Turkish Republic of Northern Cyprus Residency Schemes

Turkish Republic of Northern Cyprus Residency Schemes

Turkish Republic of Northern Cyprus Residency Schemes

Northern Cyprus has become an ex-pat haven with many different nationalities choosing to settle here permanently. This has been driven partly by an attractive income tax regime. For example, digital nomads pay no income tax on foreign sourced income making it the most attractive regime in the Mediterranean, if not the World!

For retirees becoming resident in Northern Cyprus there is no income tax on retirement & pension income.

Overall, the income tax regime is like Dubai but without the high cost of living.

Gaining Residency is a straightforward process and easy to obtain. You initially apply for residency on-line, and you need a local (Turkish) mobile SIM card to create an account (you are sent a confirmation code by SMS), you can pay a local immigration specialist a small fee and they can apply for you. There are two types of Residency – Immovable Property Residency Permits and High Income Residency permits.

Following the recent increase in the monthly minimum wage which took effect on 1st January 2024, the residency permit financial criteria has changed:

Immovable Property Residency Permits (whereby you own a property in The Turkish Republic of Northern Cyprus)

Applicants require a monthly income figure of at least 27,587 TL (£716.54) or a capital amount of 331,044 TL (£8,630.87) if using a savings or deposit account.

High-Income Residency Permits (you need to prove residency with a minimum 12-month rental agreement)

Applicants require a monthly income figure of at least 82,761 TL (£2,157.26) or a capital sum of 993,132 TL (£25,887.17) if a savings or deposit account is used.

*These conversion rates are approximate and may fluctuate making the GBP figures quoted higher or lower.

In addition to these financial requirements, you also need a clear criminal record check and a blood test to make sure you have no serious diseases that may be a burden on the state health care system. Once residency is approved you are required to pay for State Health Insurance which is a very modest approximately 1,000 TL per month (£26.00)

Please note that due to the current high volume of residency applications being made, there is a case backlog of 4-6 months, but it is anticipated this will reduce substantially.

So, the residency permits are very easy to obtain, and unlike most Golden Visa schemes in the Mediterranean there are no high investment requirements (eg Euro 250-500,000), and the income tax regime is probably the most attractive in Europe/the Mediterranean region.

If you would like further information or assistance regarding residency or income tax in the Turkish Republic of Cyprus please contact us for an introduction to our trusted partner.

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