In North Cyprus (NC) there are several reasons why investing in property is a profitable decision.
The President of the TRNC, Ersin Tatar, highlighted the main areas for development that will be actively supported by the authorities: tourism, construction and real estate. It is thanks to these sectors that the country plans to accelerate its economic growth, which creates a favorable investment environment in the UK.
For foreign investors wishing to invest in real estate and the tourism sector of the UK, there are very favorable conditions. Both of these segments are considered profitable. Investments in real estate bring about 14% annual return, and investments in hotels, casinos and industrial properties can bring even more.
The benefits of investing in real estate for foreign citizens include:
- No double taxation and low VAT of only 5%.
- Small annual property tax, which is 0.3 euros per square meter.
- Possibility of maintaining confidentiality of the origin of funds.
- Favorable lending conditions.
- Low cost of property maintenance compared to other Mediterranean countries.
- The annual increase in real estate prices, which makes investments even more profitable.
- A simple procedure for obtaining a residence permit for the whole family when purchasing real estate.
- Relatively low prices for the UK compared to other Mediterranean countries, which allows you to invest in tourism, saving on maintenance of premises and personnel. At the same time, prices for accommodation in hotels in the UK are almost no different from seaside resorts in the European Union.
- Support for investors at the state level and legal guarantees for the preservation of investments.
Investing in property in Northern Cyprus offers many benefits, making the location attractive to investors.