WHY NORTH CYPRUS

General Information

North Cyprus provides a most hospitable welcome, with its friendly people, and its beautiful natural attractions, unpolluted and uncrowded with miles of coastline and golden sands bathed in sunshine almost every day of the year. Cyprus is located in the north-eastern of the eastern Mediterranean Basin and it is the third largest island in the Mediterranean. North Cyprus is very famous among foreign entrepreneurs because of its iconic tax rates.

The population of North Cyprus is about 313,626. The official language of North Cyprus is Turkish. English is the second official language. Cyprus is representing at the United Nations and the Council of Europe and the British Commonwealth.

Cyprus enjoys the best Mediterranean climate with approximately 340 days of sunshine per year.

Economy

North Cyprus has the best economic background to establish your business. The tax rates of North Cyprus are the most iconic reason to establish your business in North Cyprus (%1 fee on profits, %0 fees on VAT etc.) The banking system of North Cyprus is very similar to the modern European countries. The Central Bank of the TRNC is responsible for the monetary, credit, and exchange policy. It acts as banker to the North Cyprus government.

As of 2014, the GDP per capita of Northern Cyprus was $15,109, and the GDP was $4.039 billion. The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, down from 8.3% in 2014. The inflation rate in June 2015 was at 3.18%.

Read more information about North Cyprus Economy

https://en.wikipedia.org/wiki/Economy_of_Northern_Cyprus

Currency

The local currency of North Cyprus is Turkish Lira (YTL). British Pound, EURO and USD are using widely in North Cyprus as most of the outlets accept these currencies. You can use credit cards almost in everywhere. Most of the stores, restaurants, supermarkets and petrol stations in Northern Cyprus.