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North Cyprus Property Buyers Guide, Property Buying Process
Foreigners are allowed to buy one domum of land or a house built on up to one donum of land or a flat in North Cyprus. This is subject to permission being given by the Council of Ministers. It may take 12 to 18 months to obtain permission. After obtaining the permission, the purchaser will be entitled to register the property in her/his name. When you decide to buy a property, it is highly recommended to employ a lawyer to draw up a sale contract and make required checks such as title deeds of the land, to find out if there is any mortgage, charge or impediment on the land etc.....
Purchaser pays %6 Property Purchase Tax (stamp duty)on the value of the property. Purchaser can use his/her right to pay %3 stump duty only on one purchase.
%5 VAT is levied on most purchases.
Before buying a property, you should always get legal advice. It is highly recommended that a sale contract is drawn by a solicitor. Sale contract should include all details of property. Your solicitor will make several searches on the property. If you want, you can give power of attorney to your solicitor to proceed easily whit every stage of purchasing process. This sort of power of attorney is limited only buying property in north Cyprus. The power of attorney must be done in Notary Office.
Please contact us for more information, click here to Contact Us
(Don't be rush before buying a property in North Cyprus. Take a time have a good search and get legal advice)
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