Banking in North Cyprus
January 28, 2009 by Essential Ed
Filed under Communications & Utilities, North Cyprus Living
To begin with let’s tackle the tax regime in North Cyprus. As Northern Cyprus is outside the EU and not signed up to the terms and conditions of the EU Savings Tax Directive, it is possible and legal, (depending on your own personal circumstances), to offshore all your money legitimately and only pay absolutely minimal tax on the money you remit to North Cyprus.
There are financial advisers who specialise in international and offshore finance who can help you arrange your affairs legally and tax effectively so that you can ensure you save maximum tax when living in North Cyprus. Contact us to be put in touch with such an adviser.
Economy & Industry in North Cyprus
January 20, 2009 by Essential Ed
Filed under North Cyprus Guide, Stats and Facts
The economy in North Cyprus is severely hampered by its continuing isolation and the embargoes placed upon it. It relies heavily on Turkey for economic and monetary support. In recent years the construction industry has played in a big part in North Cyprus’ developing fortunes.
Currency in North Cyprus
January 20, 2009 by Essential Ed
Filed under North Cyprus Guide, Stats and Facts
In 2005 the central bank and the government in Turkey knocked off a handful of zeros from their currency and today the currency in both Northern Cyprus and Turkey is the yeni, (new), Turkish lira. Exchange rates fluctuate, but on the whole the currency is now very stable. The yeni/new part of the currency’s name is to be removed in 2009, ending the novelty completely, but we thought we’d keep it for posterity!