Laws have been enacted to provide incentives in the fields of tourism, industry and exports. With the Tourism Industry Encouragement Law enacted in 1987, significant incentives have been extended to investors in the tourism sector. Once the investment is operational, the investors are offered an exemption from income tax and corporate tax for a period of 10 years. If the investor is a public company, this tax-free period is 13 years. In addition, exemption from construction license fee is recognized.
Incentives are also available to the industrial sector.
The firms operating in the area are not subject to customs and other formalities. Sites in the Free Port and Zone Area suitable for the construction of industrial and commercial premises are leased at a low rental rate for a period of up to 63 years. A major development in the cultural life of the TRNC has been the rapid rise in the number of universities. At present there are five establishments providing higher education and the total enrollment in these universities has reached 15,804 from 17 countries, ranging from nearby Turkey to as far away as St. Lucia. For the previous page .