Northern Cyprus Economy
The currency in circulation is Turkish Lira. Due to the intensive tourism activities, all currencies can be used. Some international hotels, some foreign stores are trading with dollar, euro and pound.
The country's import and export is carried out through Turkey. The biggest source of income is tourism and education sectors. Nine universities have English language programs. In 2018-2019 academic year, 90.438 non-Cypriot students receive education. The contribution of foreign students to the economy is 2.5 billion dollars.
In Cyprus, except of the Central Bank, 1 public capital. There are 15 private banks and 5 branch banks (foreign bank branches). Banks are doing all kinds of banking transactions.
Foreign natural and legal persons, who will buy or rent immovable property in Cyprus, must apply to the Ministry of Interior to purchase property and to have a right on the property. As a result of the investigations by the Ministry, they must obtain the approval of the Council of Ministers. The approval process takes 6-12 months depending on the nature of the application. There are limitations to the purchase limit (such as 3 apartments or 2 villas).
The large number of foreign real estate in Northern Cyprus are especially the British. Elderly British who want to live in a temperate climate, because of the suitable prices are buying real estate in Northern Cyprus. Real estate in the south is three times more expensive than North Cyprus. Many countries, especially the UK, Iran, Russia, Ireland, Germany, buy real estate.
When foreigners buy a house in Northern Cyprus, residence permit can be obtained. The residence permit cost is around $ 200.
Arable agricultural land in the TRNC is 157,500 hectares. Only 8.7% of the land is irrigated. Since water resources are limited, agriculture depends on precipitation factor. In non-irrigated land wheat, pulses, in irrigated land citrus, fruit orchards and greenhouses are made. The share of agriculture in employment is 4%.