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 very quickly. Cihanara helps you make this process even easier:
- After receiving adequate information from you, we will schedule a North Cyprus inspection-trip for you to showcase the properties you have chosen.
- After this visit, 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 the chosen property.
- 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 buying property in North Cyprus 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.
1. How to buy property in North Cyprus during the Covid-19 pandemic?
You can enter North Cyprus for 4 days without a quarantine by paying 1,000 pound deposit and receive a free accommodation from us
2. What are the terms of buying a property in North Cyprus in installments?
You have to pay 25 to 30% of the property price as a down payment and pay the rest in 5-year interest-free installments or 7 to 10 years with very low interest
3. What is The extra costs aside from property price in North Cyprus?
VAT of the property which is 5% and only payable for new properties, Contract Stamp Duty which 0.5% of the property price and 1200 pound for the cost of legal affairs for residence
4. How much the annual property tax in North Cyprus
the annual property tax in North Cyprus is very low. For each square meter of covered space of the house is 1.25 lira