Northern Cyprus
Northern Cyprus, officially known as the Turkish Republic of Northern Cyprus (TRNC) is a defacto state that comprises the northeastern portion of the island of Cyprus. Northern Cyprus is considered by the international community to be part of the Republic of Cyprus.
Northern Cyprus is divided into six districts: Lefkoşa, Gazimağusa, Girne, Güzelyurt, İskele and Lefke. In addition, there are further twelve sub-districts divided between the five larger districts and twenty-eight municipalities.
Tourism is considered one of the driving sectors of the Turkish Cypriot economy and Kyrenia is considered the capital of tourism in Northern Cyprus, with its numerous hotels, entertainment facilities, vibrant nightlife and shopping areas. Northern Cyprus has traditionally been an attraction for beach holidays, partly thanks to its reputation as an unspoiled area. Its mild climate, rich history and nature are seen as sources of attraction. A significant sector of eco-tourism has been developed in Northern Cyprus, as tourists visit it for bird watching, cycling, walking and observing flowers in the wild. It is praised for its relative safety, and especially for the Karpass Peninsula, its well-preservation.
Tourism is considered one of the driving sectors of the Turkish Cypriot economy and Kyrenia is considered the capital of tourism in Northern Cyprus, with its numerous hotels, entertainment facilities, vibrant nightlife and shopping areas
Investing in Northern Cyprus
North Cyprus offers lucrative opportunities for real estate investors with its beautiful Mediterranean climate, beautiful beaches, rich history and culture, and affordable cost of living. There are many advantages of investing in real estate in North Cyprus:
1. Affordable real estate prices
Compared to other European destinations, the cost of living in Northern Cyprus is very affordable. This also applies to the cost of property. Real estate prices in Northern Cyprus are significantly lower than in other European countries, such as France or Spain. This means that investors can purchase properties at a lower cost and potentially see a higher return on investment.
2. Favourable Tax System
The tax system in Northern Cyprus is very investor-friendly. Property investors are not subject to any capital gains tax, inheritance tax, or wealth tax. Additionally, property taxes in Northern Cyprus are very low, making it an attractive destination for investors looking to reduce their tax burden.
3. High Rental Yields
The rental market in Northern Cyprus is strong, with high demand for both short-term and long-term rentals. This means that investors can potentially see high rental yields on their properties. Additionally, many tourists are attracted to Northern Cyprus due to its natural beauty and historic sites, which can result in high occupancy rates.
4. Growing Economy
Northern Cyprus has a growing economy, with a focus on tourism, agriculture, and light manufacturing. The government is actively seeking to attract foreign investment, and there are several large-scale development projects currently underway. This makes Northern Cyprus an attractive destination for investors looking to diversify their portfolios.
5. Stable Political Environment
The political environment in Northern Cyprus is stable, with a democratically-elected government and a strong legal system. The government is committed to attracting foreign investment and has implemented several policies to support investors. Additionally, Northern Cyprus has a good relationship with neighboring countries, which helps to ensure stability and security.