Cyprus

This Island Country Has It All…

Officially the Republic of Cyprus, is an island country in the Eastern Mediterranean Sea, and it’s the third largest and third most populous island in the Mediterranean. This country is divided into the north, called the Turkish Republic of Northern Cyprus, and the south, called the Independent Republic of Cyprus, also known as Greek Cyprus.

In this not-talked-about-enough country you can find the world’s oldest water wells and a whole town that is recognized as a UNESCO World Heritage Site, the town of Paphos. There are other two UNESCO World Heritage Sites in the country. This country has it all; breathtaking coasts, impressive mountains, and vast forests. If you enjoy the outdoors, this island country will meet all your requirements.

Cyprus might be a small country but with a rich history spanning more than 10,000 years—making it one of the oldest civilizations in the Mediterranean. You can find here a myriad of museums, historical sites, monuments, and galleries. Because of its unique geographical position, at the crossroads of three continents, the country is a multicultural, multilingual, and multireligious place.

With incredibly low crime rate, Cyprus is regarded as one of the safest places in the world.

This island country was once under British rule, so English is common among its residents, more than 3/4 of the populations speak the language.

Cyprus is known for its sunshine, with more than 300 sunny days in a year and only about and average of 40 days of rainfall each year.

Northern Cyprus

To get to Northern Cyprus from North America, you either have to connect through Istanbul to land there or you fly to Cyprus (the southern part) and cross the land border. Entering through the south with a rental car, you should confirm your rental agency allows that and that you have insurance that will cover you for driving in the north.

The separation between north and south happened only in the 70s with a formal declaration of independence in 1983 made by the Cypriot Turks.

Economically, the country has been dependent on Turkey for the most part, but it has grown some industries including tourism, gambling, and higher education. Tens of thousands of students are enrolled in the 25 universities in Northern Cyprus. More than 20 casinos attract gamblers from around the region. Yet, the population in the north is only of 326,000.

Investing In Northern Cyprus

With the tourism industry attracting more than 2 million visitors each year… about five times the local population, the short-term rental industry is strong. Real estate is priced in British pounds and it’s rented in British pounds. That means right now, for U.S. dollar buyers, the recent US$1.20 to US$1.25 range with the pound is a good time to buy with your dollars.

While foreigners can own property in Northern Cyprus, they are limited to one property at a time. You can own more than one through a local corporation if you decided to get into multiple properties at the same time.