North Cyprus
Today is Saturday, 23rd September 2023

Economy in North Cyprus

The economy of North Cyprus has witnessed a rapid growth during the past few years; predominantly thanks to tourism sector. Even though the key sector of economy is agriculture and manufactoring, their shares in the GDP decrease (agricalture 10,6%, manufactoring 11,6% in 2003). Tourism has taken the priority and its share in the GDP increases from year to year (15,9% in 2003). Along with tourism, the construction trade has reflourished and now employs 17,5%  of working population; more than tourism itself which comprise 11,4% of working population (according to statistics from 2003).

North Cyprus government is devided into the separate entities: the Executive Branch, Assembly (Legislative Power), and the Judiciary Branch. If you are anxious to learn more about theirs responsibilities and representatives, visit a relevant link.

Possibility to work for foreign nationals in North Cyprus is restricted to the workers with a valid work permit. If you consider working in North Cyprus, read an exact instruction in a relevant link beforehead. Once you have bought a property in Norh Cyprus and your one month visa has expired, you are obliged to apply for a residence permit in the TRNC. How you should proceed to apply for a permit, you will learn after clicking on a relevant link.

Since the North Cyprus became and achieved a huge growth of econmy since 1983, the banking system has changed inevitably. Nowdays besides Turkish banks, local North Cyprus banks operate some branches of internationl banks, e. g. HSBC. You can learn all deatils about the bank system and services in a relevant link.

Both physical person and corporate body are liable to pay tax in North Cyprus. Tax division togehter with the needful information you can find in this link. The importance of public organisations is indisputable, as they are trying to gather all specialist, scientists and supporters who try to promote the interests of their fields. They are usually working as chambers, e. g. Turkish Cypriot Chamber of Commerce, Cyprus Turkish Chamber of Computer Engineers, Cpyrus Turkish Chamber of Industry, Turkish Cypriot Assocciation of University Women etc.

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