Foreign nationals can own 1 house per capita in Northern Cyprus and this house can own up to 5 acres, or if vacant land is to be purchased, they have the right to purchase a land of maximum 1 donum.
There are 3 types of real estate in the TRNC;
Turkish COB: It is the type of title given for residences, land and workplaces owned by Turkish Cypriots or foreign nationals before 1974.
Equivalent Koçan: The Turkish Cypriots, who had to leave their real estate in Southern Cyprus and migrate to Northern Cyprus in 1974, were given real estates equivalent to the properties they owned there in return for the real estate they left in the Greek side by the TRNC state. Turkish Cypriots, who bought equivalent real estates, signed documents stating that they renounced their lands in the Greek part and signed "Equivalent". They took the titles of their real estate from the TRNC state. Real estates with equivalent titles are considered safe and all kinds of purchases/sales can be made.
Allocation Koçan: These are the titles of real estates given to TRNC citizens or people who came from Turkey after 1974 as a reward for the success shown in the war by the TRNC state so that they can settle in the country and continue their lives. These titles are under the guarantee of the TRNC state and their owners have all property rights on the real estates.
The buyer pays the "Deed Transfer Fee" of the real estate purchased; liable to pay. The Title Deed Transfer Fee is paid to the Northern Cyprus Land Registry Office when the title deed transfer will be made. In case the buyer is the first real estate, a transfer fee of 3% of the sales price of the real estate purchased at a discount is paid. This rate is 6% for all individuals who have used the discount right before.
In addition, Value Added Tax (VAT) and Withholding Tax are paid. VAT amount is 5% of the sales value of the real estate.
Withholding Tax is paid by the seller to the Tax Office. This rate, which is 4.25% for for-profit sellers (contractor), is 3.5% for non-profit (owner-owned) sellers.
After signing the contract, the Stamp Fee, which is 0.5% over the Contract Price according to the current law, must be paid to the Tax Office within 21 days from the contract signing. Thus, the contract becomes financially legal.
In order for non-TRNC citizens to purchase real estate in Northern Cyprus, "Real Estate Purchase Permit" from the TRNC State; stickers are required. This process 3 – It is completed within 6 months.
1 acre = 4 evlek
1 acre = 1,338 m2
1 Acres = 14,400 ft2
1 Evlek = 334.5 m2
1 Evlek = 3600 ft2
1 m2 = 10.76 ft2
Construction cost prices in Northern Cyprus are around 500 Sterling on average, and the cost price increases with the quality of the building materials to be used during the construction and the additional requested extras.
Application is required to reside in Northern Cyprus. Upon arrival to the island, a 3-month tourist visa is automatically issued, and if the visitor is going to continue his vacation after the visa expiry date or to purchase property, an application must be made to the immigration office for a temporary residence permit. In addition, foreign nationals who have lived in Northern Cyprus for 10 years or more will have the right to obtain citizenship.
Working with a professional lawyer for the purchase of property in Northern Cyprus enables you to do business follow-ups in the most accurate way and to fulfill the transactions completely. Attorneys at approximately 1,000£ & 1,500£s; in the price range.
It is possible to transport your second-hand goods to Northern Cyprus by ship from many countries of the world. You can carry all kinds of household goods tax-free, provided that it is only once. If you want to move your new belongings, you can finish the moving process after the taxes applied by the customs office are paid. It takes approximately 3 to 6 weeks for your goods to arrive in Northern Cyprus by ship.
One of the documents required for the purchase of property in Northern Cyprus is that foreign nationals must submit a clean paper document to be obtained from the police office serving in their country at the government offices in Northern Cyprus. The document can be either in English or Turkish.
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