The northern part of the island attracts investors not only with its luxury residential complexes, but also with its dynamic economy. In this article we would like to share the most convincing advantages that allow you to make a choice in favor of this region.
- Low taxes. Most countries in the global community do not recognize the TRNC, so double taxation agreements do not apply to this region. This means that taxes are only paid in the country of incorporation of the company and not in the country where the income is earned. Moreover, tax rates in Northern Cyprus are very low: corporate tax is 5%, VAT is 5% and personal income tax ranges from 0% to 37% depending on the level of earnings.
- Easy and fast company registration. Opening a company in North Cyprus requires a minimum authorized capital (from 120 thousand dollars for full foreign ownership), copies of passports and criminal record certificates for all founders, as well as the availability of a legal address. The registration process takes from a few days to a few weeks depending on the type of company and the scope of its activities.
- Government support. Northern Cyprus is interested in developing its economy and attracting foreign investors. Therefore, various benefits and incentives for business are provided, such as exemption from income tax for the first five years of activity, subsidies for salaries of employees, provision of land plots for construction on favorable terms and much more.
- Great potential for growth. Northern Cyprus offers many promising areas for business such as tourism, real estate, education, agriculture and energy. The flow of tourists to the island is constantly growing and demand for real estate exceeds supply.