Is North Cyprus a good investment?
This new era has increased the interest of international investors for the North Cyprus Property market. North Cyprus properties is not only promising to be a good investment for investors but also becoming a popular destination to relocate and retire.
Who owns Northern Cyprus?
the Republic of Turkey
No country other than the Republic of Turkey has officially recognised Northern Cyprus as a sovereign state. The United Nations recognises it as territory of the Republic of Cyprus under Turkish occupation.
Is Northern Cyprus illegally occupied?
The international community considers the TRNC’s territory as Turkish-occupied territory of the Republic of Cyprus. The occupation is viewed as illegal under international law, amounting to illegal occupation of European Union territory since Cyprus became a member.
Is Northern Cyprus a good place to live?
North Cyprus is one of the safest destinations in the Mediterranean. Crime levels are very low. It is safe to walk around even at night, people are very friendly and helpful.
Is property cheap in Northern Cyprus?
North Cyprus must be one of the least expensive places to live in the Mediterranean. It is exceptionally good value when compared to living costs in the UK. Electric, water and council tax are relatively inexpensive making your Pound go further.
Is it easy to buy property in North Cyprus?
The procedure of buying a property in North Cyprus is not as complicated as it seems, in fact it is open and simple. Foreign citizens have the right to acquire any desired property in North Cyprus and there are no limitations whether buying land, villa, apartment, commercial or Investment property.
Does Turkey own Northern Cyprus?
The Turkish Republic of Northern Cyprus (TRNC) ( Turkish: Kuzey Kıbrıs Türk Cumhuriyeti, KKTC) is a de facto formed state in northern Cyprus that is currently recognised only by Turkey. Indeed, the United Nations recognises the sovereignty of the Republic of Cyprus over the whole island.
Is Northern Cyprus a good place to retire?
Both the northern and southern areas welcome expats and have quite large expat communities. The cost of living in the North is significantly lower. If you want a great value-for-money retirement destination in a beautiful Mediterranean setting, then North Cyprus can be a perfect choice.
How much tax do you pay in North Cyprus?
All residents in Northern Cyprus are subject to pay Personal Income tax. The Personal income tax varies from 10% to 37%. The lowest personnel income tax levied in Northern Cyprus is 10%.
Where do expats live in North Cyprus?
The two most popular towns for expats in the Kyrenia area are Alsancak and Esentepe. Both have big expat communities and many facilities around. In Alsancak, there is a national park with walking and running paths. It’s a great place for a relaxed morning walk.
What is the crisis in Cyprus?
The crisis began from the USA in 2007 and since then it has managed to occupy more and more countries in Europe including Cyprus. The crisis in Cyprus has got a lot of attention due to the harsh measures the European Central Bank (ECB) has used to rescue the island from not collapsing its financial sector.
How did Cyprus fare during the global financial crisis in 2009?
During the global financial crisis in 2009 big economy countries such as Germany and Italy got affected less than countries like Cyprus, which makes up just 0.2% of a broader eurozone economy of €10 1Athanasios Orphanides, George Syrichas (2012), “The Cyprus Economy – Historical Review, Prospects, Challenges” p28
Do depositors of the banks in Cyprus have property rights?
Furthermore, depositors of the Banks in Cyprus that have been subject to a haircut were treated differently with depositors of the same Banks in 79Dr Kypros Chrysostomides (Sept 2013), “Cyprus bailout: the test of illegality” 80EU Charter of Fundamental Rights, Art 17. Right to property 29 of 3 7 SRN: 1053148 Greece.
What is the role of the Central Bank of Cyprus (CBC)?
According to Central Bank of Cyprus’ articles of association, it is the Bank’s role to safeguard the island’s financial system.84 It is without objection that CBC has failed to fulfil its supervision and oversight of the Cypriot banking sector, and claims can be raised against it.