1. Is a visa required to live in North Cyprus?
Yes. North Cyprus requires a visa for resident status. People coming from the UK and other major countries automatically obtain a 3-month visa upon arrival. An extension can be granted, provided that you successfully apply for a residency permit (implying that you plan to settle here permanently). Typically as the visa process can be long and tiresome, many people opt to hire a solicitor.
2. How do I ensure the validity and legality of financial and official transactions?
As mentioned earlier, appointing a local solicitor is not required but highly recommended. For a general fee, a solicitor will personally follow up on transactions at the local government offices. Furthermore, the solicitor will check your contract of sale on your behalf, which will be signed by you and the property developer, therefore ensuring its legality and authenticity. A permit for owning a property is required.
3. What is the average price of a solicitor in North Cyprus?
Generally, solicitors charge around £1,300 for all steps required to complete the signing of the purchase contract and purchase permit. This fee covers the handling of all applications required for living in North Cyprus. Solicitors also help in ensuring the validity and legality of transactions.
4. Are there any additional taxes, fees or charges that I should anticipate?
Of course, the last thing anyone wants is to be surprised by an unexpected accusation. Below we have created a list of general taxes, fees or charges that apply:
• For any property purchased in Northern Cyprus, it is necessary to pay VAT, which is currently moment is 5%, and the fee for ownership, which is 6%. Ownership is paid to the registry office as soon as the title of ownership is registered in your name and can be paid
a few months after the keys are at your disposal. It is important to note that these data
relate to the state valuation of property, and not to the selling price and that this cost is usually significantly below the actual selling price.
• There is also a small stamp duty on the contract, which buyers must pay, which is 0.5% of the payment amount, which must be made at the time of signing the confirmation of purchase.
• Payment for water and electricity connection, which varies depending on the project.
Note: The tax authorities first provided investors incentives in the form of a one-time opportunity to reduce the ownership fee to 3%.
5. Can I make a purchase from abroad?
We aim to facilitate our clients’ needs, including those who live abroad. If you are interested in purchasing a property but are not able to travel immediately, we would be happy to assist you. Simply submit an inquiry and one of our team members will contact you and personally walk you through the process.
6. What are the required documents when purchasing a property in North Cyprus?
Your passport is the only document required.
7. How many properties can I legally own in North Cyprus?
Foreigners have the right to buy 1 house (1 apartment flat or 1 house or 1 villa) located on a piece of land not exceeding 5 donums not exceeding 1 donum within the borders of Northern Cyprus, unless register you a local company in North Cyprus with Turkish Cypriot acting as %51 nominee shareholders.
8. What is the procedure to be followed by foreigners who wish to buy immovable property in North Cyprus?
All foreign buyers who are not citizens of North Cyprus are required to get permission from the TRNC Council of Ministers in order to register any immovable property in their names. The application is submitted to the Ministry of Interior with a form, a copy of your passport and criminal record, and all transactions are followed by a lawyer.
9. What does it mean to register your sales contract to the land registry?
After-sales contracts are signed, they are registered with the local deed office. Registration at the local land registry office must be made within 21 days at the latest from the date of signing the contract. The prerequisite for this registration is that the contract stamp duty has been paid. With the registration process, the rights of the buyer are legally secured. A real estate with such a record on file cannot be transferred to another party, mortgaged,
or even be subject to an injunctive order or repossession without the buyer’s consent.