Brief Information about Northern Cyprus
The continually diversifying needs of the business community are catered for and all types of banking services are available. Some banks have international branches and we can supply you with more information on request.
The capital of the TRNC ıs Lefkoşa (Nicosia), which is the main area for business and administration. Other cities are Gazi Mağusa (Famagusta), Girne(Kyrenia) and Guzelyurt (Morphou).
Northern Cyprus offers long, hot summers and short, mild winters. With approximately 340 days of sunshine annually, the island is one of the healthiest places to live in the world, even the sea temperature rarely drops below 60oF.
Turkish Lira ( Türk Lirası – TL) is the legal tender in Northern Cyprus, however, in general all foreign currencies, especially sterlıng, dollars and Euros, are acceptable at trading/tourist outlets. Travellers cheques can be exchanged at banks, exchange bureaux and hotels.
HOW TO GET HERE
Ercan airport is the main airport in Northern Cyprus with daily flights from Europe and mainland Turkey. There are no direct flights from Europe to the TRNC. Alternatively, you can travel to Larnaca in Southern Cyprus and travel north by road and cross the border. A visa is required. There are also daily car and passenger ferries from/to Turkey.
IMPORTATION OF CARS
The importation of cars can be a costly business as cars are valued using the Glass’s Guide. Import tax is assessed based on the value, age and engine capacity of the vehicle, and, generally, these taxes are high. This tax must be paid within 1 year of the importation date.
It is cheaper to live in Northern Cyprus than in the UK and most of Europe.
Service Costs: average monthly service bills are water (£10-15 monthly), electricity (approximately £50-100 monthly) and an annual council tax of approximately £60-100.
Most cookers use electricity for ovens and calor gas for hobs, although electric hobs are available. Many properties now have central heating, which is run on either calor gas or oil.
Mains power – 240/415 volts A/C 50hz. Plugs are 3 pin, the same as in the UK.
Mains water – mains water is supplied, however, in some areas this is limited to 2-3 times a week.
Telephone – international telephone system plus facsimile and internet.
Medical care in Northern Cyprus is excellent, with doctors, dentists, opticians and pharmacies offering excellent service and advice.
Bringing your pet from Europe to Northern Cyprus can be easily arranged. The Ministry of Agriculture requires you to provide a certificate from a European vet stating that your pet is free from any major disease. Your pet will then be kept in quarantine at the government facility in Lefkoşa, usually for four weeks. However, care for your pet is your responsibility and you must feed and exercise your pet yourself every day as this service is not provided.
Local time is 2 hours ahead of Greenwich Mean Time (GMT). Clocks follow the UK system of going forward 1 hour in Spring and going back 1 hour in Autumn.
VISAS, PERMITS AND LICENSES
Northern Cyprus is adopting a policy of attracting foreigners to live and work here and there is also great encouragement to invest in businesses, especially within the tourism sector. This includes companies such as travel agencies, transport companies, hotels, bars, restaurants and leisure activities. All foreigners coming to live and/or work in the TRNC must apply for certain permits.
Temporary residency permits: within 3 months of arrival you must register at the local Police Station in order to start your Temporary Residency Permit and a fine is imposed for every day you overstay your time in Northern Cyprus.
If you are thinking of opening a limited company: you must instruct an accountant to make applications on your behalf to the Council of Ministers. The application must state the trading intentions of the company, directors, etc.
For retired persons: retired persons are allowed to import a full household of furniture/household goods virtually tax free (normally between 2-3%). Retired persons only need a residency permit to reside on the island.
For further information on any aspects of the Northern Cyprus legal system, we would be pleased to recommend fırst-class, English speaking lawyers to assist you.