to sound backing ethics and consistent capital growth. For the past decade, property prices have always remained stable or registered an increase year-on-year.
Catering for all tastes and budgets, from the uber futuristic, ultra-modern, to the charming and traditional, North Cyprus offers a great selection of property types. Demand is fuelled not only by the local buyer, but also by the rental investment market, the expat community taking up employment on the island, and by foreigners taking advantage of TRNC’s residency programmes. The influx of foreigners greatly contributes to the expansions in North Cyprus’s luxury real estate, with demands for luxury apartments and houses have risen to new heights over the last couple of years.
The strength of the TRNC’s economy is an important consideration when moving to the island. From the availability of jobs to the ability to raise capital to start a business, a healthy economy is often a prerequisite for those considering relocating.
Due to the island’s size and population density, the economy is increasingly focused on services. The service sectors experiencing the most growth are tourism, financial investment.
TRNC offers several options to Internationals seeking to acquire residence or citizenship in one of the strongest, most stable economies of the Mediterranean. The TRNC gives the opportunity to a number of individuals and families to relocate to North Cyprus or to hold residency status in TRNC for various reasons, tax incentives, to study or work in North Cyprus or simply to hold an alternative residence status in one of the world’s most attractive jurisdictions.
North Cyprus is known for their high quality education and well run schools and universities.
You have a choice between government, semi-private and private schooling across the island. The island is home to around 20 universities spread between the main cities of Famagusta, Kyrenia, Karpaz and Nicosia. They cater for various aspects of education. Facilitation is conducted mainly in English.
Should you require more information we will gladly assist.
The culture of North Cyprus reflects various societies that have come into contact with the island throughout the centuries, including neighbouring Mediterranean cultures, and the cultures of the nations that ruled for long periods of time prior to its independence on August 16th, 1960.
The Turkish Cypriots are by and large known for their friendliness and hospitality. This fact and the ever-growing expatriate community ensure that new ‘movers’ will find it relatively easy to settle down and fit in.
Culture in North Cyprus is an important part of life on the island. One can find plenty of events and activities happening all year round, including theatre, jazz, opera, pop and rock festivals, as well as dance shows, art exhibitions, and much more. Nightlife centres on dining, wine bars, and nightclubs. As this is a Mediterranean culture, gathering for food and celebrations is quite common, whilst in summer the islands come to life with regular village feasts and dazzling fireworks displays.
Names of Towns/Cities may vary due to the Turkish/English translation (nicknames).
The availability and the standards of medical care in North Cyprus are extremely high. This always seems to be quite a pleasant surprise for all visitors as well as those that have settled permanently in North Cyprus.
There are quite a number of well equipped private clinics and hospitals in North Cyprus. As well as state run hospitals, surgeries and emergency medical facilities. There are also well-equipped dentist surgeries and opticians as well as other alternative healthcare practitioners.
Health Insurance is not compulsory in North Cyprus at the moment although the government have been discussing plans to implement a compulsory scheme.
When it comes to violent crime, TRNC is an extremely safe country. Official figures show that North Cyprus has only 0.4% crime rate, a study carried out by global market research group show that North Cyprus have been named number two in a list of 195 countries where women feel safe.
When you think of North Cyprus you probably think of long hot summers, beautiful coastlines, and incredibly crystal blue waters – and you would be right. It is hard to beat 300 days of sunshine in a year. For lovers of warm temperatures, North Cyprus’s summers are as close to perfection as it gets. And even in the “winter” months, there is no shortage of sun.
During November and December, you can expect temperatures between 18-25 degrees with a bit of rain and windy weather from time to time, whilst January and February are usually the coldest with temperatures fluctuating between 10-17 degrees. Summer months range between 25-37 degrees.
North Cyprus is a paradise for surfers, SUP and kite surfers.
For those with proficiency, the language’s official status makes it easier to conduct business.
While Turkish is the mother tongue of 98% of the island’s inhabitants, roughly 90% of the Cypriot’s population speak English, from healthcare to the legal system, taxes to news and lifestyle, the ability to communicate seamlessly in English is a primary reason for the choosing to relocate to North Cyprus. What’s more is Cyprus’s historic relationship with many mainland European countries as well as the United Kingdom.
All potential buyers must apply for a property permission permit. There are also restrictions on how big the property can be.
Solicitors fees for processing your entire purchase transaction will vary, but expect to pay around £1200.
Purchaser’s tax: 6% of either the contract price or the valuation made by the North Cyprus Land Registry Office – whichever is higher.
V.A.T (K.D.V): Payable only on new properties, or properties that are being issued a title deed for the first time; 5% of the contract price.
Stamp Duty: 0.5% of the sale price payable within 30 days of signing your contracts, your solicitor will usually be able to arrange payment of this for you. Stamp Duty increases if not paid within 30 days.
£1000/ £1500 is usually the minimum required to begin the sale process. Once this is paid, then the property can be withdrawn from the market.
Once your North Cyprus property is registered in your name, we advise you to make a new will as your property in North Cyprus is not covered on your original will. Your solicitor can assist with preparing a new will for you.
Initially, you only need your passport when purchasing a property, if you cannot be present in North Cyprus for when your contract is being signed, then you will have to give ‘Power of Attorney’ to a trustee or your solicitor so that they may sign on your behalf. For overseas buyers, a ‘police check’ document must be obtained from your country of origin as part of your permission to purchase application.
This can be done quite easily via bank transfer, or through your North Cyprus solicitor.
North Cyprus 24 advises all of our customers to appoint an independent solicitor to handle the administration for your transaction. You may use any solicitor of your choice but we feel it is important that your solicitor speaks the same language as you do. We can recommend a number of independent and reputable legal representatives.
You must use a solicitor registered with the Bench in Northern Cyprus.
Overseas buyers may only own the title deeds for one property at a time. A married couple can only have one title deed between them.
You can sign sale agreements for more than one property, although you can only apply for ownership of one title deed. For additional properties, you must appoint a trusted nominee in whose name the title deeds can be written.
The amount of land that buyers from overseas are allowed to buy up has been increased to 5 donums of land (6690m² or 72,000ft²), as long as there is only one property on the land.
1 donum is approximately one third of an acre – or to be more precise: 1,338m² or 14,400ft². Land measurements are generally calculated in donums, evleks and square feet. There are 4 evleks in each donum and 3,600 square feet to an evlek.
At present, only TRNC citizens can obtain mortgages for properties, although many developers are able to offer various long term payment options. Resale properties tend to be cash sales.
If we buy ‘off-plan’ how will we know when our payments are due and how do we make payments to the builder?
The builder will notify us when each important stage of construction has been completed. The stages when payments are due should be clear on your contract. We will check on the progress and send you pictures by email for confirmation.
A. The only North Cyprus property title that you should consider, and indeed the only property title you should be offered, is a Turkish Republic of Northern Cyprus (TRNC) freehold. This title comes in four formats.
- Pre 1974 Turkish Freehold Title
This is the title for land or property owned by a Turkish Cypriot before 1974.
- Pre 1974 Foreign Freehold Title
This is the title for land or property owned by a foreign national (i.e. non Turkish Cypriot) before 1974. These titles are recognised internationally.
- TRNC Exchange Title
This is the title for land or property given to a Turkish Cypriot in exchange for land and property they owned in south Cyprus before 1974, and which they were forced to leave behind on moving to the North. The government assessed the value of both land and goods left behind, and allocated the land or property in the North, in exchange for the waiving of the rights to their land in the south. The original pre-1974 owner of the land or property would have been Greek Cypriot. This is also known as the Esdeger (pronounced Esh-day-air).
- TRNC TMD Title
This is the title for land given to Turkish Cypriots for military or government service, or to Turkish settlers to encourage economic growth in certain parts of the North, after 1974. As with the Esdeger, the original pre-1974 owner of the land or property would have been Greek Cypriot, who abandoned the land or property after 1974.
It is generally considered safe to purchase any North Cyprus property or land, which has any of the above title deeds. However, as with all Northern Cyprus property purchases, whether for enjoyment or investment, you should always employ an independent solicitor to check that the deeds are indeed legal and above board.
No Deeds Property in North Cyprus, and Leasehold Properties
Some properties are offered without title deeds. There are also leasehold properties, which are government owned and have a lease for 49 years with an option for a second 49 year extension. In theory, leasehold properties could be handed back if the whole island agrees on a settlement deal between north and south. Again, if you are in any doubt as to the status of the title deeds on a property in North Cyprus, always employ an independent solicitor to examine the deeds and check the property’s history.
North Cyprus 24 works very closely with a Property Management service, with at least once monthly check-ups guaranteed.
UK citizens is issued a 90-day visa on arrival, South African and Namibian citizens is issued a 30day visa on arrival, after which you must apply for a temporary residency permit. Temporary residency permits must be renewed every 12 months.
Yes you are required to submit an application for residency in North Cyprus. When you arrive on the island you are automatically given a 30/90-day visa and if you intend staying beyond that date you must apply to the immigration office for a temporary residency permit.
After you have been a resident in North Cyprus for 5 years you may apply for a Kimlik card.
A bank account in Northern Cyprus is not necessary, but definitely useful for standing orders etc.
Shipping costs are calculated by the cubic meter.
There are various schools that follow the UK curriculum.
At present, all flights must stop in Turkey for approximately 1 hour.
You can pay electricity and phone bills by standing order. Water bills can be paid in advance at the local council (Belediye) office.
You are not required and we find that most foreign buyers find the local medical care to be quite adequate and extremely reasonable.
is the official language, although most people speak English too.
North Cyprus is in the ‘GMT +2’ time zone (same as South Africa).
Post within North Cyprus is usually reliable. If you are being sent post from overseas then it’s best to ensure that the sender uses registered post, as regular post does tend to go missing at times. We advise that you apply for a PO Box in your local area after you have taken possession of your property, although there may be a waiting list for this. ‘Mersin 10, Turkey’ must be written instead of ‘North Cyprus’ at the end of the address for all post into the TRNC, as all of the post comes via Mersin.