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Ramy Salama
Northern Cyprus
THERE are a considerable number of attractive investment opportunities and incentives available to investors in Northern Cyprus, especially if they invest in the tourism, health and education sectors, according to Fikri Toros, president of the Turkish Cypriot Chamber of Commerce.
Addressing mediapersons visiting the Turkish Republic of Northern Cyprus (or Northern Cyprus), Toros noted that"huge incentives" were being offered to investors in these sectors and that, in addition to these fields, agricultural investments are expected to increase in the near future.
"This is the right time to invest in Northern Cyprus: the cost of property is very low in Northern Cyprus as compared with the Republic of Cyprus in the South or in other countries in the region. Secondly, there are very attractive government incentives for investments, particularly in the areas of tourism, health and education," he said.
"Very soon, I envisage there will be serious incentives for investors in the agricultural sector as well because, as you may know, a water pipeline has been constructed between Turkey and Northern Cyprus which has started running and is to deliver 75 million cubic metres of water," he added.
Elaborating on some of these incentives, Toros listed loans on generous terms, reasonable lease contracts and tax relief.
"Our government has always prioritised incentives and provisions for foreign investors. The incentives include low interest and long-term loans, very attractive lease contracts on land, so the capital that needs to be diverted to the acquisition of land is saved by the investors and they don't have to incur high initial capital outlays, but instead can lease from the government. Thirdly, investors are given huge tax relief on not only their construction material needs but also on their operations within a lengthy period of time after they open for business," he said.
For his part, Kemal Baykalli, Deputy Secretary General for External Affairs of the Turkish Cypriot Chamber of Commerce, noted that investing in Northern Cyprus would offer businesspersons the opportunity to engage with the EU's large and attractive single market, once the country has achieved a settlement whereby both Greek and Turkish Cypriot communities would be united in a federal nation.
"If you're making an investment in Northern Cyprus, in a very short period of time, that investment will be part of the EU 'one market'. This actually means that your investment will gain a significant value very quickly," he explained.
