Why Invest?
Northern Cyprus is a beautiful and peaceful island that remains perfect, comparatively undeveloped and is an ideal location for property investment.
[ More Info ]
Market Report
Our forecast is that property prices will rise in next coming years. Cyprus is going to be a leading rental investment hotspot for 2007.
[ More Info ]
Economic Overview
The economy of the Turkish Republic of Northern Cyprus is dominated by the services sector including the public sector, trade, tourism and education, with smaller agriculture and light manufacturing sectors. The economy operates on a free-market basis.
[ More Info ]
Visa/Residency Issues
British nationals must have a valid passport. For holders of passports endorsed British Citizen or British Overseas Territories Citizen, a visa is not required for a stay of 90 days, provided the visit is for tourist purposes only. In all other cases a visa is required, and passports must be valid at least three months beyond the period of intended stay. However, it is advisable to hold a passport valid for six months beyond period of the intended stay.
Turkish residents can visit North Cyprus, but entry to South Cyprus is prohibited to them (unless they marry a Turkish Cypriot).
Entry to North Cyprus - The citizens of European Union nations, Turkey, USA, Canada, Mexico, Japan, Switzerland, Norway, Israel, Pakistan, Azerbaijan, Australia and New Zealand do not require a visa to enter the Turkish Republic of Northern Cyprus.
[ More Info ]
Getting to Cyprus Turkish
An approximate flight time to Lefkosa from London is 5 ½ hours.
[ More Info ]
Fees & Taxes
- On disposal of the property, capital gains tax will be payable at the rate of 20% on the gain with the first C£10,000 being exempt for each person. There is also an indexation allowance.
- Residential rentals and sales are subject to 15% GST.
[ More Info ]
|
|
Cyprus Turkish |
 |
Basic Information
| Population |
264,172 |
| Languages |
Greek, Turkish, English |
| Area |
3,355 km² |
| Currency |
New Turkish Lira (TRY) |
| Dialing Code |
+90-392 |
| Emergency Services |
Forest Fire 177, Police 155, First Aid 112 |
Cyprus Turkish Overview
The Turkish Republic of Northern Cyprus (TRNC) is a de facto break-away state whose statehood is recognized only by Turkey. The TRNC was unilaterally proclaimed in 1983, nine years after the Greek Cypriot coup d'etat that was carried out by supporters of EOKA-B with backing from the Greek military junta of 1967-1974, and the ensuing Turkish invasion of Cyprus, which established the new de facto entity on Cyprus as a dependency of Turkey and whose military maintain a strong presence in the TRNC to this day.
Average Property Prices
Coming soon.....
Buying Process
- The majority of property for sale in Northern Cyprus is offered for sale freehold this includes new properties and off plan property.
- To establish a local limited company structure an investor has to have a Turkish Cypriot partner who is the majority shareholder.
- Once an investor has identified land or property that he wishes to purchase in TRNC it is normal to sign a preliminary conditional contract and to pay a small deposit.
- Escrow account structures are not recognized in Northern Cyprus all payments made go directly to the vendor or developer – for this reason an investor should not go ahead with the purchase until they are 100% satisfied that all is in order with the real estate they are considering buying.
- Once all conditions for the sale have been met the investor or lawyer if he has been given power of attorney can sign the final contract.
- All foreign buyers of freehold real estate in Northern Cyprus have to have the permission of the Council of Ministers to own the real estate as this is usually a formality that is handled as part of the normal property buying process by the investor’s lawyer, this does not hold up the transfer of property even though the whole permission process can take many months.
[ More Info ] |
