Property purchase tax in North Cyprus
Property purchase tax in North Cyprus is levied only once, which is very low compared to the rest of the world.
When buying your property in North Cyprus, only the stamp and contract registration fee at the Cyprus Registry Office, equivalent to 0.5% of the value of the property, must be paid within 21 days after signing the contract, and 5% of the value of the property must be paid in state tax, which can also be paid in installments.
Note: Resale properties do not need to pay taxes because the previous buyer has paid taxes in advance 3% of the value of the property is the cost of the final transfer of the document, which can be paid in installments.
In 2020, the cost of transferring the document has been reduced to 1% for properties priced below 120,000 GBP.
The amount of the annual tax in North Cyprus calculated, basing on the rate of 1.25 turkish lira (0.33 euros) per 1 sq.m covered area of the property.
Buying property in North Cyprus is much cheaper and less expensive than in other countries due to its excellent tax laws.