We have explained the frequently asked questions about Northern Cyprus real estate investment in detail for you.
STUB TYPES OF TITLE DEED TURKISH STUB TITLE DEED EQUIVALENT COB TITLE DEED ALLOCATION TURKISH TITLE DEED: It is a type of cob for residential land and businesses owned by Turkish Cypriots and foreign nationals before 1974. EQUIVALENT COB: Turkish Cypriots who had to leave their real estate in Southern Cyprus in 1974 and immigrate to Northern Cyprus were provided with equivalent properties by the Turkish Cypriot State in exchange for the real estate they left on the Greek side.
Turkish Cypriots who received their equivalent real estates, signed flat documents to renounce their land in the Greek part and received their real estates from the Turkish Cypriot state. Equivalent real estates are considered safe and can be purchased / sold in any type. And All Banks can get mortgages and be loanable. ALLOTMENT STUB: From Turkey to the country in 1974 after settling on the cob are the property given to sustain their lives. These stubs are under the guarantee of the state of Northern Cyprus and the owners have all the property rights on the real estates.
What risk do you face if you cannot obtain a purchase permit? In the event that you cannot obtain a purchase permit, the coaches of the property you have purchased will be kept securely registered by Döveç Construction until you have made the purchase authorization procedures and will register the property with the contract on your behalf.
With the law enacted in 2008, the deed and cadastre office for the citizens who have delayed the purchase process records the sales agreement of the property on behalf of the buyer and eliminates any situation related to the renting or sale of the house by another person and provides 100% protection of the buyer. It is required to register with the Land Registry and Cadastre Office no later than 21 days after the signature of the contract. During this transaction, the stamp fee calculated on the 0.5% sales contract and the registration fee of 65TL are paid.
In order for a foreign citizen to acquire the immovable property on his / her behalf, he / she must apply to the Council of Ministers and obtain a purchase permit. (Approximately 1-2 months for TC citizens and 6-8 months for others.)
Citizens of Northern Cyprus have no limit to buying property. Republic of Turkey and Foreign nationals are entitled to one property per person in the TRNC. 1 piece of land or 1 flat or 1 acre of land or 1 plot of land is all classified as ‘’1’’. Its financial value does not matter. Married couples are considered 1 person. If married couples have different surnames, they are not considered a person.
Yeah, it's changing. There is an annual real estate tax in the houses and both real estate and business taxes in the workplace.
a. Withholding tax: It is paid by the seller to the tax office during the transfer of title deed. In case of non-profit application, withholding tax of 3.5%, withholding tax of 2.8% is currently paid. Note: each person is subject to a one-off withholding tax exemption for one land and one residence.
In case of profit, the withholding tax is paid at 4% during the transfer although it is 6.25%.
b. Value Added Tax (K.D.V.): In the case of profit, the VAT rate is 5%. In cases where the seller does not make a profit, in individual sales there is no VAT.
c. Title Deed Transfer Fee: It is paid by the buyer to the title deed office during the transfer of stubs. Although the land registry fee is 6%, it is applied as 3% once for a land and a house. Different taxes apply for transfers through grants: From parents to child grant 0.2% From spouse to wife grant 0.4% From grandfather to grandchild grant 0.4% + withholding is paid to finance. d. Stamp Stamp: The sales contract is paid by the buyer to the tax office within 21 days after the two parties have signed it and the contract is registered in the Land Registry Office and the right of ownership of the buyer is taken under guarantee.
Yes. It can be taken with a power of attorney issued in accordance with the legislation of the TRNC.
It is taxed in Northern Cyprus. There is a tax agreement between Northern Cyprus and the Republic of Turkey. There is no second taxation in TC.
Yes. The Turkish company whose representative is registered in Northern Cyprus in accordance with the legislation of Northern Cyprus can buy real estate.
Yes, if the real estate you buy is suitable for the loan, you can get a loan at the rates determined by. Giving what you get with a mortgage real estate in Turkey can get credit on your income statement.
Yes. 10% of the rent you receive must be paid to the tax office in the area where the property is located. This is called rent withholding.
In order to register the real estate on behalf of a foreigner, it is necessary to apply to the Council of Ministers of the Turkish Republic of Northern Cyprus and to obtain a purchase permit by the Council of Ministers.
He must not have committed a crime. Your passport starts the purchase process. CONTRACT STAGE Other recipients other than Turkish Republic of Northern Cyprus (TRNC) and Turkish Republic citizens are required to apply for a residence permit in the TRNC from the Ministry of Interior.
It is the healthiest way to carry out the necessary legal process with a lawyer. At the contract stage, we advise our foreign clients to work with the lawyers we work with in order to resolve their property purchase permits smoothly and quickly. From the agreement, both parties must comply with the provisions of the agreement. If all the provisions of the contract are complied with and the payments (including all taxes, dues) are completed, we perform title transfers to our customers. When buying a house, it is sufficient to apply to our head office in person and to have your identity card or passport with you to sign a contract. TRANSFER OF TITLE DEED AND TAXES Contract Stamp Fee Five (0.5%) Stamp Fee is paid to the tax office.
Stamp Fee, which is 0.5% of the price stated in the contract according to the current law, must be paid within 21 days after the contract is signed. If the 21-day period has passed, the fee must be paid as 1.5%. Taxes to be paid during the purchase and sale of real estate in the TRNC are as follows: Withholding Tax VAT Deed Transfer Fee Stamp Stamp Withholding Tax: 4% of the sales price in companies with a profit and paid to the tax office by our company. VAT: For non-profit companies, 5% VAT is paid to the tax office before the transfer. VAT is not exempt. VAT is paid by the buyer in case of agreement.
If the recipient is a non-profit individual, a 3% tax rate applies. For the second purchase and for profit, 6% tax is applied. Stamp Stamp: It is the tax paid in case the real estate is realized with the sales contract. (Ex: In case a real estate is purchased from a project with a future delivery). This tax must be paid to the tax office within 21 days of the sale contract being signed by the buyer and seller. After paying 0.5% (five thousandths) stamp fee, the relevant contract must be registered in the Land Registry Office. After this registration, the buyer's right to ownership becomes legally legal. STUB – TITLE DEED The laws in the Turkish Republic of Northern Cyprus allow the issuing of real estate or land stubs directly on behalf of individuals.
In order to purchase property from the TRNC government, foreign customers are required to issue a property purchase permit. This procedure, with the support of lawyers, takes place within 12-15 months. Experienced lawyers are charged between 1500 - 2000 TL for this procedure. Please contact us for more information. The legal procedure for the TRNC and Turkish Citizens is shorter. For the citizens of the Republic of Turkey, it is necessary to issue Real Estate Purchase Permit. It is issued within 2-3 months with the support of experienced lawyers. Buying property from Northern Cyprus is a legal and guaranteed transaction for all local and foreigners.
Every foreigner must obtain the right to buy real estate from the Council of Ministers of Northern Cyprus in order to transfer the immovable title deed. This process is possible with the application from the Ministry of Interior. The application can be made individually and followed up by lawyers, accountants or real estate agents. The average duration of the transfer permit on behalf of the real estate may take 35 days for Turkish citizens, 90-100 days for EU citizens and 180-360 days for other foreign nationals.
In Northern Cyprus, real estates purchased by foreign nationals (citizens of the Republic of Turkey and other citizens) can be rented to generate income. For more information, please contact Döveç Group.
Having a real estate in Northern Cyprus does not give you the right to live directly, but it is an advantage for those who want to get a residence right. If the real estate owners do not have legal problems and can prove their income, it is usual for them to get a residence permit for 1 year, then for 2 years and then unlimited residence permit. Foreign nationals do not need a residence or work permit to enter property in Northern Cyprus or to enter and exit at certain periods.
Title Deed Mortar: Housing, workplace, land, field, land and so on. It is a fee calculated as 4% of the sales price declared in the title deed for all real estates sold. Who Pays the Land Registry Fee: 2% of the real estate is taken separately from the seller and buyer by the decision of the Council of Ministers.
Foreign citizens and Turkish citizens can buy 3 apartments or 2 villas in Northern Cyprus.
Yes, they can. Turkey İŞ Bank of Turkey , Ziraat Bankasi AS, Turkey Garanti Bank AS, T. Halk Bankası A.Ş., the Turkish Economy Bank (TEB) bulunmaktadır.özel-owned banks and some of Şekerbank (Cyprus) Ltd., Cyprus Kapital Bank Ltd., KT Cooperatives Central Bank Ltd., Limassol Turkish Cooperative Bank Ltd., Near East Bank Ltd., Universal Bank Ltd.