Rule
A "foreigner" is any natural person who is not a TRNC citizen; the term includes foreign legal persons and a foreigner’s trustee. A company established or registered in the TRNC counts as a foreign legal person if any share or capital belongs to a foreigner, or if the majority of its directors are foreign.[1]
Practical implication
Buying through a local company does not avoid the rules if you hold any of its shares or most of its directors are foreign.
Applies to
- Who:
- Individuals · Companies and other legal entities · Trustees acting for a foreigner