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RESIDENCY IN NORTH CYPRUS THROUGH REAL ESTATE INVESTMENT

Posted by Kingsley Ajuonuma on March 21, 2024
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The Turkish Republic of Northern Cyprus (TRNC) offers a serene and inviting environment for those looking to embrace the Mediterranean lifestyle. Unlike the complex and sometimes daunting residency processes encountered in other nations, the TRNC stands out for its streamlined and accessible approach to granting residency to foreigners especially those looking to invest in the real estate industry in North Cyprus. This approach is anchored in the principle of real estate ownership, reflecting the TRNC’s open arms to individuals and families seeking to establish a new home in its picturesque settings.

Establishing Residency Through Property Ownership

The foundation of acquiring residency in the TRNC is predicated on the purchase or ownership of property. This policy is crafted to be as inclusive and straightforward as possible, ensuring a smooth path for prospective residents:

  • Property Criteria: Eligibility for residency hinges on the possession of a property deemed suitable for living. The TRNC government requires that this property is officially recognized either through a title deed or a valid sales contract. The property must be at least 17 square meters, ensuring it is of livable size, but interestingly, the TRNC does not impose a minimum value criterion on the property.
  • Renewal and Longevity of Residence Permits: Property owners are initially granted a 1-year renewable residence permit. This arrangement continues for the first three years, after which the permit can be renewed for two years at a time. This system provides a stable and predictable path towards long-term residency in the TRNC.

 

Detailed Qualifications for Property-Based Residency

To maintain an orderly and equitable residency application process, the TRNC outlines specific qualifications that relate directly to property ownership:

  • Ownership and Residency Link: In cases where a property is co-owned, the TRNC policy allows for only one of the co-owners to be eligible for a residency permit based on that property. This rule ensures that each residential property grants residency to a single owner or family.

 

  • Economic Commitment: Applicants are expected to demonstrate a significant financial commitment to their property. This includes making a down payment of at least one-third of the property’s sale price that’s about 30% of the sale price. For properties still under mortgage or installment plans, applicants must show sufficient income to cover the monthly minimum wage plus any installment amounts.

 

  • Legal and Regulatory Adherence: For properties acquired through a sale contract, it is mandatory to obtain permission from the Council of Ministers for the property acquisition. This step is crucial for ensuring that all property transactions meet the legal and regulatory standards set forth by the TRNC government.

The Application Journey for Residency

Prospective residents are guided through a clearly defined application process that includes the submission of essential documents such as property ownership proof, financial stability evidence, health insurance, and a medical certificate from a recognized local hospital. This structured process highlights the TRNC’s dedication to facilitating a welcoming and manageable pathway for individuals and families eager to call North Cyprus their home, further enhancing the appeal of this beautiful Mediterranean haven as a destination for long-term residency and investment. Moreover, our Team at Ashrafi Estate is undoubtedly available and fully equipped in all ramifications to provide and guide individuals looking to purchase their new homes, or looking to invest in the real estate market in North Cyprus

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