Real estate in Northern Cyprus

Investments in real estate in Northern Cyprus

Investments in real estate have been the main pillar for preserving and increasing capital for many years. The main aspect of creating a successful investment portfolio has always been and will be the right choice of an expert company to build an investment strategy.

Team of the company - expert VelesClub Int. has been successfully growing and occupying a leading position in the field of international real estate since 2015; by the end of 2023, our company’s services already cover more than 20 countries around the world.

Let us examine the issue of the economy of Northern Cyprus:

The economic growth of Northern Cyprus is 9-10% per year, the main directions are tourism and the service sector, real estate and education. Northern Cyprus is actively integrating into the world economy, relying on the Turkish economy, with the support of the European Union and the United States. The government of Northern Cyprus pays close attention to the development of tourism, the construction sector and the real estate sector.
In Northern Cyprus there are both local and international banks that serve citizens of the USA and Great Britain, Kazakhstan, Russia and Ukraine. The main bank of the Northern Cyprus system is the Central Bank of the Turkish Republic of Northern Cyprus. Banks in Northern Cyprus comply with the bank secrecy law and do not disseminate information about the accounts and cash flows of their clients; the history of the origin of funds is also not revealed.
Foreign investors have the opportunity to open accounts in banks in Northern Cyprus even remotely for individuals and legal entities. The government of Northern Cyprus is actively developing the provision of additional business opportunities for investors in the TRNC economy, and is pursuing a tax policy in relation to business that is distinguished by loyalty.
The main currency of Northern Cyprus is the Turkish lira, but British pounds and euros are also used.
Visa regime for Northern Cyprus
The visa regime of Northern Cyprus corresponds to the regime in Turkey. Russian citizens do not require a visa to enter. When moving to the territory of Southern Cyprus, you must obtain an entry stamp in a special form. When crossing the border in the Nicosia area, tourists will only need a passport and a completed electronic form.

Northern Cyprus and investment potential:

1. High level of development of international tourism
The tourist flow is a reliable and stable source of income for investors in real estate in Northern Cyprus. Ercan International Airport has many international flight connections.
2. Dynamic development of cities and social infrastructure.
3. Wide selection of high-yield properties in various categories.
4. Comfortable taxation system. Northern Cyprus follows the tax policy of midshore territories and is characterized by a low tax rate, minimal exchange controls and a number of other advantages for its residents and non-residents.

5. Migration privileges: The period of stay in the TRNC increases to 3 months depending on the purpose of visiting the territory, then it is possible to obtain a long-term visa or the preferred option of a residence permit.
Non-residents can obtain a residence permit for a period of 1 year when purchasing real estate in Northern Cyprus and extend it up to 3 years, then it becomes possible to extend it for 2 years at once.
6. The cost of real estate with similar infrastructure and amenities is significantly lower than in Europe. The Northern Cyprus region is famous for its beautiful beaches, internationally accredited universities, plenty of entertainment, and reasonable prices for purchasing real estate. The majority of non-residents purchase real estate not only for living, but also for business control.
7. The international education system is actively developing in Northern Cyprus, which is significantly lower in cost than the European one. The country is attracting new students, families under 40 and business people working remotely.
8. The list of top places to buy real estate near the sea according to Forbes magazine includes:

• Iskele in Northern Cyprus
• Santa Maria in Colombia
• Fortaleza in Brazil
• Mazatan in Mexico
• Ambergris Caye in Belize.

“Enlist the support of expert companies that are leaders in the global real estate and investment market and the TRNC will be an ideal place for you to diversify your real estate portfolio and build up investment potential.” – summarizes the General Managing Partner of VelesClub Int. Sergey Tumanov.

Any investment in real estate requires evaluation and balance, and complete trust in market experts. A team of experienced managers at VelesClub Int. I am always ready to answer all your questions and accompany you at all stages of the transaction and subsequent reinvestment and diversification of your investment portfolio.