PROPERTY PURCHASE
Foreign nationals have the right to buy a maximum of 3 houses or a maximum of 1 decare of land per person from Northern Cyprus.
There are 3 types of real estate in TRNC:
It is the type of title deed given for residences, land and workplaces owned by Turkish Cypriots or foreign nationals before 1974.
EQUIVALENT DEED:In 1974, the Turkish Cypriots, who had to leave their real estate in Southern Cyprus and migrate to Northern Cyprus, were given real estate equivalent to the property they owned there in return for the real estate they left in the Greek side by the TRNC state. Turkish Cypriots, who bought equivalent real estates, signed documents stating that they renounced their lands in the Greek part, and received the titles of their "equivalent" real estate from the TRNC state. Real estates with equivalent titles are considered safe and all kinds of purchases/sales can be made.
ALLOCATION DEEDThese are the stubs of real estates given by the TRNC state to TRNC citizens or people who came from Turkey after 1974, as a reward for the success in the war, so that they can settle in the country and continue their lives. These titles are under the guarantee of the TRNC state and their owners have all property rights on the real estates.
TAX
The buyer is obliged to pay the "Deed Transfer Fee" of the real estate purchased. Title Deed Transfer Fee is paid to the Northern Cyprus Land Registry Office when the title deed is transferred. In case the buyer is the first real estate, a transfer fee of 3% of the sales price of the real estate purchased at a discount is paid. This rate is 6% for all individuals who have used the discount right before. In addition, Value Added Tax (VAT) and Withholding Tax are paid. VAT amount is 5% of the sales value of the real estate. Withholding Tax is paid by the seller to the Tax Office. This ratio, which is 4.25% for for-profit sellers (contractor), is 3.5% for non-profit (owner-owned) sellers. After signing the contract, the Stamp Fee, which is 0.005% over the Contract Price according to the current law, must be paid to the Tax Office within 21 days from the contract signing. Thus, the contract becomes financially legal.
PURCHASE PERMISSION
Persons who are not TRNC citizens must obtain a "Real Estate Purchase Permit" from the TRNC State in order to purchase real estate in Northern Cyprus. This process is completed within 3 – 6 months.
RESIDENCE AND CITIZENSHIP
An application is required to reside in Northern Cyprus. Upon arrival to the island, a 3-month tourist visa is automatically issued, and if the visitor is going to continue his vacation after the visa expiry date or to purchase property, an application must be made to the immigration office for a temporary residence permit. In addition, foreign nationals who have lived in Northern Cyprus for 10 years or more will have the right to obtain citizenship.
AREA DIMENSIONS
1 Acres = 4 House
1 Acres = 1.338 m2
1 Acres = 14.400 ft2
1 House = 334,5 m2
1 House = 3600 ft2
1 m2 = 10,76 ft2
LEGAL PROCESS
Working with a professional lawyer for the purchase of property in Northern Cyprus allows you to do business follow-ups in the most accurate way and to fulfill the transactions completely. Advocacy services cost around £1,000 & £1,500.
MOVE
It is possible to transport your second-hand goods to Northern Cyprus by ship from many countries of the world. You can carry all kinds of household goods tax-free, provided that it is only once. If you want to move your new belongings, you can finish the moving process after the taxes applied by the customs office are paid. It takes approximately 3 to 6 weeks for your goods to arrive in Northern Cyprus by ship.
REQUIRED DOCUMENTS
It must not have committed a crime. Your passport starts the purchasing process. CONTRACT PHASE TRNC and buyers other than Turkish citizens must apply for a residence permit in the TRNC from the Ministry of Interior.It is the healthiest way for them to carry out the necessary legal process with a lawyer. At the contract stage, we recommend our foreign nationals to work with the lawyers we work with in order to resolve their real estate purchase permits quickly and smoothly. From the beginning of the agreement, both parties must comply with the provisions written in the contract. In case all the provisions of the contract are complied with and the payments (including all taxes, dues) are completed, we perform the title deed transfers to our customers. When buying a house, it will be sufficient to apply to our Head Office in person, and to have your identity card or passport with you to sign the contract. DEED TRANSFER AND TAXES Contract Stamp Fee Five per thousand (0.5%) Stamp fee is paid to the tax office. According to the current law, the Stamp Fee, which is 0.5% over the price in the contract, must be paid within 21 days from the signing of the contract. If the 21-day period has passed, the fee must be paid as 1.5%. The taxes that must be paid during the purchase and sale of real estate in the TRNC are as follows: Withholding tax VAT Title Deed Transfer Fee Stamp Stamp Withholding Tax: It is 4% on the sales price in profit-making companies and is paid by our company to the tax office. VAT: In profit making companies, 5% VAT is paid to the tax office before the transfer. There is no right of exemption from VAT. VAT is paid by the buyer if it is understood as required by the contract. Title Deed Transfer Fee: It is paid by the buyer. If the buyer is a non-profit individual, 3% tax rate is applied. 6% tax is applied if the buyer is a non-profit individual. Stamp Stamp: It is the tax paid in case the real estate is realized with the sales contract. This tax must be paid to the tax office within 21 days after the signing of the sales contract by the buyer and the seller. After the 0.5% (five per thousand) stamp fee is paid, the relevant contract must be registered at the Land Registry Office. After this registration, the buyer's property right becomes legally legal. KOÇAN - TAPU The laws in the Turkish Republic of Northern Cyprus allow real estate or land titles to be issued directly on behalf of individuals. Foreign national customers are required to obtain a real estate purchase permit in order to purchase real estate from the TRNC government. This procedure, which is carried out with the support of lawyers, takes place within 12-15 months. Experienced lawyers demand fees between 1500 – 2000 TL for this process. Please contact us for more information on the subject. The legal procedure takes a shorter time for TRNC and Turkish citizens. A Real Estate Purchase permit is also required for Turkish citizens. It is issued within 2-3 months with the support of experienced lawyers. Buying property in North Cyprus is a legal and guaranteed transaction for all locals and foreigners.