I'd appreciate your input please

Duck58


Joined: 13/06/2011
Posts: 4

Message Posted:
13/06/2011 15:19

Im a 50+ year old Brit, running my own small business in the UK and looking to relocate my family to TRNC.



My business can operate from anywhere with a broadband & phone connection, there is also a very good chance that I can get involved in establishing a seperate 'offshore business' based in North Cyprus.



I know its a lot to ask for but what type of things should I be looking for to make the move possible?



I will answer any questions you may have & will provide additional information if needed.



I'd be very grateful for input from those whove already done similar and who can point out potential pitfalls etcetera.



Oh, as an aside I dont think I'll be able to buy a property for a year or two, what is the rental market like there?



Thanks in advance



Tim

daisy dukes


Joined: 06/09/2008
Posts: 3815

Message Posted:
13/06/2011 16:28

The first most important thing anyone can say is.....you really MUST rent before you buy!! This is the most sensible thing you can do....!





DD

Duck58


Joined: 13/06/2011
Posts: 4

Message Posted:
13/06/2011 16:51

good shout, who would you say are the most reputable agents to contact?

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
13/06/2011 18:24

my opinion is contact an owner as agents are expensive and you will get more information from the owner

this board is a good place to find rental properties to which there is a large demand



peoples opinions vary from agent to agent so you will never get a true picture.



very nice people on the board who represent friends and owners will be able to help you



feel free to email me if you need any further help it is also very easy to operate offshore and internet based

the only draw back is the internet which is good some days and crap the next

but depending on connection and how much you areprepared to pay you can do it



good luck john crabby1991@live.co.uk

pc4854


Joined: 23/08/2009
Posts: 243

Message Posted:
13/06/2011 18:32

If you are to rely on income generated by the Internet and the telephone, beware it is definitely not like the UK. If you read this and other forums you will note the references to lack of the above facilities on a regular basis. Best Wishes.

blade


Joined: 19/06/2010
Posts: 1286

Message Posted:
13/06/2011 19:23

Our youngest son runs an online business in gaming, he left the TRNC and returned to the Uk. The internet speed is rubbish and we have frequent powercuts both wish finally drove him out. It depends what type of online stuff you do? If you need a 24/7 connection forget it. The cost of living is also much higher here than in the UK. Look into every aspect before you make the move.

Good luck with what ever you decide.

Pippie


Joined: 02/12/2009
Posts: 1288

Message Posted:
13/06/2011 20:33

Got to disagree blade, cost of living is not higher in TRNC. Granted it is not as cheap as it used to be and prices seem to be increasing all the time, but so they are all over the world in the current climate, especially in the UK. My electricity and water are cheaper here (and gas is by the bottle so also cheaper), petrol is slightly cheaper, food (provided you live like you do in the UK and not pretend to be on permanent holiday and constantly treating yourself to luxuries in the supermarkets or eating out) is also cheaper.



I would suggest you definitely rent for a while and try out a few different areas. We stayed in a hotel in the centre of Girne when we first arrived to give us a chance to drive around and decide on the areas we might like to live. Then we rented from then on.



Now, registering and running your own business here - that is an expensive activity! Would suggest you remain registered in UK and have income paid in to the UK and pay taxes there.

Duck58


Joined: 13/06/2011
Posts: 4

Message Posted:
14/06/2011 11:22

excellent advice, thanks



I dont need a 24/7 connection to the internet to be honest but i would need phone & fax up & running all the time (i think)



My main business would remain based in the UK and I'd run it from wherever Im based in TRNC, my wages would be paid in the UK and Id pay income tax & NHI etc in good old Blighty



The new business is to be set up to benefit from Cyprus's status as a 'tax haven' it will be entirely legal and would basically be a professional service to UK based 'tradespeople'



I would be very grateful to those who have experience in setting up an offshore business in TRNC if they could outline to me the basics of both moving over, and then setting up an offshore business there. The opportunity was presented to me only within the last two weeks, hence my seeming lack of research & preparation, Ive literally had NO time to check things out!



Thanks



My email addy is severncontracts@email.co

Tinkie


Joined: 16/03/2009
Posts: 1256

Message Posted:
14/06/2011 12:14

I think that on some levels ie cost of renting here, is much cheaper than in the uk, water is cheaper, electricity is higher, supermarket shopping is higher and far less choice, eating out is cheaper than UK. Starting a business as an ex-pat here is very difficult and overheads such as work permits, taxes are high. Great place for younger children as the crime rates are so low, but beware that there is not much for teens to do and a lot a people with older children have returned to the UK as their children were unhappy.



Good luck whatever you decide.

Duck58


Joined: 13/06/2011
Posts: 4

Message Posted:
14/06/2011 12:32

ive spotted a flaw in my plans i think



I gather that an offshore business cant be run (by which I mean owned) by a resident of TRNC, is that right?



If it is then Im going to have problems

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
14/06/2011 12:37

http://www.no-deeds-no-money.moonfruit.com



rent for the first two years before making your decision ...

StGeorgeI


Joined: 27/08/2009
Posts: 973

Message Posted:
14/06/2011 15:03

The Government have different rules for different business types here - regarding how many company shares a foreigner can own, how much (if any) bond you should put up, whether you need a TC as part owner blah blah blah. Depending on what you want to do will have a huge impact on what the implications are when setting up teh business.



Why don't you contact a lawyer like Naomi Mehmet http://www.nmplegal.com/ who will probably be best placed to advise you on such matters.



Msg 6 & 7: I agree with Pippie that overall the cost of living here is lower than that of the UK - despite increases Petrol/Diesel are cheaper, Council tax is a fraction of the cost, water is cheaper and even general shopping has come down loads here. Alcohol and cigarettes are much cheaper - so a good place to drink and smoke your life away!!! lol.



Electric is a bit more expensive and anything cars is a bit steep - price, import duty, tax, insurance (not too bad).



GOOD LUCK



G