Offering advantageous opportunities in real estate, Northern Cyprus stands out with both affordable luxury housing and low tax opportunities. Buying real estate in Northern Cyprus means a very lucrative investment. This investment provides both material and moral gains. Because Northern Cyprus is full of magnificent holiday destinations.
You can go on vacation whenever you want by buying a house in a place like Kyrenia, Nicosia or Famagusta and have a wonderful holiday. At the same time, you can earn income by renting out your house to tourists or students. Northern Cyprus offers much more than fantastic holiday opportunities. Thanks to new housing projects, house prices are affordable and the state has many concessions for outsiders. Real estate investment is supported by advantages such as tax deductions and low fees. Buying a house in Northern Cyprus will make you happy today and tomorrow.
However, when buying a house, it is important to choose only by paying attention to the title deed types. There are different types of title deeds in the TRNC as well as their advantages and disadvantages. For more detailed information on title deed types in Northern Cyprus, you can read our article titled "Types of Deeds in Cyprus".
Taxes to be Payable on the Purchase of Housing in Northern Cyprus
For residences in Cyprus, tax is paid as 1 TL per square meter of the residence. In other words, the annual tax for a house of 80 square meters will be 80 TL. Apart from the annual tax, there are some taxes paid when buying the house. Taxes to be paid when buying a house in Cyprus;
Stamp Fee: It is the 0.5% tax paid to the tax office at the contract stage for the contract to be stamped and formalized.
VAT: This tax paid before home delivery is 5% of the contract price.
Transformer Contribution + Infrastructure and Connections: On average, this tax is between £1500 – £2500 for infrastructure facilities such as telephone, electricity or water. This tax is proposed before home delivery.
Title Deed Transfer Fee: It is the transfer tax paid at the rate of 3% according to the price evaluation determined by the title deed office.
Can Turkish Citizens Get a Residence Permit by Buying a House from Northern Cyprus?
Citizens of Turkey can immediately obtain a residence permit for 1 year by purchasing a residence in Northern Cyprus. After the title deed is transferred, the residence permit must be renewed every year. After 3 years, an application can be made for an indefinite residence permit. Retired citizens over the age of 65 can get an indefinite residence permit as soon as they buy a house. Every individual has the right to a home. In order to buy more housing, it is necessary to have a company with international capital.
It is both advantageous and very easy for Turkish citizens to buy a house in Northern Cyprus. Income can be obtained by buying a summer house and renting it out. Buying a house in Northern Cyprus as a real estate investment can make you very profitable. Even without going to Cyprus, you can buy a house as you want in the region you want over the internet. Living standards in Cyprus are of high quality and high. Those who prefer to live on the island can lead a happy and enjoyable life. Housing tax is also very low compared to Turkey. An average of 300-400 TL of tax is paid annually for a villa with a pool.
Is Real Estate Investment In Cyprus Profitable?
Buying a house in Cyprus allows you to profit in every way. First of all, the island is a tourism paradise. Buying a house here offers a great opportunity to spend your holidays. The prices of the luxurious and comfortable houses, which are in the perfect location, are also very affordable. You do not need to be very rich to own a villa by the sea. In new housing projects, there are seafront housing options offered with an easy payment plan.
You can earn income by renting the house you buy as you wish. Tourists flock to the island at all times of the year. Therefore, you can rent your house at very good prices. In a short time, you can deduct the price you paid for your house from the rental income. Real estate investment in Cyprus is seen as a profitable investment. Because Cyprus houses are cheap, whether villas or flats for sale, the island is magnificent in every way. You too can own a house on this paradise island. You can have perfect holidays, settle on the island or choose to earn income by renting out your house. Owning a house in Cyprus will be advantageous in every respect, today and tomorrow. You can take advantage of affordable prices by examining luxury and comfortable housing options.