• Visa requirements and facilitation process

Passport holders from Turkey, EU and other countries, except Nigeria and Armenia, can stay in country for 90 days.

• Connectivity with major business centers of the world

No direct fights. Transit travel via Turkey provides global connection.

• Manpower cost

Minimum wage around 480 USD

Remunerations are subject to PAYE, social security and provident fund deductions by employees and employers.

Marketable medium level employee is mostly based around 1,300 USD gross.

• Rentals

​Housing rentals depend on the size but market is between 430 USD and 1,450 USD

Car rental is between 20 USD and 60 USD per day.

• Other Overheads
  • Utilities
  • Legal counsel, audit, insurance
  • Transport
  • Marketing
  • Supplies
  • Maintenance IT

• Availability of Skilled workers

High rate of university graduates (70%) Workforce for construction, hotels and manufacturing is supporeted by local and foreign workforce

• Distribution of workforce:
  • Trade: 18.2%
  • Public sector: 14.6%
  • Education: 9.2%
  • Hotels, restaurants: 8.6%
  • Manufacturing: 7.8%
  • Construction: 7.8%
  • Property and services: 7.7%
  • Other services: 7.3%
  • Transport, communications: 6.2%
  • Agriculture: 3.9%
  • Finance: 3.6%
  • Health and social services: 3%

• Manufacturing: 514 Light manufacturing companies: ready-made concrete, aluminium, IT, dairy products, patisserie, drink and food products, chemicals, quarry, furniture, plastics, advertising
• Construction: 530 Construction companies and licensed individuals
• Trading: 3500 trading companies in agriculture, manufacturing, air-conditioning, construction, wholesale and retails, transportation, accommodation, IT, Finance and insurance, real estate, technical and professionals, education, entertainment, health and beauty 4 5
• Services: Mainly tourism (restaurateurs, hotels), fnance (banks), medical (hospital and doctors), education (including uni-higher education), law, accounting, telecom, internet, engineering 
• Tourism: Total number of accommodation establishments is 140; 91 in Girne, 10 in Gazimağusa, 29 in Karpaz, 5 in Lefkoşa and 5 in Güzelyurt. There are 18 5-star, 4 4-star, 13 3-star, 18 2-star and 18 1-star hotels. Remaining establishments are in the form of bungalows, apartments, eco-buildings

• Aggregate Tax

10% corporate tax, 15% income tax: aggregare rate of 23.5% on net income

• Value Added Tax (VAT)

16% standard rate, are tax brackets are zero based, 5%, 10% and 20%

• Withholding Tax

8%/13% on rental income, 6% on property purchase, 15% on dividends

• Limits on foreign participation: No direct restrictions. Minimum 25,000 EUR share capital required for companies with foreign shareholders. Property ownership by foreign companies/individuals subject to approval by the Council of Ministers.
• No restrictions on Repatriation of Capital, profts or dividends
• Corporate and withholding tax is deducted before redistribution of profts

• Parliamentary system with democratic elections held separately for presidency and member of the parliament.
• Freedom of speech, rights, press, economy, association etc. are widely respected and regulated by the courts.
• TRNC is not recognized internationally except by Turkey. No direct vessels/fights and trade exist except to Turkey. As a result, dependency on Turkey causes imbalance in diplomatic relations and in trade and transportation (70%)
• Free movement of EU nationals through checkpoints to Greek side of the island

•  Growing Growth rate:
  • 4.4%-2014
  • 4.9%-2015
  • 3.6%-2016
  • 3.5%-2017
  • 1.3% -2018
• Information on GDP:
  • Total GDP 4.04Billion USD
  • Population: 350,000
  • GDP per Capita 9,900 USD
  • Employment 103,000 (47%)
  • Import 1.6 Billion USD
  • Export 100 Million USD
  • Trade Defcit 1.5 Billion USD
  • Net Tourism Income 950 Million USD
  • Unemployment rate 7%
  • Infation rate 56%
  • Higher Education Sector 960Million USD
• Information on various sectors & their contribution to GDP:
  • Public services- 19.8%
  • Services- 13.1%
  • Trade- 12.5%
  • Import tax- 11.4%
  • Transport and Communications- 10.4%
  • Tourism- 9.9%
  • Financial sector- 8.5%
  • Agriculture-5.9%
  • State Electricity and Water-5.4%
  • Construction- 5.4%
  • Housing income- 5.2%
  • Manufacturing-3.2%

• KYRENIA: Kyrenia is the tourism capital that hosts splendid coastline backed with mountain range from west to east together with antique harbour and castles with rich history.
• NICOSIA: Part of old Nicosia is a walled city that hosts many historical sites as well as business and leisure areas.
• FAMAGUSTA: Famagusta and Karpaz is located on the north and eastern part of the island with beautiful nature and many historical sites from ancient times. Biggest port is in Famagusta and hotels are spread on wide range of coastline facing eastern Mediterranean.

• TRNC operates a free market economy and the offcial currency is the Turkish Lira.
• The main contributor in the gross national income is the services sector. Agriculture and manufacturing sectors also have a signifcant share.
• Tourism and Higher Education sectors are vital for the economy.
• North Cyprus provides a favourable and high opportunity business environment to local and foreign investors due to its strategic location.
• The GDP in FY21 was $4.09Billion and GDP per capita $13,427. Average GDP growth rate has been around 3% and is expected to be 3.5% in the coming years. Unemployment rate is around 7.5% and infation rate is around 13%.
• Seasonal tourism provides a lot of advantages and developing higher education sector provides signifcant net income into the local economy
• Public sector has share of 15.8%, services 14.6%, Trade 10.6%, Tourism 9.2%, Transport and communications 8.8%, Finance 7%, Agriculture 5.7%, Housing 4.5% and Manufacturing 3.8% in the GDP 

• Turkish Republic of Northern Cyprus T.R.N.C was founded in 1983.
• It is located 65 km south of Turkey 267km nortwest of Israel and 162 km west of Lebanon.
• Offcial Language is Turkish. English is widely used across all business sectors
• Approximately 45% total area comprises of fertile land 20% of which is currently irrigated.
• Around 20% of the total area is forested
• De-jure population is 286,000 and Nicosia is the capital city divided into half by the Green Line that forms the border between TRNC and south Cyprus