North Cyprus is a Mediterranean heaven for tourists. Some are so smitten with the place that they decide to move there.
It is a known fact that many retired Europeans look for warm sunny places to move to. The dreary weather in London for
example drives many away and North Cyprus is a worthy candidate for indulging them.
There are a few things that one must know before he or she decides to look up this opportunity.
European citizens, who wish to settle down and work in Cyprus, can simply pack up and move. For the first three months
they are not required to do a thing. After three months they need to registered and obtain a residence permit as well
as a working permit from the Immigration District Office. EU citizens, who do not intend to work, will need to show
proof for having sufficient funds and will not become a liability to the country.
Moving to Northern Cyprus usually entails property purchasing. New property laws state that EU nationals who are resident
in North Cyprus may obtain any amount of property, but their residency must to be proven and a certification to the effect
must be obtained from the District Administration.
A European who is not a resident of Cyprus may buy all the land he wants but can only purchase one apartment or house.
Cyprus Local Tax Rates are calculated depending on the amount of property you own. It ranges between 50 – 150 CYP a year,
and includes street lighting, waste collection, sewerage and other pubic amenities. The capital Gains Tax is 20% of the
profit revenue and affects all property that is being re-sold.
