Why Invest in North Cyprus?
Why Invest in North Cyprus?
North Cyprus is a dream come true for people looking to invest in overseas property.
A Non-European country, located in the Mediterranean, with property prices in sterling and far cheaper than many popular European destinations, your money goes a lot further. It’s no surprise interest in this small island is growing!
Health care and education standards in North Cyprus are impressive and very affordable in comparison to the UK.
Applying for residency is straightforward, the cost of living is a fraction of that in Europe, utilities are cheaper and property is plentiful and competitively priced. With life being is more relaxed, with long hot summers, what is not to like?
Following Brexit, relocating to popular European destinations, such as Spain, has become more complicated, making North Cyprus a very attractive alternative.
What are the Benefits?
Interest rates on deposit accounts for sterling and US dollars offered in North Cyprus banks can be upwards of 4%.
For a family of four to get residency in Spain they need to show a disposable income of approximately 125K euros per annum. In North Cyprus to obtain residency for a homeowner with a family, an annual income or savings equivalent to the annual minimum wage, approximately £5,000.
Property prices are around 30% less than other Mediterranean countries.
Property prices and rental income are all in GBP.
The current exchange rate (May 2021) is 11 Turkish Lira to £1 making eating out, food bills, petrol and utility bills significantly lower than other EU countries.
Value for Money – Property prices are around 30% less than other Mediterranean countries.
On average, apartments earn (depending on property type and owner usage), between 5-12% rental return per year, with an average percentage of around 7%.
Return on investment in other popular locations such as Portugal and Croatia are around 4.45% and 5.43% respectively.
Following Brexit the Pound to Euro rate has spent most of the time in a range between €1.10 – €1.20* making investing in Euro nations a more expensive investment proposition.
With high capital growth rates on property over the last four years, returns are very healthy. *source: ww.keycurrency.co.uk/GBPtoEuro
Entry to the TRNC from the UK
Travelling into the Republic of Cyprus
Larnaca Airport, located in the ROC (South side of Cyprus) can be used by those wishing to use ROC as their entry point.
UK Nationals will be granted a 90-day visa (in every rolling 180 days) and this can be used to cross the border checkpoints.
Visitors will need to return to Larnaca via border checkpoints, to their return destination no later than 89 days later to ensure they stay within their visa duration.
Note that if you choose to leave via the TRNC’s Ercan Airport, rather than Larnaca (your arrival airport) you will effectively overstay your visa for ROC and may not be allowed entry into ROC on repeat visits.
Travelling into the TRNC
All United Kingdom countries are welcome to travel into the TRNC via Ercan Airport.
All flights to Northern Cyprus have a stopover in Istanbul, which can vary in length of time.
Visitors will be usually be granted a 30-day tourist visa on entry. This can be extended to a maximum of 90 days, if you fulfil a number of criteria, such as for residency applications, business, health tourism or another major event.
Visiting family and/or relatives may also qualify for an extension of 60 days.
Note it is no longer possible for UK nationals to arrive into TRNC direct via Ercan and depart via ROC and Larnaca Airport.
Please note: due to the Covid-19 pandemic affecting all travel worldwide, there are currently restrictions in place for all travellers to the TRNC, whether via Larnaca or Ercan airports. For up to date information, please consult the Health Ministry of TRNC:
There may also be restrictions in place for travelling to and from the UK. Please ensure you are aware of any restrictions in place prior to travelling from the UK government website.
Residency for North Cyprus
To reside and relocate to North Cyprus the process is much easier and simpler than ever, with online systems granting residency permits for those wishing to stay for more than 3 months at a time.
Anyone now of adult age can apply for temporary residency status. Please visit this useful article for further information, which is up to date, at the time of writing.