Investment and residence in Northern Cyprus
Presence and residence in North Cyprus
Generally, all countries can travel to North Cyprus without a visa. Foreigners can stay up to 30 days with the option to extend. Issuance of residence for foreigners is in no way a condition of permanent presence of people in North Cyprus and forced to live in this country. You can leave or enter North Cyprus at any time and for any period. After 5 consecutive years of residence, you can get a permanent residence in Northern Cyprus.
If you want to apply for a temporary residence in North Cyprus you can do it in three ways :
1- Through studentship: Foreigners who are studying in North Cyprus are obliged to hold a student residence permit. To apply for a student residence permit visit www.icisleri.gov.ct.tr
2- Work visa:
In order to apply for a work visa, it is absolutely necessary for the person to be present in North Cyprus. Along with the required documents for the applications, the company must submit the following: Passport copy of the employee and a letter of guarantee including names of both employee and employer.
3- Investing in North Cyprus:
Foreigners who own a villa or apartment in North Cyprus may be granted a 1 year renewable residence permit for the first 3 years, and thereafter 2 years renewable permit provided they have obtained the title deeds (Kocan) registered in their name.
Note: People under 18 years old and over 60 years old do not need to get a residence visa.
Non-Cypriot Europeans have invested in North Cyprus real estate for decades. Since Britain was the colonial ruler of Cyprus in the 90s, there are still signs of their presence such as cars driving on the left, the English language and many road signs in English. Northern Cyprus also uses the pound sterling for all real estate transactions. There are plenty of reasons to relocate or invest in property in Northern Cyprus including:
- Cheap real estate and low-cost living
- Growing tourism industry
- Offshore investment opportunities
- Easy access to Europe, Asia, Africa and Middle East
- Great climate
- Very low crime rates
- Low tax rates
- High rental yields
- No information disclosure about the source of funds
- Large gas reserves
- Visa free for many European countries
- Non-EU regulations
- Rising capital value
Buying property in North Cyprus:
How to buy real estate with ownership:
• The desired property is selected and its price is agreed upon.
• The contract is drawn up by lawyers based in Northern Cyprus, which includes the price, delivery schedule, terms and conditions of the property, and the type of payment terms.
• Both the seller and the buyer sign the contract.
• The buyer pays a down payment. (The advance amount will be different depending on the type of property.)
• At this stage, Jasper Investment Company will help and accompany you for the administrative steps of registering the contract and obtaining permission to purchase the property.
Fees payable by the purchaser for administrative matters until the transfer of the property document:
• Half percent of the total amount of the sale contract for the cost of registering the contract in the Finance Department of Northern Cyprus
• Paying the property registration fee in the Northern Cyprus State Registry Office (this amount will be in Turkish lira)
• 5% of the property price as value added tax (it should be noted that unlike the laws of many countries, in North Cyprus the tax is paid only once and after the delivery of the property)
• An amount of about 2,000 to 3,000 pounds, which varies according to the type and location of the property, must be paid for the costs of water, electricity, sewage, etc., upon delivery of the property.
• Paying up to 3% of the property price to the registry office for the cost of transferring the document to the buyer’s name after the full settlement of the property price and receiving the property purchase permit from the North Cyprus government.
• After going through these steps, the transaction is completed.
The good news is that by investing through us, you will have the help of Jasper Investment Company in all these stages.