Business for Sale in North Cyprus

The demand from expatriates and non-resident Cypriots returning to the island and seeking a business for sale in North Cyprus has soared and as a result there is a fast take-up of newly developed and renovated commercial property particularly in the pretty harbour town of Kyrenia.

The general commercial and residential property investment climate in North Cyprus is far stronger in 2006 than it was in 2005 and it has been boosted largely by the amount of foreign direct investment that is coming to the island and being ploughed into infrastructure improvement projects and the development of North Cyprus as an emerging university centre of excellence.

The demand from expatriates and non-resident Cypriots returning to the island and seeking a business for sale in North Cyprus has soared and as a result there is a fast take-up of newly developed and renovated commercial property particularly in the pretty harbour town of Kyrenia.

A prime example of the confidence that exists in North Cyprus within the business community comes in the form of the bandabuliya building which was once the old municipality market in Kyrenia. 

The centrally located large and impressive bandabuliya building has been taken on by a private consortium of investors and is currently undergoing a total restoration.  When the sympathetic restoration work is complete the building will become the central focal point for the old town district of Kyrenia and it will house bars, restaurants, boutique shops, craft centres and exhibition space and already every single unit available for lease within the building has been bought. 

Those looking for business for sale in North Cyprus have signed leases ranging from a few thousand to tens of thousands of pounds and all leases have been snapped up within weeks of the project’s announcement and months before the building is even in a state for specific business refurbishment!

Those who haven’t visited North Cyprus for a few months will be struck on their return by the amount of money that has been spent on new roads, roundabouts, pavements and general traffic related infrastructure and also on the improvement of the visual aspect of the island with money being spent on everything from palm trees and fountains to a clean up of the main beaches and tourism hotspots. 

Someone somewhere is investing serious money into the island and the general consensus of local feeling is that the money is being spent in an effort to raise the economy of the North to be on a par with that of the South so that any future talks of a solution to the Cyprus stalemate will be more easily digestible for both sides…

As a result of the rapidly developing economic climate in North Cyprus there is a growing demand for businesses for sale such as estate agencies, bars and restaurants and tourism facing companies.  A firm called Elliot Scott are handling many of the companies for sale and also representing the interests of those hunting for commercial opportunities in North Cyprus.  The directors of the company are Dominic and Mark and they are contactable on +90 533 864 2944 or via email

For those interested in understanding the in’s and out’s of establishing a company to trade in North Cyprus here’s a general overview of the current legislation – please note that legislation can change : -

Limited companies are available for purchase for a small fee with the majority of solicitors and accountants in North Cyprus offering an incorporation service.

All companies have to have a minimum of 2 shareholders.

A business visa costs one thousand Turkish Lira and is renewable annually.

A company that wishes to own land or real estate in North Cyprus has to have a 51% Turkish Cypriot shareholder…a company that does not wish to own land or real estate may be fully ‘foreign’ owned.

A bond of USD 100,000 has to be placed in a bank account in the name of the person/people establishing the company while the incorporation process takes place – usually money is only locked in for a couple of weeks and during the lock in period interest can be earned on the money. 

Those who are considering buying property in North Cyprus and establishing a business as well often use the money for their house purchase for their USD 100,000 deposit bond for incorporation.  Once the business has been set up they can then withdraw the money and use it to buy a house.

A deposit of 10,000 Turkish Lira has to be held in a locked account in the name of one of the business’ partners for a period of 18 months.  This money cannot be taken out of the account for that period but interest can be earned on the money and drawn from the account – many local banks in North Cyprus offer interest rates of up to 15% in such accounts which makes this slightly bitter pill easier to swallow!

Elliot Scott who are currently handling business for sale in North Cyprus and also the interests of those seeking businesses and commercial opportunities in North Cyprus are also available to advise those who wish to establish a company in TRNC or contact Residency Advisory Services, a private advisory company on +90 533 840 3182 for personal assistance and advice. 

Please note that these companies may charge for their services and are in no way affiliated with ShelterOffshore.