What is a Free Trade Zone (FTZ) Company in Northern Cyprus?

A Free Trade Zone (FTZ) Company in Northern Cyprus is a business entity established within designated free trade areas, benefiting from tax exemptions and other incentives. FTZ companies engaged in international trade are exempt from corporate tax, VAT, and customs duties. However, if they conduct business within the Turkish Republic of Northern Cyprus (TRNC), they are subject to a 10% corporate tax and a 15% income tax on remaining profits.

What are the costs involved in establishing a Free Trade Zone (FTZ) Company in Northern Cyprus?

The costs of setting up an FTZ company in Northern Cyprus include an initial application fee of $1,500 – $2,500, notarization and translation fees of $200 – $500, and consultancy fees ranging from $2,000 – $3,000. The required minimum capital deposit is €25,000. Additional expenses include monthly accounting fees of $200 – $500, an annual license renewal fee of around $500, office rental, and staff costs.

What are the steps to establish a Free Trade Zone (FTZ) Company in Northern Cyprus?

The process involves several steps: (1) Registering and approving the company name, (2) Preparing and notarizing the Articles of Association, (3) Depositing the required capital in a TRNC bank, (4) Completing company registration and obtaining the Free Trade Zone operational license, and (5) Ensuring annual compliance with tax submissions and renewals.

How long does it take to set up an FTZ company in Northern Cyprus?

The timeline for establishing a Free Trade Zone (FTZ) Company in Northern Cyprus typically ranges from 3 to 4 weeks, depending on the efficiency of document submission, approval processes, and regulatory requirements.

What are the tax benefits of an FTZ company in Northern Cyprus?

FTZ companies in Northern Cyprus enjoy significant tax benefits, including full exemption from corporate tax for international operations, exemption from VAT on transactions, and no customs duties on imports. If an FTZ company conducts business within the TRNC, it is subject to a 10% corporate tax and a 15% income tax on remaining profits after corporate tax deduction.

What are the employee-related obligations for an FTZ company in Northern Cyprus?

FTZ companies must comply with employee-related tax obligations, including withholding income tax from wages and contributing to employees' social insurance and provident fund premiums.

What are the main advantages and disadvantages of setting up an FTZ company in Northern Cyprus?

Advantages of an FTZ company include full tax exemption on international operations, free international fund transfers, and access to business incentives. However, disadvantages include limited international recognition of TRNC, potential bureaucratic delays, and a smaller local market compared to larger economies.

Healthcare System in Turkey for Foreigners

Healthcare System in Turkey

1. Universal and Private Coverage

Turkey guarantees the right to healthcare for everyone through its constitution. Citizens and residents alike can access both public and private medical services, which are generally affordable and of high quality.

The Ministry of Health, university clinics, and private hospitals are the key healthcare providers. Over 50 hospitals across major cities like Istanbul, Izmir, and Antalya hold JCI accreditation, ensuring international medical standards.

2. Health Insurance Options for Foreigners

Foreign residents in Turkey can choose between Universal Health Insurance (SGK) and Private Health Insurance. SGK provides extensive coverage but requires a minimum of 1 year of uninterrupted residency and a residence permit.

Private insurance plans vary in price and coverage based on age, health history, and personal preferences. These are mandatory for foreigners applying for a residence permit.

Important: Some private policies may not cover chronic illnesses or specific treatments. Always review the policy details before purchase.

3. Applying for SGK Insurance

Applicants must submit a completed form, their residence permit, and social security documentation from their home country (if applicable). Costs are around 1000 TL annually but may vary.

Eligible dependents include spouses, children under 18, students, and dependent parents.

4. Why Turkey Excels in Healthcare

Globally accredited hospitals
Advanced medical technology and equipment
Multilingual staff and fast patient service
Affordable pricing and wide insurance options
Expertise due to high patient volume

5. Treatment Costs Comparison

Healthcare procedures in Turkey cost 50–60% less than in many EU or US countries. For instance:

LASIK Eye Surgery: £1,200 in Turkey vs. £3,250 in the UK
Dental Implant: £500 in Turkey vs. £2,500 in the UK
Face Lift: £3,000 in Turkey vs. £10,000 in the UK

6. Healthcare for Retirees

Turkey is a leading destination for retirees seeking affordable, quality healthcare. Programs include plastic surgery, physical therapy, dental care, fertility treatments, and wellness tourism (thermal spas, mud baths, etc.).