North Cyprus Property Buyers Guide FAQ’s

 I am not a citizen of Northern Cyprus, but I want to purchase two properties. How can I do this?

You can sign the contract of sale for the two properties in your own name but, as permission will only be granted for one property the second property will have to be registered in a nominees name i.e. a friend or relative that you know who will hold the property in trust for you. Alternatively you will need to set up a TRNC company. For more detailed advice on trusts and companies please contact verda@donaghyandbeyler.com

Can my spouse and I purchase one property each?

No. The North Cyprus Property Law clearly states that Husband and wife are counted as one household.

How long will the purchase permission process take and what does it involve?

This process can take some time - current estimations are around two years. Searches will be made by the Immigration Department, Land Registry and Military. All being well permission will be granted. This is covered in more detail under the legal section

Do I need to wait for my purchase permission before I can move into my property?

No. Once contracts have been exchanged and all monies paid you will be able to take possession of your property and move in.

Can I sell my property before I obtain my purchase permission?

This will depend on the terms of your contract of sale. Your lawyer will always try to negotiate with the vendor to insert a clause allowing you to sell the property before taking title. 

What TRNC taxes are payable on the purchase and when are these payable?

Taxes are usually payable right at the end of the transaction after your purchase permit has been granted and the title deeds are being transferred into your name (normally two years later).

The rates of tax are as follows:

Land Registry Transfer Fee - 6%. However, every person has a once in a lifetime exemption to reduce this tax to 3%. If you decide to use your option right, you will pay 3%.

VAT - 5% - This is only payable if the vendor is classed as a professional

Stamp Duty: Payable at 0.5% of the contract price if paid within 21 days from the date of contract. If it is not paid within this timeframe, the rate increases to 1.5% of the contract price.

Can the landowner encumber and/or borrow against the property once contracts have been signed?

As soon as contracts have been signed and stamp duty paid your lawyer will lodge your contract at the District Lands Office. This ensures that the title deed owner cannot borrow against or sell the property onto a third party without your written permission.

Contact North Cyprus Estate Agents - Donaghy and Beyler

info@donaghyandbeyler.com