Benefits of Buying Northern Cyprus
Property Politics aside, what makes Northern Cyprus a more
attractive place to live than its Southern part? Undeniably, it is a matter of
choice and expectations, but here are the main differences, that make this part
of the island much more attractive: - The property in North
Cyprus is a hot spot for British and other Western European buyers at the moment.
The property for sale in Northern Cyprus is significantly cheaper than in Southern
Cyprus. For a villa in the South Cyprus you would be looking to pay £ 154,000,
for a similar villa in the North you would be paying well under £ 100,000
(starting from £ 60,000). For a two bedroom apartment in Southern Cyprus,
you would be expected to pay around £ 65,000, whilst in Northern Cyprus
it would cost you around £ 35,000. With the Southern Cyprus joining the
EU, the prices on property are rising, offering less and less for your money.
- The foreign owners of the property in Southern Cyprus are not allowed
to let their properties, according to the current law regulations. There is no
such restriction on letting the property in Northern Cyprus.
- Cost
of living in Northern Cyprus is cheaper than anywhere else in Mediterranean at
the moment, whilst the southern part is expensive and the prices will continue
to rise when they join the EU. The cost of living in Southern Cyprus is not much
cheaper than in UK, whilst it is a fraction of it in the Northern Cyprus. The
quality and selection of food organically produced is superb and not charged at
a premium like in UK. You would lead a healthier life style without making much
effort.
- The northern part of island is unspoilt by commercial tourism,
which makes this part of the world unique in its ancient history, untouched nature,
spacious beaches and delicious cuisine at affordable prices.
- Northern
Cyprus is virtually a crime free area and it will remind you Britain in the 1960s.
Turkish Cypriots will overwhelm you with generosity, hospitality, warmth and politeness.
The property in North Cyprus is definitely a safe home for raising a family.
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- The Government of TRNC understands that the tourist industry plays
an important part in success of the economical development. As a result, it introduced
the incentives to get involved in the tourist industry. Such incentives include
exemptions on duty-free import of all machinery and equipment essential for the
project, zero income and corporate tax rate for 10 years, employment of foreign
workforce if not available locally, no restrictions or limits on repatriation
of profits. The list of incentives is not inclusive. Incentives have been an effective
tool in directing the economy under free market conditions. Laws have been put
in place to give incentives in the other fields but tourism, like industry and
exports.
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to enlarge
- During the last few years the Turkish Republic of Northern Cyprus
has become a very important offshore business centre as a result of the growing
demand of the foreign businessmen for new offshore jurisdictions to use as a base
of their business activities. There are more than 25 offshore banks on the island
and the Government encourages the formation of such banks by foreign investors
by offering various incentives. Besides the offshore banks, there is a wide range
of banks in Northern Cyprus, who would provide services to satisfy various business
needs. Bank accounts could be hold in £ Sterling, Euros, Turkish Lira and
US Dollars.
The combination of the above makes Northern
Cyprus a fantastic destination as it offers the cheapest cost of living and the
best value for money in Mediterranean region. Property in North Cyprus can also
be viewed as a long term investment. Back
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