Investment and Relocation Guide in North Cyprus
- INFORMATION ABOUT NORTH CYPRUS
- WHY TO INVEST IN NORTHERN CYPRUS?
- WHERE TO INVEST AND BUY IN NORTHERN CYPRUS?
- WHAT DOCUMENTS ARE NEEDED TO BUY?
- WHAT TO DO AFTER BUYING ?
- SCHOOLS AND UNIVERSITIES
- RESIDENCY PERMIT PROCEDURE
- INSURANCE AND HEALTH
Brief Information on Northern Cyprus
Cyprus is the third biggest island in the Mediterranean after Sardegna and Sicily. It is 9251 km2 while North Cyprus is 3242 km2 .. The capital city is Nicosia which remains the only city in whole Europe which is still divided. Cyprus is considered the birthplace of Aphrodite , based on the legend she was born in the Mediterranean waves in Cyprus…
The Turkish Republic of Norhern Cyprus has been declared in 15/11/1983 as an independent state, today recognized by Turkey. It has a population of around 400,000 people. The formal language is Turkish and Turkish lira is the main currency.
The island was under British colony until 1960’s , so the traffic is from the left as in the UK.
Most transactions of houses or cars are in British Sterlings. Almost everyone speaks English as its compulsory in schools.
Why to invest in North Cyprus?
- 330 DAYS OF SUNSHINE
- UNSPOILED BEACHES
- A VERY LONG HISTORY .. DATING BACK TO PHOENICIANS, ROMANS, VENETIANS, LUSIGNANS, BRITISH AND OTTOMANS
- THERE IS A VERY LOW CRIME RATE .. IT IS ANNOUNCED AS ONE OF THE SAFEST COUNTRIES IN THE WORLD.
- NO AIR POLLUTION….
- INTERNATIONAL COLLEGES AND ACCREDITED UNIVERSITIES ARE AVAILABLE.
- HIGH LITERACY RATE AND ALMOST EVERYONE KNOWS 1 FOREIGN LANGUAGE
- VERY LOW TRAFFIC COMPARED TO EUROPE
Where to invest or buy a permanent home ?
- Famagusta
- Iskele
- Kyrenia
Famagusta :
Famagusta is well known for its old town surrounded by Venetian walls and its harbour . Once called Arsinoe , the city is believed to be given as a gift to Cleopatra… Its the city of universities where many students come from all around the world to finish their studies. Almost everyone speaks English, it has quiet neighbourhoods such as Tuzla and Yeniboğaziçi which are famous for their villa areas.
Two of the best colleges are in the city of Famagusta ; Near East College and Doga College . Both offering English language education and preparing for IGCSE/AS and A levels available for kids from 3+ .
Eastern Mediterranean University is also situated in Famagusta well known and accredited university with more than 15000 students. Along EMU there are 3 other accredited universities situated in Famagusta. The public college Turkish Maarif College is also situated in Famagusta.
The Famagusta coastline is one of the best of North Cyprus with its white sands. It makes possible to swim from Mid April until Late October. Glapsides beach, Silver beach and Kocareis beach are amongst the famous beaches. Palm Beach is one of the most preffered area in Famagusta where you can enjoy white sand and history together as it is situated in front of the Ghost city of Varosha ; the city closed since 1974. The famous Othello tower where Shakespeare wrote his stories is situated here, as well as the miniature of Notre Damce de Rems in France today named as Lala Mustafa Pasha Mosque. The antic city Salamis is also situated in Famagusta and the church made for St Barnabas is also situated in the district connected to Famagusta.
Houses in the city center are considered a good investment, rents are high due to the high number of students. While in the small districts of Famagusta you can find holiday homes, apartments for investment or even wonderful villas in quiet areas like Tuzla and Yeniboğaziçi ( considered citta slow ) , famous for their villas. Famagusta has hotels famous with their beaches and casinos as well as two cross points which make it possible for European Passport holders to visit South Cyprus.
Iskele :
İskele is settled at the joint point of Famagusta-Karpasia main road and Ercan-Karpasia Main road. It is well known with its coastline in which the green dances with blue harmoniously. The district’s name was Trikomo until 1974 then it was changed to Iskele .
Inhabitants make a living by tourism, civil services, labor, farming, fishing and crafting. The city has a connected district called Bafra which is mentioned as the small Las Vegas due to its 5 star hotels with Casinos.
Karpaz Peninsula is also connected to the city of Famagusta which is the home for caretta caretta turtles as well as the Golden Beach that is kilometres long without any constructions . You can enjoy the famous Cyprus wild donkeys by feeding them apples and you can make a short visit to the famous Apostolos Andreas Church with its famous miraculous water. The famous Yacht Marina is also situated in Erenkoy district . King Hill, the city from 13th century bronze age , is located near Kaleburnu on the south coast of the Karpaz peninsula
The coastline has a beach area called Longbeach long 2,5 km with crystal clear water and white sand. This area is considered to be the main tourist attractive site for travelers as well as for investors as there are a lot of new projects with all types of amenities such as pools, aqua parks, children parks and even daycare for children. Many investors buy houses and rent them for the season or many travelers buy these houses as their second home due to the closeness to the beach.
Iskele Longbeach has been nominated as one of the best coastline investment place for 2021 by the famous economy magazine Forbes. Another area of Iskele which is famous amongst investors and second home buyers is Bogaz,in this area it is possible to buy rental guaranteed flats as well as holiday homes. Boğaz is famous with its fishers port and restaurants and crystal clear beaches.
Kyrenia :
This city is considered the Portofino of the Middle East and some stunning sandy beaches, Kyrenia (Girne) is one of the main tourist resorts on the coastline of North Cyprus. Despite being a relatively small town; the tourism sector in Kyrenia is very well expanded and a lot of hotels are available as well as Casinos . .
In the summer months, the Old Harbour is usually packed with holiday makers visiting its many waterfront bars and restaurants coming mainly from Nordic countries, Russsia, Britain .. There is a large area with many expats from Britain. It has many historical places to visit such as Bellapais, Kyrenia Castle with its internal museums is one of the must sees of Kyrenia , as well as St Hilarion Castle believed to be the main model for the Walt Disney Castle ..
Kyrenia city center has many high buildings generally for busy city lovers with splendid view of the antic Roman Port. However, driving to the west there are locations such as Lapta and Alsancak with smaller buildings and villas generally preferred for relocators who decide to move back or to Northern Cyprus. Driving to the east you will see Bahçeli or Esentepe that are the main attractive districts for investors and second home buyers. Due to the construction limit there are no high buildings in this area and all houses have a spectacular sea view and mountainview also famous for the Golf Club for Golf lovers.
Nicosia / Lefkoşa
This is the capital of Northern Cyprus, the last divided capital in all Europe. The city is the hometown for all ministries and big companies and is also famous for its universities : Near East University and Cyprus International University.
Most of the English teaching private colleges are located here ; Levent College, Near East College, Necat British College and the public College Maarif College.
The city generally is preferred by working sector and big companies and generally the houses are sold for foreigners only for investment purposes. Yet one of the advantages of living in this city is the possibility to cross to the South on foot as one of the walking cross point is situated in Lefkosa. The city has an old city surrounded with Venetian Walls with many attractions inside such as the Buyuk Han ( ex Ottoman Dormitories today used as shops), the famous shopping district of Arasta connecting North Lefkosa to South Nicosia.. The ex St Sophia Cathedral, todays Selimiye Mosque and with Bandabuliya which is the closed bazaar . While the new part of the city is mostly crowded with brand shops, restaurants and bars as well as city hotels used for conferences and incentives as well as Casinos.
DOCUMENTS NEEDED TO BUY A PROPERTY :
- The buyer needs to bring a police criminal record from his country ( not older than 6 months) that is translated and ratified by the TRNC representative or Turkish Embassy in their country. This document is needed for whomever needs to have their name on the title deed.
- Passport with validity minimum of 6 months
PROCEDURES ONCE YOU DECIDE TO BUY :
- The property can be bought with a sales agreement signed between the buyer and the seller. Once the contract is signed, it is ratified by the Tax office with stamps. There will be a 0.5% stamp duty to be paid.
- After the stamp duty , the contract is registered to the title deed office .
- Once the property has minimum 50% payment, there will be an application to the Ministry of Internal Affairs for the permission to get a title deed. ( this is not obligatory as buyers can keep the property with the sales contract ) Once the permission is given 3-6 months, there will be a 3% tax for first time buyers . ( 6% for second time buyers )
EDUCATION IN NORTHERN CYPRUS
The literacy rate in North Cyprus is very high. There is a 12 year obligatory education for all children. IF you have a residency permit in North Cyprus your child is entitled to study here .
The local schools are free of charge , however the education language is in Turkish. There are many private colleges which teach in English and prepare the students for IGCSE, AS and A levels As well as American exams if needed.
The only college which is free of charge and teaches in English is TMK which at the end of primary school students apply for an exam and can get through with high grades.
Throughout North Cyprus there are very good English teaching colleges such as :
Doga College , Near East College , Levent College, English School of Kyrenia and Kyrenia American College and the Public School of TMK which accepts students however only with entry exam.
HEALTHCARE
In North Cyprus Public Hospitals are free of charge , however you have the alternative to go to private hospitals.
All residency permit owners are obliged to have a medical insurance which may cover you in certain hospitals.
Alternatively , there are private insurances that can be paid yearly or for emergencies also .
