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Brief
Information about Northern Cyprus
BANKING
SYSTEM
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.
CITIES
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).
CLIMATE
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.
CURRENCY
New Turkish Lira (Yeni Türk Lirası - YTL) 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.
LIVING COSTS
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
£50-70 monthly) and an annual council tax of approximately £60.
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.
MAIN SERVICES/COMMUNCATIONS
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
Medical care in Northern
Cyprus is excellent, with doctors, dentists, opticians and pharmacies offering
excellent service and advice.
PETS
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.
TIME
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.
TRAFFIC/DRIVING
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.
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