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North Cyprus Property Law
PROPERTY LAW
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.....
If you want to buy more than one property you can set up a company/ then you can buy as much as you want. Or you can consult a solicitor for different solutions.
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 new built properties.
TITLE DEEDS IN NORTH CYPRUS
There are two kinds of title deeds in Northern Cyprus.
1. Pre 1974 Title Deeds in North Cyprus:
Pre 1974 Turkish and 1974 Foreign title deeds are the only deeds which are internationally recognized and %100 safe. There can not be any Greek reclaim on pre 1974 title deeds. International law and EU law recognize only pre 1974 Turkish title or foreign title deeds in North Cyprus.
2. TRNC Title Deeds:
These kinds of deeds were given after Turkish Cypriots immigrated to North for their safety by TRNC government. These properties were owned by Greek Cypriots before 1974. (TRNC title deeds are not recognized by international law).
LEASEHOLD PROPERTIES
These are owned by government. Long term leases are granted. Application should be done to related ministry.
(Don't be rush before buying a property in North Cyprus. Take a time have a good search and legal advice)
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