TRNC Investment

The Turkish Republic of Northern Cyprus offers investors the opportunity to turn their savings into profits with many outstanding advantages it provides. Real estate investment in Cyprus is an investment option that protects you against currency risk as house prices and rents are determined in British pounds. In addition, the privilege of a record amortisation period (that is, how many years the real estate to be purchased will cover the sales price if it is rented) of 8 to 15 years compared to the big cities of many other countries makes real estate investment in the TRNC extremely attractive. If you are looking for ways to prevent your savings losing value, we recommend this option, which has very practical and profitable terms and procedures.
 
Why Northern Cyprus?
 
Before moving on to how the process of buying a house in Northern Cyprus works, let's answer why you should choose Cyprus.

• Living standards are quite high and continue to develop rapidly,
• It is a country where tourism is extremely intense with its historical, cultural and natural beauties, together with the absence of air pollution due to the fact that there is no heavy industry, and it is sunny 11 months of the year
• It is the safest country in the Mediterranean with a very low crime rate, also the people are very kind and follow the rules,

(Our local partners say that even the sound of the horn is not heard, that there is such a normal atmosphere of trust that you can leave your car with your wallet and phone running, that there are no violent situations, since deterrent penalties are applied.)

• Casino Tourism, Education and Real Estate/Construction are the 3 main sectors of the country,
• Real estates are much cheaper compared to Turkey, but their value is increasing every year,
• House prices and rents are based on British Pounds, which provides financial security against fluctuations in exchange rates,
• Compared to the big cities of many countries, the real estates you buy in the cities of Cyprus have a record amortisation period of 8 - 15 years,
• There are quality education opportunities that are constantly developing, especially within the scope of universities, on the basis of a continuous increase every year, students and academic staff reside, which is a guarantee of rental income for property owners,
• Fuel, cigarettes and alcohol are cheaper than in Turkey,
• The vehicles are 1/3 the price compared to Turkey,

After the title deed transfer, your 1-year residence permit is approved, you can apply for an indefinite residence permit after 3 years (over 65 years of age are exempt from this process, you can reside indefinitely without the need for renewal)
 
If you are considering residency, you will feel as if you are living in a European city while being intertwined with the magnificent nature of the Mediterranean - which in comparison is much safer! If you are not thinking of residency, but only as an investment, the most logical investment you make may be to buy a house in Northern Cyprus, as there will always be a buyer of all these privileges!
 
The Process of Buying a House in Northern Cyprus
 
First of all, we help you find the most profitable real estate option in line with your wishes and needs, with our local and years-experienced partners. At this point, there are nuances that should be considered so that you won't have problems afterwards. For example;

• It should be ensured that there is no situation, such as a mortgage, that will prevent the sale of the real estate you will buy,
• It should be confirmed that it has a building occupancy permit and a building permit, as a real estate project that has not been built in accordance with the legislation can cause headaches later,
• A sales contract must be made, and every promise and campaign that convinces you to choose the property must be specified in this contract.

After making the final decision, the process begins with the issuance of the contract. You make your contract legally valid by depositing the stamp fee of 0.5% of your contract to the TRNC Tax Offices. Within 21 days, the sales contract must be recorded in the land registry. After your purchase approval from the Council of Ministers is given, tax collection is carried out and the transfer of title is finalised. You can benefit from a 3% title deed tax exemption for one time only. If you decide to sell your property, this rate increases to 6%. You can buy and sell your property unlimitedly.
 
So how does the property tax system work in the Turkish Republic of Northern Cyprus? You pay an annual property tax of 200 TL for detached houses and 100 TL for apartments. If you rent the house you bought, you have to pay 10% withholding tax. If you decide to sell, the procedure is applied over the Municipal Market Value, and you still pay 10% withholding tax, even if your profit is higher. You do not have an additional income tax liability.
 
Northern Cyprus Residence Permit
 
After your purchase is completed and the title deed is transferred, you will receive a residence permit valid for 1 year. At the end of one year, you renew your residence permit and after completing 3 years, you can apply for an indefinite residence permit. If you are considering TRNC citizenship, you must reside for 11 years. In addition, as it is known, many people prefer to spend their retirement life in Northern Cyprus. One of the reasons for this is that people aged 65 and over can apply for an indefinite residence permit without the need for annual renewal upon the completion of the real estate investment.
 
In the light of all this information, if you choose to invest in Northern Cyprus real estate, the most important question marks that will appear in your mind are "Where should I buy real estate in Northern Cyprus?" and “How can I be sure it is reliable?”. At this point, we, as the IYD Consulting consultancy company, step in.

We offer you a wide portfolio and we manage the process smoothly and comfortably with our partners residing in Northern Cyprus, having real estate experience for years, having knowledge of the market, key points and reliable companies. Please do not hesitate to contact us so that you have a personalised plan for finding the right investment for your future!