Moving to the T.R.N.C (North Cyprus)
The TRNC offers a range of benefits to individuals seeking to acquire residence on the island, given its advantageous tax regime and competitive cost of living.
If you are looking to launch a business, relocate and take up a job overseas, retire to a warmer climate, or searching for a tax-efficient jurisdiction, TRNC is worth considering.
Here are some reasons why.
Moving to North Cyprus provides several advantages. What immediately comes to mind is that the country holds English as its official language, along with Turkish. It also provides an excellent gateway to the EU member’s states. Then there is the obvious – abundant sunshine and a Mediterranean lifestyle. But the island offers much more.
Here are some reasons why.
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.
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.
Crime and Safety
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.
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.
Lifestyle and culture
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).
Schools and Universities
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.
Residence and Citizenship
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.
A strong and booming economy
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.
A lucrative property market
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 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.
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.