INTRODUCTION
Northern Cyprus enjoys a typical Eastern Mediterranean climate with long hot summers an short mild winters. The northern coastline which borders the Besparmak (Five Fingers) mountain range is accepted as one of the most beautiful areas in the world to live in. The natural beauty of the island, its lovely climate, the warmth and generosity of the Turkish Cypriot people and the abundant selection of fresh food make Northern Cyprus an unspoilt heaven to be discovered. The crime rate is virtually nil and this country is reminiscent of UK standards long lost where hospitality, politeness and general enjoyment of life are the daily norm.

GEOGRAPHY
The TRNC comprises an area of 3,3355 sq. miles and encompasses the northern part of the island which is the third largest in the Mediterranean. It is situated at only 70 kilometres south of Turkey.

CLIMATE
The island is one of the healthiest place to live. The sunny and hot season lasts for about 8 months while the winter is mild and short. In average there are 340 days of sunshine and the water temperature rarely drops below 63 degrees F.

MAJOR TOWNS
The capital of TRNC is Lefkose which is the main administration centre. Other towns include Girne (Kyrenia), a town of touristic and archeological importance and and Magosa, the country's principal port.

LANGUAGE
Turkish is the official language and English is widely used and understood in official and commercial circles.

TIME
Local time is two hours ahead of Greenwich Mean Time.

HOUSEHOLD ITEMS
Most international makes of household can be brought in North Cyprus at the same, if not cheaper, prices as Europe.

RUNNING COSTS
Living cost in the TRNC are much cheaper than UK and most of Europe. Taxes are very low and there are no community taxes. The main costs are electricity (approximately £15 monthly per house), water (£5 monthly) and an annual council tax which depends on the size of your property (around £25 for a standard size villa).

CURRENCY
The Turkish Lira is the legal tender and the rate of exchange is adjusted daily. All major foreign currencies are also acceptable at trading and touristic outlets.

FOREIGN EXCHANGE
The TRNC follows a flexible exchange policy. Foreign currency accounts can be opened with local banks and currency can be moved in or out of the country through the banks without any restrictions.

BANKING SYSTEM
The banks in Northern Cyprus provide all types of banking services and are flexible enough to satisfy the continually diversifying needs of the business community with branches in many of the important trading centers of the world.

TRANSPORT
The newly reopened international Ercan airport handles the bulk of the tourist traffic while Gecitkale airport serves as a back up airport. Daily flights from mainland Turkey as well as flights from Europe serve the majority of the visitors to the area. There is a lot of talk about direct flights to TRNC and recently the American administration sent a team of experts to check the compatibility of the Ercan airport to the requested standards.
A lot of tourists also use the possibility of flying to Larnaca and then crossing the border to the north. Today this procedure is quite simple.
There is also a selection of car and passenger ferries from Turkey, the fastest being 2 hours from Tasucu to Girne.

ACCOMODATION
North Cyprus offers a large selection of accommodation units from 5 star hotels, small family hotels, pensions, self catering villas, apartments and camping facilities. The occupancy rate is quite high throughout the year and stays close to 100% during most of the high season.

TOURISM
The mild climate, the natural and scenic attractions, the rich antiquities coupled with the hospitality of the locals make North Cyprus an ideal place for the tourists. Since tourism has been singled out as a vital factor for the future economic development of the TRNC, the Government has approved a Bill which contains the following incentives for investment in the tourism sector:
1. Leasing land for extended periods at favorable rates.
2. Import duty exemptions for investment goods in the project.
3. Government contribution to charter the risk
4.Contribution to brochure and advertisement expense.
5.Exemption from income and corporation tax for up to 10 years
6. Annual interest and principal installments of foreign loans enjoy a transfer guarantee
7. Tourism establishments may deduct annually 20% of their foreign exchange gross
     earnings from taxable income
8. Repatriation of profits without restrictions.
9. Free transfer of excess liquidity.
10. Possibility of employment of foreign staff who are not locally available
11. Transfer abroad of net income of foreign personnel is free.
12. Exemption of construction license fee
13.All travel expenses as well as marketing, promotion and advertisement expenses
     are deductible from annual taxable profits.

INVESTMENT PROCEDURE
The legal form widely used for the registration of a company is the private limited company whose provisions are set out in the Company's Law Cap 113 which is almost identical to the UK's Company Act of 1948.
Permission is obtained from the Council of Ministers for foreign ownership of TRNC registered companies usually within a month or two. Limitation for foreign ownership varies according to the field of activity.

LAND AND PROPERTY PURCHASE
There are different types of property deeds as follow:
a) Clean freehold British or foreign title pre-1974. These are internationally recognized title deeds.

b) Turkish Cypriot pre 1974. These deeds are 100% safe but prior to the registration on the name of the foreign purchaser, an application has to be made to the Council of Ministers which takes up to 6 months. Foreigners are limited to one donum per person.

c) TRNC- absolute possession document – (ESDEGER – same value)
When the Turkish Cypriot refugees were transferred to the north after July 1974 , all their possessions were left behind in the south. Accordingly, the Government then assessed on a point basis, which was based on the value of the refugee's forsaken assets in the south.
With these points the Turkish Cypriot refugee could purchase a relinquished Greek Cypriot house or land in compensation for his lost properties. He would then sign over his properties in the south to the TRNC government, which is holding them pending a negotiated settlement between the two sides of the island. A title deed was issued to the refugees for this newly recompensed property. The owner can not sell this property until the receipt of this title.
The general feeling is that the TRNC title deed properties can be considered safe to purchase.
The Secretary of the UN, Kofi Annan, also suggested in his peace plan that in this case there will be a trade off between assets on both sides of the island without any further need for compensation.

d) Leasehold: Land owned by the government who may grant long-term leases of 49 years.