North Cyprus



Turkish Republic of North Cyprus is a self-declared state that contains the north-eastern portion of the island of Cyprus. Northern Cyprus has an area of 3,355 square kilometers. The beauty of Northern Cyprus was able to attract lots of foreigners over the years. Northern Cyprus is featuring with mountains, golden beaches, inheritance animals and trees.


The service sector is doing the most important role in North Cyprus economy. Which includes the public sector, trade, tourism and education.


Tourism is one of the driving sectors of the North Cyprus economy. The country received over 1.1 million tourists in 2012. The tourism sector has seen great development in the 2000s and 2010s, with the number of tourists more than doubling, increased investment and hotel construction in North Cyprus. The official estimates of income derived from tourism were around 700 million US dollars in 2013. The number of tourists had doubled since 2006, which saw 570,000 tourists. The revenue from tourism was at $616 million, up from $390 million in 2009 and $288 million in 2004.


Kyrenia known as the capital of tourism in North Cyprus, with its numerous hotels, entertainment facilities, vibrant nightlife and shopping areas. Casino tourism has also grown to become a significant contribution to the economy in Northern Cyprus. The first casino has opened in the 1990s. Since then it becomes very popular with visitors from Turkey and the rest of the island.


North Cyprus uses the Turkish Lira as its currency which links its economy to that of Turkey’s. Since the Republic of Cyprus joined the Eurozone and the movement of peoples between the north and south has become freer. The Euro is also in wide circulation. The Banking sector grew 114% from 2006 to 2011. TRNC Development Bank is a member of Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).


For further information, please follow this link to know about tax rates, the economy and to understand how good North Cyprus is to establish your business.