Process of Buying Property in North Cyprus
Process of buying property in North Cyprus is very simple and hassle free. It can also be done in a short time. Cihanara helps you make this process even easier:
- After receiving adequate information from you, we will adjust a visiting tour schedule to showcase the properties you have chosen.
- Once the tour is over, we will shortlist the most suitable properties for you.
- We will prepare the contract of your property based on the negotiated price, payment plans, and other necessary information.
- We will then seek an advice from a professional lawyer to check all the clauses of the contract and any other purchase procedure. You can benefit from our company’s professional lawyers or a lawyer of your own choice.
- You will hand a non-refundable deposit of £1000 to the vendor of the property to ensure reservation of the flat.
- Then, you should pay the down payment, consulting fees and any other legal fees.
- You should pay the stamp duty fee of 0.5% of the property price in order to register the contract in land registry office of North Cyprus.
- Within 21 days after the date of contract registration, we will help you get the permanent residency of North Cyprus.
- As a foreigner, special permission for transferring title deed is essential. It is issued by the Council of Ministers of the Turkish Republic of North Cyprus. Your lawyer then prepares the essential documents and will take some steps in order to get the permissions hassle free.
Following documents for this process are essential:
• A copy of the contract
• Site plan of the property
• Application form
• Copy of first page of your passport
• A criminal record certificate of you issued by the Ministry of Internal Affairs in the community. (It is vital to translate it to Turkish language and be certified by the Turkish Embassy.)
Those special permissions procedures usually take between 6-8 months.
We help you along the way to make this process as easy as possible. You must pay the Value Added Tax (VAT) of your property to the vendor.
VAT is payable only once and it is only for the newly built properties. Once your purchase permission is ready, you should pay the Title Transfer Tax which is 5% of the contract price.
With Cihanara you can go through the process of buying a property in North Cyprus as quickly as possible and make a profitable investment with.