Investment in European Cyprus
Cyprus, a beautiful island in the Mediterranean Sea, has always been known as an attractive destination for tourists and investors. This island, which is located at the intersection of east and west trade routes, has seen economic and cultural prosperity for a long time.
Today, investing in European Cyprus is considered as one of the popular ways to earn profits and immigrate to the European Union. But do you know that Cyprus is divided into northern and southern parts? And are you aware of the differences between investing in North and South Cyprus?
In this article, we are going to examine the differences between investing in North and South Cyprus to help you choose the best option for your investment.
North and South Cyprus: two separate worlds
The first thing you should pay attention to is that North and South Cyprus are two separate countries with different laws and political and economic systems.
Northern Cyprus, known as the Turkish Republic of Northern Cyprus, was recognized by Turkey in 1983. This part of Cyprus is not a member of any international organization, including the European Union, and its currency is the Turkish Lira.
In contrast, Southern Cyprus, known as the Republic of Cyprus, gained independence from Britain in 1960 and joined the European Union in 2004. The currency of this country is Euro and it has high political and economic stability.
Key differences in investing
Now that we are familiar with the basic differences between North and South Cyprus, we can examine the differences in investment in these two sectors.
1. Costs:
In general, investing in North Cyprus is much cheaper than investing in South Cyprus. Land, housing and other living costs are significantly lower in North Cyprus than in South Cyprus.
2. Residence conditions:
There is no need to obtain a visa or a European passport to stay in Northern Cyprus. You can easily live and work in this country by obtaining a residence permit.
But to stay in South Cyprus, you need to get a Schengen visa or a European passport. This process can be complicated and time-consuming.
3. Growth potential:
Northern Cyprus has a high growth potential for investment due to its membership in the European Union and political and economic stability.
However, due to the lack of recognition by the international community, Northern Cyprus may face some restrictions on foreign trade and investment.
4. Infrastructures:
Southern Cyprus has a more developed and modern infrastructure compared to Northern Cyprus. This issue can affect the quality of life and the ease of doing business and investment activities.
5. Tourist attractions:
Both parts of Cyprus have many tourist attractions. Northern Cyprus is known for its beautiful beaches, pristine nature and ancient historical monuments.
In addition to natural attractions, South Cyprus also has many historical and cultural places such as museums, churches and mosques.
Which option is more suitable for you?
Choosing the best investment option in Cyprus depends on your goals and circumstances.
If you are looking for a low-cost investment with high growth potential, North Cyprus can be a good option for you.
But if you are looking for political and economic stability, developed infrastructure and EU membership, South Cyprus would be a better choice.
Required documents and permits
To invest in North Cyprus, you need certain documents and permits, which include the following:
Valid passport
Entry visa (if needed)
Clearances
Proof of financial ability
Permission to purchase property or establish a company
To invest in South Cyprus, you need additional documents and permits, including the following:
Valid passport
Schengen visa or European passport
Clearances
Proof of financial ability
Business plan (if the company is established)
Permission to purchase property or establish a company
Investment process
The process of investing in North Cyprus is generally simpler and faster than investing in South Cyprus.
In North Cyprus, you can purchase property or establish a company by visiting real estate offices or investment companies.
But in South Cyprus, the investment process is more complicated and requires more paperwork and paperwork.
Taxes
Tax rates in Northern Cyprus are generally lower than in Southern Cyprus.
In Northern Cyprus, the corporate income tax rate is 10% and the personal income tax rate is 20%.
In contrast, in South Cyprus, the corporate income tax rate is 12.5% and the personal income tax rate is up to 35%.
Residence benefits
Staying in North Cyprus allows you to enjoy many benefits, including the following:
Tax exemption for some investment activities
The possibility of obtaining the citizenship of Northern Cyprus after 5 years of residence
Access to quality educational and health facilities
Low cost of living
Staying in South Cyprus also has its own advantages, which include the following:
Membership in the European Union and enjoying its benefits
Freedom of movement to other EU member states
Political and economic stability
Developed infrastructure
The final choice
As mentioned in the previous sections, choosing the best investment option in Cyprus depends on your goals and circumstances.
If you are looking for cheap investment with high growth potential and stay in a country with low cost of living, North Cyprus can be a good option for you.
But if you are looking for political and economic stability, developed infrastructure, membership in the European Union and staying in a country with more freedom of action, South Cyprus will be a better choice.
Important note: Before making any investment in Cyprus, thoroughly research the differences between North and South Cyprus and consult with an experienced advisor.
Conclusion
Investing in European Cyprus can provide good opportunities to earn profits and immigrate to the European Union. By knowing the differences between North and South Cyprus and choosing the right option, you can experience a successful investment in this beautiful island.
See more: North Cyprus investment
For more information about investing in Cyprus, you can visit the Kargar Investment and Consulting Company website.
Kargar Consulting and Investment Company, with more than 14 years of experience in the field of investment and property purchase in North Cyprus, is ready to provide you with expert advice and services in this field.
Contact us to be your guide on the investment path in North Cyprus.
Frequently asked questions about investing in European Cyprus
1. Which part of Cyprus is better for investment, north or south?
Answer: It depends on your goals and conditions. If you are looking for a cheap investment with high growth potential, North Cyprus can be a good option. But if you are looking for political and economic stability, developed infrastructure and EU membership, South Cyprus will be a better choice.
2. What is the difference between the conditions of residence in North and South Cyprus?
Answer: You do not need a visa or a European passport to stay in North Cyprus and you can easily live and work in this country by obtaining a residence permit. But to stay in South Cyprus, you need to get a Schengen visa or a European passport, which can be a complicated and time-consuming process.
3. How different are the costs of living in North and South Cyprus?
Answer: In general, the cost of living in North Cyprus is much lower than in South Cyprus. Land prices, housing and other costs of living in North Cyprus are significantly lower than in South Cyprus.
4. What documents do I need to invest in Cyprus?
Answer: The documents required for investment in North and South Cyprus are different. In general, you need a valid passport, a clean background certificate and proof of financial means to invest in both sectors. For more detailed information, see the “Required Documents and Permits” section of the article.
5. How long does the investment process in Cyprus take?
Answer: The investment process in North Cyprus is generally simpler and faster than in South Cyprus. In North Cyprus, you can purchase property or establish a company by visiting real estate offices or investment companies. But in South Cyprus, the investment process is more complicated and requires the submission of documents and more administrative procedures.
6. What are the benefits of staying in North and South Cyprus?
Answer: The benefits of staying in North and South Cyprus are different. In general, residence in Northern Cyprus brings tax exemption for some investment activities, the possibility of obtaining Northern Cyprus citizenship after 5 years of residence and low living costs. Staying in South Cyprus also has its own advantages, including being a member of the European Union and enjoying its benefits, freedom of movement to other EU member states, political and economic stability, and developed infrastructure.
7. Which country is safer for investment, North or South Cyprus?
Answer: Both parts of Cyprus are politically stable. However, South Cyprus has more political and economic stability due to its membership in the European Union.
8. What is the official language in North and South Cyprus?
Answer: The official language in Northern Cyprus is Turkish and in Southern Cyprus it is Greek. However, English is also widely spoken in both parts.
9. What is the currency in North and South Cyprus?
Answer: The currency in Northern Cyprus is the Turkish Lira and in Southern Cyprus the Euro.
10. What is the weather like in North and South Cyprus?
Answer: The climate of Cyprus is Mediterranean, with hot and dry summers and mild and wet winters.
These were just some of the frequently asked questions about investing in European Cyprus. For more information, you can refer to the website of Kargar Consulting and Investment Company or contact our experts.
