Turkey has been the prime destination for relocation if you were looking for something relatively affordable with a high quality of life and a good climate. The wave of people coming to the country seeking permanent residence slowly created enough pressure to force the government to rethink its approach to immigration. Obtaining a permit in Turkey has turned into a hassle and turned many potential investors away.
Moving to Northern Cyprus is considered an excellent alternative. Foreigners interested in relocating to Turkey have to purchase properties with cadastral value over $200 thousand to receive a permit. Compare this number to just $75 thousand which was the minimal requirement just a couple of years ago. Even wealthy investors may not be able to pay so much for a home upfront. With limited financing, many started looking elsewhere.
TRNC appears to be a choice attracting thousands of international investors looking for a place with a warm climate, proper standards of living, and affordable housing as well as less challenging conditions for permit acquisition.
The benefits of obtaining a residence permit in Northern Cyprus
TRNC is highly motivated to attract a valuable workforce and long-term investors. The government expedites many processes to generate a better living environment for educated workers and ensures that they are interested in relocating to the country to seek gainful employment. Over the last decade, the nation has created excellent conditions for immigrants.
Here are reasons why it is easier to obtain a residence permit in Northern Cyprus compared to Turkey:
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The entry barrier is much lower. TRNC does not force foreigners to buy units in expensive buildings. You can come and live in any apartment you can afford. More people can come and fewer professionals are scared by prices. It is a win-win situation.
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Paying in installments.Just like in Turkey, in Northern Cyprus, real estate can be bought with just a 30% down payment during an ongoing development. The rest is paid in installments with fixed prices until the construction process is concluded.
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All children gain residence. You don’t have to spend a lot of time gathering certificates and documents for your children under 18. They automatically receive permits. Since the country offers excellent medicine and education, many people come to live in Guzelyurt, Girne (Kyrenia), and Iskele in an effort to provide a better environment for their kids.
Is it expensive to live in Northern Cyprus?
When assessing real estate prices before moving to Northern Cyprus, you should consider living expenses and some financial caveats. It is important to provide proof of financial stability to apply for residence:
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For example, you will need to have a bank account with a balance that allows you to retain the resident status (at least $20,000).
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Renters should have enough to cover their stay. 3 times the minimum wage per month of residence in Northern Cyprus.
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Owners of property must have enough to sustain themselves in the country. One minimal wage amount per month of stay.
In some cases, having documents confirming income is enough. Examples are income statements for the last three months or bank statements confirming rent payments.
It is important to plan for specific expenses such as private education options, medical expenses (insurance is enough for most health issues), and other expenses that define the quality of life.
We have to admit that job opportunities in the region are limited compared to much wealthier and more developed regions of Turkey. However, many benefits of living in TRNC make it a better choice for those who plan to open a business or provide unique services to local communities. In some cases, you can try to get a residence permit in Northern Cyprus without buying a property, but you will have to prove that your expertise and skills are valuable enough to warrant an exception.
On the other hand, coming to the country without a sizeable financial cushion is not a good idea. You will need a place to live and you should be ready to start a business project if job opportunities don’t line up perfectly. From a strictly financial point of view, moving to Northern Cyprus is more affordable compared to Southern Cyprus, Turkey, any EU country, or the US!
Why should you buy a property in Northern Cyprus?
When it comes to warmth and sunbathing, only a handful of nations beat this welcoming part of the world with temperatures falling to just +15℃ during the coldest winter days and the sun shining 300 days annually, it is a really good idea to obtain a residence permit in Northern Cyprus! Locals are very proud of nature and endless vistas allowing for unforgettable views and memorable hikes.
The population density is quite low with just 315 thousand people living here permanently. Cars are not a rare sight, but jams are something unknown to many drivers. You may spend some unwanted time in a car only in Girne. In Northern Cyprus, real estate is valuable not only due to apparent advantages like a warm climate and many tourist attractions, but also thanks to local communities famous for their hospitality, optimism, and never-ending positivity!
Since the government wants to create the best environment for locals while allowing the country to thrive and develop as a tourist destination, development regulations are quite strict yet allow for the creation of incredibly comfortable dwellings with communal amenities like open swimming pools or free saunas. You will easily find apartments and villas that have gyms, playgrounds, and more!
Real estate prices are lower compared to large Turkish cities but can be pricey if you start looking for luxurious options in Girne. A typical 1+1 apartment studio will set you back by 80 — 95 thousand euros. A comfortable two-bedroom dwelling will cost you over 120 thousand euros. Note that prices vary depending on the location and other factors. On the bright side, you won’t have to invest a penny in refurbishing or fixing apartments.
Note that living in Girne is different from living in Iskele. These are all dynamically evolving regions that provide diverse opportunities to investors interested in moving to Northern Cyprus! Many properties on sale are designed to appreciate alongside a thriving tourism industry. Villas and apartments with breathtaking views and the seaside that you can reach in a single five-minute hike make the idea of getting a residence permit in Northern Cyprus quite attractive!
For personalized advice on pricing, property features, and residence permit procedures, reach out to managers and receive in-depth consultations about everything you need to know when seeking a residence permit in Northern Cyprus.