Geography - The Turkish Republic of Northern Cyprus is situated at the cross-roads of east-west and north-south navigational routes, is only 70 kilometres south of Turkey and 385 kilometres north of Egypt. It comprises an area of 3,355 square miles and encompasses the northern part of the island, which is the third largest in the Mediterranean. The location of Northern Cyprus and its proximity to the rich Middle Eastern countries, makes it an ideal place for foreign investment.

Climate - The Northern Cyprus climate makes the island one of the healthiest places in the world in which to live, consisting of a long hot summer and a dry short winter. The country enjoys approximately 340 days of sunshine annually, and the lowest sea temperature is rarely below 63ºF.

Time - Local time is two hours ahead of Greenwich Mean Time (GMT).

Major Towns - The capital is Lefkosa (Nicosia), which is the main administration and business centre. Other towns include Girne (Kyrenia), a town of touristic importance and archaeological interest, Magosa (Famagusta), the country's principal port, and Güzelyurt (Morphou), which is the centre of the citrus plantations.

Language - Turkish is the official language and English is the second, and is widely used and understood in official and commercial circles.

Running costs - Living costs are much cheaper than the UK and most of Europe. There is no rates system at present, or community tax. The main costs are electricity (approx. £15 monthly per house), water (£5 monthly) and an annual council tax is less than £50. Central heating is rare in N Cyprus but is usually run on gas or oil. Most cookers are run on calor gas and/or electricity.

Mains Services -
   . Mains power 240/415 volts AC 50Hz.
   . Water by mains supply and in some properties supplemented by wells.
   . International telephone system plus facsimile and internet.

Currency & Foreign Exchange - The legal tender is the Turkish Lira (TL), which has been in circulation since 1974. The official rates for the TL are adjusted daily according to changes in international monetary markets. Generally speaking, all foreign currencies are acceptable at trading/touristic outlets.
    The TRNC follows a flexible exchange policy. Foreign currency accounts can be opened with local banks, and foreign currency can be brought into the country and taken out through the banks without any restriction or control, and the source of such income is not investigated.

Banking System - All types of banking services are provided and they are flexible enough to satisfy the continually diversifying needs of the business community. There are branches in many of the important trading centres of the world.

Driving - Traffic drives on the left, the same as the UK. Road signs are international.  There is a large selection of car hire companies with a variety of vehicles at favourable rates, from   £10 per day in the winter to £15+ in the peak season.

Transport - Ercan airport handles most of the tourist traffic, whilst Gecitkale airport serves as a back-up. Daily flights from many mainland Turkish cities, as well as flights from the Europe, supply the majority of the visitors to the island.
    In addition to air travel, there is a selection of car and passenger ferries from Turkey to the island, the fastest being two and a half hours from Girne to Tasucu.

Holiday Accommodation - North Cyprus has a large selection of accommodation units, from 5-star hotels, small family hotels, motels, pensions, self-catering villas, and apartments and camping facilities.

Pets - Pets can be brought into the country from Europe with little hassle. The Ministry of Agriculture requires a certificate from a European vet stating that your animal is free of major diseases. Quarantine is approximately 4 weeks at the Lefkosa kennels.

Tourism - The mild climate, the natural and scenic attractions, the rich antiquities, coupled with the hospitality of the Turkish Cypriots, make North Cyprus an ideal place for tourists. There is none of the pestering of holiday-makers that is so common now in other Mediterranean resorts.
    Since tourism has been singled out as a vital sector for the future development economy of the TRNC, the Government has approved a Bill which contains a wide range of incentives for investors.

Employment - There is no acute unemployment problem in the TRNC, and the number of registered unemployed has declined steadily since 1978. The official working week is 40 hours in the winter and 36 in the summer.

Investment Incentives - Foreign investment is actively encouraged, and those willing to invest in North Cyprus can be sure of a positive Government attitude.
1. Import duty exemptions for goods concerning the project.
2. Leasing of land for extended periods at favourable rates.
3. Government contribution to charter risk.
4. Exemption from income tax and corporation tax for a period of ten years in the case of investment in touristic accommodation units.
5. For public companies which have shareholders in excess of 50, tax exemption can be extended.
6. Annual interest and principal instalments of foreign loans enjoy a transfer guarantee.
7. Contribution to brochure/advertisement expenditure up to 75%.
8. Tourism establishments or hotels may deduct each year 20% of their annual foreign exchange gross earnings from taxable income.
9. Repatriation of profits without restriction or limitations.
10. Employment of foreign personnel who are not available locally.
11. Free transfer of proceeds in case of liquidity of investments.
12. Transfer of net income earned by foreign personnel is free.
13. Exemption of constriction licence fee.
14. Also deductible when calculating annual taxable profit are all travel expenses related to promotion and marketing, plus all kinds of advertisement, promotion and marketing expenses.

Investment Procedure - With reference to the registration of a company, the legal form widely used for business undertakings in the TRNC, both by foreign investors and by local businessmen, is the private limited company. The provisions concerning the limited company are set out in the Company's Law, Cap 113, which is almost identical with the UK's Company Act of 1948.
    Permission is obtained from the Council of Ministers for foreign ownership of TRNC registered companies, usually within two or three months of application. The foreign ownership can be from 49% to 100%.
    A business permit is also required, which may be obtained from the Immigration Office - this is dealt with later on this page.

Visas, Permits and Licences - The TRNC is encouraging a policy of attracting foreigners to come and live and work in North Cyprus, in particular, to invest in businesses, especially within the tourism sector. This opens up a multitude of trades and businesses, from travel agencies, transport companies (whether land, sea or air), hotels, bars, restaurants, holiday villages, touristic related services such as water sports, recreational land sports such as tennis, golf, horse riding etc.

Land and Property Purchase - With regard to the purchase of land or buildings, here are the different types of property, and the title deeds which one is likely to be offered.

a) Clean freehold title - British or other foreign ownership pre-1974, with title deed (kocan), clearly stating that this is the case. Internationally recognised deeds.

b) Clean freehold title - Turkish Cypriot owned pre-1974. These deeds are 100% safe, but before the property can be registered in your name, an application must be made to the Council of Ministers for approval. Foreigners are limited to one donum per person (husband and wife count as one person unless they have different surnames). The procedure to obtain approval will take about six months or so.

c) TRNC - kesin tasarruf - absolute possession document - title deed. This is property or land that was in Greek Cypriot ownership pre-1974. When the Turkish Cypriot refugees came to the safety of the north after July 1974, they left all their possessions behind in the south. Accordingly, the Government then assessed on a points basis, the value of the refugee's forsaken assets in the south.
    With these points, the Turkish Cypriot refugee could take a relinquished Greek Cypriot house or land in compensation for his lost properties. He would then sign over his properties in the south to the TRNC government, who would then hold them pending a negotiated settlement between the north and south Governments. The refugee would then be issued with a title deed for his newly recompensed property. Until he received this title, he would not be in a position to sell.
    Our feeling is that as the island is heading, albeit slowly, for some sort of solution, whether it will be a negotiated settlement or annexation to the Motherland, then the TRNC title deed properties can be considered safe to purchase.

d) Land or property - Greek Cypriot pre '74 - no title deeds - yet unissued. Some people offer for sale, for relatively nominal sums, these properties without deeds. They are sold for "air money" or "goodwill" usually, these need the purchase of additional points before the title deeds will be issued. It is our opinion that agreements should not be entered into for property that does not have a title deed issued by the relevant authority.

e) Contractual or "cases pending" land or property. When one looks back to pre-1974, there were over two thousand British in the Girne area, and property was experiencing something of a boom. In the period up to the Peace Operation in July 1974, there were several hundred title deed applications pending and subsequently not processed, owing to the lethargy of the Greek Cypriot administration, and the political instability.
    Following the formation of a Turkish Cypriot Government, a statement was issued that all foreign land and property ownership, once registered, would be respected. This has been done; the first cases have been to court, and as long as the owner can substantiate his original payment for the property, then deeds are issued. There are some seven or eight hundred cases to be heard, so unavoidably, the process will take some time.

f) There is also the method of leasing land or property from the Government. These are usually derelict houses, which the Government will lease out for periods up to 49 years to foreigners who renovate the property at their own expense, and who pay a nominal ground rent for the lease period. An excellent example of the manner in which this scheme has been operated can be seen in Karaman (Karmi) Village, which is a credit to the Minister of Tourism and his staff.
    This policy is beginning to show encouraging results, as many visitors from overseas are returning to N. Cyprus to investigate the possibilities of starting new businesses here. At the present time, the majority of these people are from the British Isles, and several have commenced trading in such businesses as water sports, restaurants, holiday home management, shops, estate agents, construction companies, irrigation equipment suppliers etc.
    A foreigner coming to N. Cyprus to live and/or work must apply for the following permits; firstly, a temporary visitors permit from Nicosia, which  involves the completion of a form and the supply of three or four passport size photographs. A full permanent residents permit is not usually issued until the recipient has been in residence in the TRNC for five years.
    If you wish to operate a business in TRNC, the following procedure must be adhered to:

• If you are to form a limited company, then you instruct an accountant to make the necessary applications on your behalf to the Council of Ministers, outlining the trading intentions of the company, share capital, directors etc. The formation of the company is obviously viewed more favourably if it has some Turkish Cypriot involvement, but it is quite possible to form a company with 100% British or foreign ownership.
• A further application has to be made to the Immigration Department for an annually renewable business or employment permit, which is given once the Council of Ministers has given their approval.
• You must also have a medical examination for clearance of TB and AIDS.
• Finally, you register yourself and your company with Social Security for health insurance payments, the tax authorities, and the provident fund.

g) The actual mechanics of property or land purchase, would entail the following procedure:

• The validity of the title deed is checked and confirmed by a solicitor.
• Contracts of sale are drawn up, with the purchaser paying a 10% deposit, and a completion date is set. In many cases, the purchaser returns to the UK or wherever, and the solicitor attends to the completion in the purchaser's absence, having been given Power of Attorney.
• If the property is registered in the name of a local person, then an application must be made to the Council of Ministers; allow 4- 6 months.
• The Land Registry values the property for Stamp Duty purposes. 
• On the day of completion, the monies are paid by the solicitor to the vendor and the Land Registry respectively; the name of the purchaser is entered into the Land Registry's record books, and the new title deed is subsequently issued.

The legal system here is based on British law. We are pleased to recommend a number of first-class lawyers to prospective purchasers.

Planning & Construction - For the client who wishes to purchase land and build a house or villa, the laws are as follows:

a) Outside the Municipal boundaries, there are restrictions on the area that one can build on (20% of the land area), and a height restriction of two storeys. This is a further example of the Government's good forward planning.

b) There are good architects and engineers who will plan and design your villa at reasonable rates. We are pleased to be able to recommend reliable practices for interested clients. Once the plans have been lodged with the District Office, work may commence.

c) Land in N Cyprus is measured in donums. 3 donums = 1 acre. 1 donum - 1388 square metres.

d) With regard to the actual construction, there is a multitude of companies who claim to be fully experienced in building villas. It has been our experience, following twenty-six years of home and overseas construction that the main problem for house and villa owners overseas is the matter of building control. There are no building inspectors as in the UK, and whilst the architectural and engineering plans are drawn to exacting standards, many of the so-called construction companies are not able to read plans properly. We are happy to offer to potential house builders the names of reputable and trustworthy building companies who will guarantee the completion of a property within a fixed time, and at a pre-agreed price. Show houses are available to view through our offices.
    Building costs vary, dependent upon finishings, from £250 per square metre upwards. Most buildings are constructed in the reinforced concrete frame system that is prevalent in the Mediterranean countries. Buildings tend to be over-specified, but this can only be an advantage to the buyer. Materials are readily available from Turkey, Spain, Italy, Germany and UK. We have many villa and bungalow plans to choose from, and can mail to interested parties on request.
    In addition we are happy to direct clients to excellent suppliers of all household items. electrical equipment and landscape gardening services, antique furniture and interior design services.
    We have a property management section who will attend to all your requirements should you wish to rent your property or have the villa managed in a professional manner.
    We also have reliable personnel who will guide you through the Government Departments for importation of household and personal goods, vehicle registration, immigration permits, driving licences etc. - as well as advice from our legal and accountancy colleagues for your pension, investment and banking needs.

Summary - For those who choose to live in North Cyprus enjoy a much higher standard of living than in the UK, with pensions having a much higher purchasing power, and with the knowledge that one is living in a safe environment.
    For investors in virtually all sectors, this country offers more than possibly anywhere else in the world, a statement that is being reflected in the number of enquiries from British and European companies, and private investors.
    For younger people with families, there can be no finer, safer and more healthy environment in which to raise one's children, and being in a position to earn one's living in North Cyprus can only be considered a bonus.

Relocation
No need to worry about moving, we will organise your re-location from UK to TRNC, door to door, including your personal travel arrangements. Average cost £2000 to £3000 depending on size of container required. More detailed prices on demand.

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