Only two countries recognize this nation: Turkey and itself. It may sound like a joke, but this tiny jurisdiction in Europe is filled with potential. Picture a Mediterranean climate, sunshine year-round, excellent cuisine, breathtaking landscapes and affordable property prices. That’s what the Turkish Republic of Northern Cyprus, commonly referred to as Northern Cyprus, has to offer.
Located strategically, Northern Cyprus is a treasure trove of history and culture, with lots to see and do. What’s more, savvy expats and investors may find affordable, lucrative real estate opportunities here. Do you want a beachfront property in the Mediterranean? Northern Cyprus might be the place for you.
In this article, we will briefly explore why you should care about Northern Cyprus, its unique features, and what you can do and see in the country when you visit.
If you follow my newsletter, you know how little I recommend Europe for expats, but Northern Cyprus has really caught my attention as a hub for investors and businesses with its 12.5% corporate tax and excellent residency options
If you are subscribed to my newsletter and read my content, you might be familiar with how little I like Europe for expats; it is a region facing multiple problems, such as stagnation, lack of safety, rampant inflation and burdensome taxation. Nonetheless, Northern Cyprus has managed to stand out from the rest.
In particular, Northern Cyprus is a hotspot for savvy businesses, investors, and entrepreneurs with its 12.5% corporate tax and other attractive residency options. Moreover, the Mediterranean appeal is a huge lifestyle bonus many want to take advantage of.
Northern Cyprus is a unique nation that is only formally recognized by Turkey and itself. While many have flocked to South Cyprus (or Greek Cyprus, if you will), the north is not much of an expat hub right now. The upside of this is that you can still find compelling investment opportunities that are nearly impossible to get in the South.
To illustrate this, newly built condos in touristy areas may cost around 100,000 GBP (around $130,000 USD), whereas in Southern Cyprus, they can start from €200,000 (around $277,000 USD).
These affordable property prices make Northern Cyprus an attractive destination for real estate investors looking to maximize their returns, enjoying a steady income from rentals while purchasing property at a lower cost.
Additionally, Northern Cyprus's unique jurisdiction comes with many benefits for investors. The region's political situation and recognition status create a less saturated, more open market for new investments. This uncertainty in status allows for attractive pricing and investment opportunities that are hard to find elsewhere. With Turkish banks operating in the region, financial transactions and investments are secure and straightforward.
Northern Cyprus is a hidden gem, with landscapes similar to those of the South but at a fraction of the cost. The natural beauty of the region is combined with its affordability, making it feasible to get a high quality of life without paying top dollar. Both properties and the cost of living are more affordable than in the South, allowing you to invest in real estate or even relocate.
The Mediterranean is often held in high regard, especially for people from Northern Europe and some parts of North America, as winters are mild and summers are warm. In Northern Cyprus, you can enjoy sunny beaches and crystal-clear waters as well as busy coastal towns. Plus, the cultural appeal and history make the region worth a visit; among other things, you can explore markets filled with fresh produce and local goods and breathtaking mosques.
We cannot overlook Northern Cyprus's rich heritage because many different civilizations settled here. Indeed, Northern Cyprus is at the crossroads of three continents: Europe, Asia, and Africa. This has given the country various historical sites dating back to Roman, Byzantine, Ottoman, and British occupations.
Finally, another perk of Northern Cyprus is its accessibility. Even though flights to Ercan International Airport require you to go through Istanbul, getting here is convenient. Once you land, you can opt for various public transport options, such as taxi and shuttle services to towns like Kyrenia.
You can also land at Larnaca International Airport in South Cyprus and then take a taxi to Northern Cyprus. Other options include ferries from Turkish coastal cities like Taşucu, which arrive in Kyrenia and offer a scenic and enjoyable travel experience.
Northern Cyprus’ privileged location and pleasant weather have drawn many civilizations; one of the earliest was the Greeks, but throughout history, other empires and countries have tried to take control of it. The cultural heritage of Northern Cyprus will allow you to enjoy different tourist attractions of historical interest during your stay. Here are some examples:
The Kyrenia Castle is a beautiful place, dating back to the Byzantine era. It was built on a Roman castle and then shaped by the different civilizations that inhabited the island, including the Lusignans, Venetians, and Ottomans. You can explore the castle’s interior and structure and visit its Shipwreck Museum, which houses a 4th-century BC Greek merchant ship discovered off the coast of Kyrenia. Lastly, do not forget to enjoy the views of the harbour from the top of the castle.
This Abbey, located in the village of Bellapais, dates back to the 12th century and was built and expanded by different religious groups. Its architecture, including the rose window, will hardly leave you indifferent. The whole building is well-preserved, with beautiful cloisters and gardens to see where the monks used to hang out. Moreover, the village itself is a must, whether you want to go for a walk or try different dining options.
Salamis is another major archaeological site in Northern Cyprus, established in the 11th century BC. It used to be a major city in the Roman Empire, featuring amenities such as an amphitheatre, baths and even a gymnasium. The area has suffered from natural disasters, such as earthquakes and tidal waves. Nonetheless, you can still see the relics of a once-great city by visiting these ruins.
Northern Cyprus offers amazing investment potential, rich history, and breathtaking natural beauty, with unspoiled landscapes, vast mountains, and crystal-clear waters, making it a hidden gem for expats and investors
If you think Northern Cyprus has investment potential and lots of historical sites, hang on because there’s more. The natural beauty is breathtaking. We’re talking about unspoiled nature, vast mountain ranges and crystal-clear waters. The region is indeed becoming more developed, especially as real estate projects are in progress, but it can pride itself on the natural wonders it offers, such as the following:
If you think of the Mediterranean, more often than not, olives might cross your mind. In this region, olive trees are indeed common, as are other crops like fruit and tobacco. This is due to the abundant water reservoirs that nourish them, and what’s more, trees like pine, cypress and maquis are all over the place, contributing to the area’s cleanliness and appeal. Also, the fauna is diverse, with species like tortoises, mouflons and donkeys.
Just a 25-minute drive from Kyrenia, Alagadi Turtle Beach is a haven for green and loggerhead turtles to nest their eggs between May and September. Don’t expect top-notch amenities here apart from some restaurants, as the place is being purposefully cared for. However, you can take part in organized tours or simply immerse yourself in the environment, appreciating the cleanliness and natural beauty of this beach and its turtles.
Although its Greek name is Pentadactylos, its translation boils down to “five fingers.” Lots of legends circulate among Cypriots, but the formation of these majestic mountains remains a mystery. What you need to know is that it will offer you jagged peaks, deep valleys and lush forests. If you’re adventurous and love hiking, this is the place for you. Moreover, you will bask in the fauna and flora of the area as well as the lovely views that include St. Hilarion Castle, which some believe inspired Walt Disney's Sleeping Beauty.
Northern Cyprus is truly a fascinating place, with property prices significantly lower than in the Greek part of Cyprus and notable potential. The Mediterranean climate offers pleasant weather, and its tourism industry is thriving
Northern Cyprus is a very unique jurisdiction, despite some controversy as to whether it is a country or not. Only time will tell whether more countries will recognize it, but I hope that this brief article has shown you the big picture. Real estate prices, for instance, tend to be way cheaper than in the Greek part of Cyprus. Moreover, the potential is noteworthy, as the Mediterranean climate allows for pleasant weather, and the tourism industry is booming.
Although Europe is undergoing tough times, Northern Cyprus might be an appealing destination for some expats, especially those interested in real estate investing and vacation rentals. The country is still in need of investment, and those who tap into this market soon may reap great rewards. Plus, we’ve discussed multiple things to do and see here, such as visiting historical sites and basking in natural beauty.
Overall, this country has lots of potential, as its economy is already experiencing growth. The country excels in tourism and other sectors such as higher education, gambling, and agriculture. I suggest that you keep an eye on Northern Cyprus, as it might be a promising destination in the coming years.