The boat was carrying 150 people when it went down off the village of Yeni Erenkoy in the breakaway Turkish Cypriot-controlled portion of the island, which is only recognised by Ankara.
Over 100 people were rescued in a joint operation by Turkish Cypriot and Turkish coastguards, reports added.
There has been a rife in migrant ships and refugees drowning. A similar incident took place in mediterranean where atleast 60 migrants died in sea.
When their rubber dinghy sank last week, according to survivor testimonies gathered by a rights group in Sicily.
The Diciotti, an Italian coastguard ship carrying more than 500 migrants, docked on Tuesday night at the Sicilian port of Pozzallo.
Among those on board were around 40 survivors of an accident last Tuesday which saw a US Navy boat come to the aid of drowning migrants after their dinghy sank off the coast of Libya.
At the time the US Navy reported seeing around 12 bodies in the water but were unable to locate them after the rescue.
