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The economy of the Turkish Republic of Northern Cyprus (TRNC) is dominated by the services sector (69% of GDP in 2020), which includes the public sector, trade, tourism, real estate, education agriculture. The industry (light manufacturing) 22% while agriculture 9% of GDP contributes. The economy operates on a free-market basis, with a significant portion of administration costs funded by Turkey. The TRNC uses the Turkish Lira as its national currency, which links the economic to the Turkish economy.
Despite its small size, North Cyprus economy is experiencing higher growth rates. North Cyprus applies a free market economy approach. Per capital income is around $15,000 (USD). The island’s population is around 336,000. Since North Cyprus is island, service sector is dominant sector in the economy. Tourism is one of the leading growth sectors in Northern Cyprus and chased by education and real estate. The number of tourists are increasing each day.
Tourist accommodation facilities offer different alternatives which cover the expectations of holidaymakers from all levels and business travelers as well. Both luxury hotels with five stars and less, holiday villages, touristic bungalows, boutique hotels and eco-tourism hotels provide you with different options. The rich gastronomy, conventions and seminar halls, swimming pools, aqua park, green spaces integrated with the environment, recreational and entertainment activities, games of chance, facilities which were designed for your comfort have all kinds of opportunity for a relaxed holiday and convenient business visits as well.
Service Sectors
Currently, there are 24 commercial banks plus a Development Bank operating in Northern Cyprus. The number of branches with the origin of Turkey is 7 and the total deposit is around $7.5 billion as of 2020. International companies such as HSBC, ING, Garanti Bank, TEB bank, Isbank, Ziraat, Halk Bank, Groupoma, AXA and many others are ready to provide banking and insurance services for your investments on the island. 24 commercial banks are operating in North Cyprus. International companies such as HSBC, ING bank, Garanti Bank, TEB bank, Isbank, Ziraat, Halk Bank, Groupoma, AXA and many others are providing banking and insurance services.
Higher education sector, which dominated by universities are one of the main key sectors in North Cyprus. Currently Six universities (Eastern Mediterranean University, Near East University, Cyprus International University, etc) are attracting students from different countries. Currently the number of international students are around 70,000 from more than 120 countries. North Cyprus is very attractive destination to the retired foreign citizens that some of them prefer to buy assets and retirement homes, villas in North Cyprus.