Everything about buying property in North Cyprus
Due to the easy and fast process of obtaining residency in North Cyprus, the number of people applying for residency in this country is increasing day by day and when you are looking to buy a property in North Cyprus, it’s important to budget for the costs of buying.
Before buying a property in North Cyprus, you should pay attention to the important points that are described to you in this article.
√ First of all, According to the latest guidelines of the North Cyprus Immigration Law, you must pay one third of the amount of the property to obtain residency.
√ The size and number of bedrooms are very important for obtaining residency When buying a property in North Cyprus. There is no problem for people under 18 and over 65 to get residence permit, but the children up to the age of 18, they can easily obtain residency in North Cyprus with the family by mentioning their name in the purchase agreement contract or through education or a work visa.
Finally, the costs to buy a property in North Cyprus that you have to pay are as follows:
- 0.5% contract registration fee
- 5% VAT tax
- 3 or 6% tax to transfer the deed into your name (you choose when to pay this – 3% only applies to your first purchase)
- Legal Fees is around 1,200 £
- cost of putting electricity and water to the site is 1,500 £
If you would like to know the probable costs of buying property in North Cyprus just contact us.