President Ersin Tatar of the Turkish Republic of Northern Cyprus (TRNC) has identified key areas for state support: tourism, construction, and the real estate market. The country aims to stimulate economic development through these sectors. Therefore, Northern Cyprus currently offers favorable conditions for investors. Foreign investors find it particularly profitable to invest in real estate and the tourism industry, as both areas yield significant returns. The profit from real estate is 14% annually, and investments in hotels, casinos, or manufacturing facilities are even more lucrative.
Advantages of Real Estate Investment for Foreign Investors:
- No Double Taxation, VAT – 5%: Annual property tax is €0.3 per square meter. The ownership registration tax is 3% of the property value, and the stamp duty is 0.5%.
- Guaranteed Confidentiality of Investment Origin: Ensuring privacy and security for investors.
- Attractive Credit Conditions: Easier access to financing options for property purchases.
- Lower Property Maintenance Costs: Compared to other Mediterranean countries, maintenance expenses are more affordable.
- Consistent Property Value Growth: Increasing the profitability of investments over time.
- Investment Attraction and Return Opportunities: Ensuring a favorable investment climate.
- Ease of Obtaining Residency: Investors and their families can easily obtain residency when purchasing property.
- Most Affordable Prices in the Mediterranean Region: Promoting tourism investment while maintaining high service standards.
- Government Support and Legal Guarantees: Providing a secure and stable environment for investors.
Investing in real estate is a strategic decision, and Northern Cyprus offers a unique opportunity for profitable and secure investments.