Land Registry Fees Reduced in Northern Cyprus
Land Registry Fees were reduced for TRNC citizens and foreigners in Northern Cyprus. In order for the Construction Sector to survive and continue to be the locomotive of the economy, the title deed discount, which is among the demands submitted by KTIMB to government officials, has been implemented. Within the scope of the economic measures taken after the pandemic, the land registry fees were improved to be valid until the end of 2020. In this context, the title deed fee was reduced to 1% in the first apartment or residential purchases smaller than 140 m2 for Turkish Republic of Northern Cyprus citizens and foreign investors. In subsequent purchases, the title deed fee will be applied as 3% for residences smaller than 300 m2. People who will buy a house or apartment larger than 300 m2 will pay a 4% fee. For other immovable property sales and donations not specified in the Regulation, the rate of fees will be 4%. Discounts will remain in effect until 31 December 2020. With this regulation, all fees to be paid by foreign investors will be as much as the percentage paid by the citizens of the Turkish Republic of Northern Cyprus.
The fact that Northern Cyprus was ranked among the most reliable countries in the world with the success of Covid-19 increased the interest of foreigners in our country. A contribution to this situation came from the government. It is envisaged that the rate cut implemented by the government immediately will attract great interest, especially for foreign investors. The relevant application provides advantages for new investors as well as incentives for those who plan to buy their 2nd and 3rd residences. With this regulation, it is aimed to minimize the loss of the construction sector due to covid-19, which directly affects many sectors. Along with the tuition discounts, the real estate sector is expected to provide a significant amount of foreign currency input to the country.