Erhan Arikli, transport minister for Northern Cyprus, told Turkish state television channel TRT that the ferry, a catamaran, has capsized and that rescue workers are at the scene.
Around 100 people were reportedly rescued from the ferry and taken to shore, and hospitals in the area have been alerted to the incident, the local government said.
Pictures on social media show people sitting on the ferry's hull waiting to be rescued.
The ferry capsized about two kilometers off the northern coast of Cyprus after it began taking on water, according to TRT.
The ferry is a high-speed catamaran used for passenger transport between Turkey and the Turkish Cypriot north of Cyprus. The approximately 40-meter-long ferry has two parallel hulls, which reduce water resistance and allow it to reach very high speeds.
