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North Cyprus Estate Agents, Buy North Cyprus Property, Villas TRNC
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North Cyprus Estate Agents
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EMAIL: info@stringerestates.com - TEL: 0090 392 8158844, UK Office 01279 870083

Buyer's Guide

Taxation Title Deed Info

BUYING PROCEDURE

As with most Mediterranean countries, the laws relating to the purchase of property in Northern Cyprus, differ to those in the UK. Although initially these procedures may appear complex or slightly daunting, with the assistance and guidance of Stringer Estates Real Estate Agents, the whole process is surprisingly straight forward, simple and secure.

Below is a North Cyprus Buyers Guide & Purchasing Procedure.

FREEHOLD PROPERTY.

When purchasing a property or making a property investment in Northern Cyprus there are certain regulations and restrictions that must be adhered to, to enable the Title Deeds to be transferred into your name. These include checks carried out by the Ministry of Interior. The transfer of title may normally take 9-18 months to fully complete, however you will be able to take possession of your property in Northern Cyprus, without waiting for final transfer of title. The procedure for buying freehold is as follows
  • Choose your ideal property in conjunction with Stringer Estates Real Estate Agents.
  • Appoint a Northern Cyprus bases legal representative. Your appointee will draw up a contract, which will include the pre-agreed price, timescale, payment terms and full specifications.
  • Vendor & Purchaser to sign the agreed contract. Alternatively the Purchaser can designate a Power Of Attorney to his or her solicitor to sign the Sales Contract on their behalf.
  • Within one month of signing the contract, the Purchaser will pay 0.5% of the contract price to his or her solicitor. This payment is referred to as Stamp Duty.
  • A deposit will be taken from the Purchaser. The deposit amount will be pre-determined and negotiated between the Purchaser and Vendor, with the assistance of Stringer Estates Real Estate Agents.
  • Your solicitor will apply on you behalf to the Council of Ministers, for purchase permits. This is the relevant documentation for your permission to buy in Northern Cyprus
  • According to the type of property purchased Re-sale, Off Plan or Design & Build the payment schedule or final payment terms will be clearly detailed in the Sales Contract. In most cases a 5% K.D.V. (V.A.T.) will be levied on the property, however this will not become payable until transfer of title is complete.
  • Once the Council of Ministers grants the Purchase Permit, the Vendor will transfer the Title Deeds to the Purchaser.
  • At the time of transfer the Purchaser is required to pay a 6% (of sales price) Transfer Fee. However, there is a once only option to reduce this charge to 3%.
  • Congratulations, the sale is complete.

LEASEHOLD PROPERTIES

There are a limited number of leasehold properties available in Northern Cyprus. The purchase process is very similar to that of purchasing a freehold property. The main difference being, an application is made to the Ministry of Tourism and not the Ministry of Interior.

The procedure for buying a leasehold is as follows

  • With the assistance and guidance of Stringer Estates Real Estate Agents, a Leasehold Property is chosen.
  • Contracts will be drawn up by your appointed solicitor in Northern Cyprus.
  • After agreeing terms and conditions, the contract is signed by both Vendor and Purchaser.
  • The Vendor applies to the Tourism Office to enable the transfer of the lease.
  • The Purchaser applies, via his or her solicitor to take over the lease.
  • A pre-agreed deposit is paid by the Purchaser to the Vendor.
  • On completion of the lease transfer, the Purchaser will pay the outstanding balance to the Vendor.
  • Congratulations, the sale is complete.

Please note:

The current laws of the Turkish Republic of Northern Cyprus, state non-TRNC citizens can only take title to one Northern Cyprus property up to a maximum area of 0.33 Acres (One Donum) per household. Husband and wife count as one household in the TRNC. Before the title deeds to the property can be registered in your name, you will need to have permission from the TRNC Council of Ministers. If you wish to take title to more than one property, or a property over one donum in area, Stinger Estates can give you advice on using trustees or setting up a TRNC Company to hold the title to the property for you.

 
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