There is high demand for investment in Northern Cyprus due to its affordable property prices, favorable tax regulations, and strong rental yields. The booming tourism industry, strategic location, and stable political environment also attract investors. Additionally, the Mediterranean climate, beautiful landscapes, and growth potential in real estate development make it an appealing investment destination.
Northern Cyprus has a Mediterranean climate with hot, dry summers and mild, rainy winters. Summer temperatures range from 30-35°C (86-95°F), perfect for beach activities. Winters are mild, averaging 10-15°C (50-59°F), with most of the rainfall. Spring and autumn are pleasant and moderate, ideal for exploring the area.
The only country that officially recognizes the Turkish Republic of Northern Cyprus (TRNC) as an independent state is Turkey. The TRNC declared independence in 1983, following a Turkish military intervention in 1974, which was triggered by a coup d'état aimed at annexing Cyprus to Greece.
The international community, including the United Nations, does not recognize the TRNC as a sovereign state and considers the area as part of the Republic of Cyprus. TRNC currently has only direct flights coming from Turkey, and it relies on Turkey for economic, political, and military support. Access to the SWIFT system is granted by Turkish banks.
Efforts to resolve the Cyprus dispute and reach a settlement that would unify the island under a federal system have been ongoing for decades but have yet to result in a solution acceptable to both Greek Cypriots and Turkish Cypriots.
Due to its special status, the property commission safeguarding property investments, the advantages of the access to the large Turkish economy and resources Northern Cyprus has attracted a lot of property buyers over the last two decades.
The politics of Northern Cyprus takes place in a framework of a semi-presidential representative democratic Republic, whereby the president is head of state and the prime minister is the head of government, and of a multi-party system. Executive power is exercised by the government.
Presidential Elections: The President is elected to serve a five-year term. The election process may involve a two-round system if no candidate achieves an absolute majority in the first round.
Parliamentary Elections: Members of the Cumhuriyet Meclisi (Assembly of the Republic of Northern Cyprus) are elected for a five-year term. The Assembly has 50 members who are elected by mitigated proportional representation. This system involves a multi-party landscape, with several parties usually participating and potentially forming coalition governments.
Ersin Tatar serves as the President of the Turkish Republic of Northern Cyprus (TRNC), having taken office on October 23, 2020. He is affiliated with the National Unity Party (UBP) (KKTC Cumhurbaşkanlığı).
Based on the latest parliamentary elections held on January 23, 2022, the parliament composition is as follows:
There are other political parties that do not currently have representation in the Assembly. These include the Communal Democracy Party, Nationalist Democracy Party, New Cyprus Party, United Cyprus Party, Cyprus Socialist Party, Independence Path, and Freedom and Peace Party.
This multi-party system reflects a broad spectrum of political views and ideologies, contributing to the diverse political landscape of Northern Cyprus.
In the TRNC, the political structure is organized around the principles of a semi-presidential representative democratic republic. Here are the key points of their political system:
The political framework is designed to balance power between the president and the parliament, with the prime minister and the cabinet members typically drawn from the majority party or coalition in the Assembly. The legislative power is vested in both the government and the Assembly of the Republic, the unicameral legislative body of Northern Cyprus.
It's important to note, however, that due to the unique international status of Northern Cyprus, recognized only by Turkey, its political and legal structures operate independently of the Republic of Cyprus and are not recognized by the international community.