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North Cyprus Investment Opportunities
Investment opportunities in Northern Cyprus
Investment Incentives
Foreign investment is actively encouraged, and those willing to invest in North Cyprus can be sure of a positive Government attitude.
1. Leasing of land for extended periods at favorable rates.
2. Import duty exemptions for goods concerning the project.
3. Government contribution to charter risk.
4. Contribution to brochure/advertisement expenditure up to 75%.
5. Exemption from income tax and corporation tax for a period of ten years in the case of investment in tourist accommodation units.
6. For public companies which have shareholders in excess of 50, tax exemption can be extended.
7. Annual interest and principal installments of foreign loans enjoy a transfer guarantee.
8. Tourism establishments or hotels may deduct each year 20% of their annual foreign exchange gross earnings from taxable income.
9. Free transfer of proceeds in case of liquidity of investments.
10. Repatriation of profits without restriction or limitations.
11. Employment of foreign personnel who are not available locally.
12. Transfer of net income earned by foreign personnel is free.
13. Exemption of constriction license fee.
14. Also deductible when calculating annual taxable profit are all travel expenses related to promotion and marketing, plus all kinds of advertisement, promotion and marketing expenses.
Property Investment Procedure in North Cyprus
With reference to the registration of a company, the legal form widely used for business undertakings in the TRNC (Turkish Republic of Northern Cyprus), both by foreign investors and by local businessmen, is the private limited company. The provisions concerning the limited company are set out in the Company's Law, Cap 113, which is almost identical with the UK's Company Act of 1948.
Permission is obtained from the Council of Ministers for foreign ownership of TRNC registered companies, usually within ten to eighteen months of application. The foreign ownership can be from 49% to 100%.
A business permit is also required, which may be obtained from the Immigration Office - this is dealt with later on this page.
(Don't be rush before buying a property in North Cyprus. Take a time have a good search and legal advice)
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