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Uploaded by: euinvest100 on May 3, 2012
Darwin Horan-why property in North Cyprus
The main reason as to why property in North Cyprus is a third cheaper than the equivalent property in South Cyprus is due to the fact that there is no comprehensive mortgage system in North Cyprus. This has meant that prices of property in North Cyprus did not become overinflated as they did in Dubai, United Kingdom, America and Spain. A few developers in North Cyprus offer 3 to 5 year payment plans. However, the deeds of the property will not go into your name until the final payment is made.
All visitors arriving in North Cyprus are automatically issued with a visa by passport authorities at Ercan airport, this applies to all nationalities. This also applies to anyone arriving from South Cyprus. However, as South Cyprus is a member of the EU you should make sure that you are allowed into South Cyprus (of course all UK citizens and holders of an EU passport are). The Visa will state the number of days that it is valid for and can be for between 14 and 90 days, you should ask for 90 days if you are intending to stay for a longish period of time. If you are intending to move to North Cyprus on a permanent basis or wish to stay in North Cyprus for a period longer than the visa allows, then you must apply for temporary or permanent residency. Or go back out of Cyprus and re-enter therefore being issued with another 90 day visa.
Whether you intend to stay for one day longer than your entry visa allowed or the rest of your life, the first step you must take is to apply for a one year residency permit. This will allow you to extend your stay on the island for up to one year and then you can reapply on an annual basis for extensions.
After a period of five years, where five consecutive temporary residency permits have been granted, you can apply for permanent residency. This process removes the bother of having to undergo temporary permit reapplications.
The main reason as to why property in North Cyprus is a third che