Frequently Asked Questions (FAQ)
How can we make preliminary permit applications to buy immovable property from Cyprus?
Foreigners or Turkish citizens who will buy or rent immovable property in the TRNC, must apply to the Ministry of Internal Affairs and obtain the approval of the Council of Ministers as a result of the investigations to be carried out by the Ministry in order to be able to purchase immovable property and to be legally entitled to that property. If you wish, our real estate office offers you this service…. Necessary documents are clean of registry, Passport or identity card, sales contract, etc.
What are the taxes and expenses to be paid during the purchase of immovable property from Cyprus?
In purchases of brand new homes ;
Stamp Fee: It is the tax paid to the tax office at the rate of 0.5% during the contract / contract phase for the stamp / contract to be officialized.
VAT: The tax paid by the customer for the Tax Office at the rate of 5% over the Contract / Contract Price. Paid before home delivery takes place.
Transformer Contribution + Infrastructure and Connections: Since the state does not carry out electricity, telephone, water and other infrastructure connections, these costs are divided equally to the customers. It is reported to customers as an average of between £ 1500 – £ 2500. Paid before home delivery.
Title deed transfer fee: If the customer pays the entire debt of the house and the title deeds of the house are ready after the house purchase permit is obtained by the lawyer / office / individual, 3% of the value is paid during the deed transfer, according to the result of the price evaluation of the house to be built by the TRNC Land Registry Office.
In second hand home purchases;
Only the title deed expenses (3% tax / title deed transfer fee according to the value of the house) or if the Notary will be made at the Notary, 5 / 0.5% stamp fee is paid in 1000 over the number on the contract
In land-land purchases;
Only the deed expenses (3% tax / title deed transfer fee based on the deed evaluation of the land or land) or if the Notary will also be made, 5 / 0.5% stamp fee is paid over the number on the contract and the Notary fee.
Why should I buy immovable property from Cyprus?
One of the main reasons why housing investors prefer the North Cyprus is the university and its students in the island. Potential tenants of all flats invested throughout the island consist of these students. Rent depreciation period is between 8-12 years and there is 300 days of sunshine
Generally, apartments rented annually can find tenants starting from 1.000 TL per month up to 5.000 TL depending on the age of the apartment and the condition of the furniture.
Can I apply for a bank loan if my budget is not reached while buying immovable property from Cyprus?
Yes, it can be possible. At first the country has branch offices in Cyprus of Turkey almost every bank Although its banks, as well as many banks provide credit facilities for investment in Cyprus. However many of our project offer 0% interest rate and installment payments upto 60 months.
What advantage will it have for me in the country when I buy immovable property from Northern Cyprus?
Northern Cyprus is under the influence of the Mediterranean climate and has been a tourist attraction in recent years with its unique beaches and untouched nature. It has also become the focus of investors who want to take advantage of this unique nature and opportunities. The friendliness of the Cypriot people, their benevolence and modern perspective, and the fact that they are in friendly and benevolent relations with the guests coming to Cyprus, especially the high rate of foreign language skills, is a reason for foreigners to adopt and invest in Cyprus as their home. Due to the fact that Northern Cyprus is not a member of the European Union, housing purchases have accelerated in recent years. Housing prices are increasing with an annual average increase of around 12-18%. The fact that the housing prices in Northern Cyprus will increase one-to-one in the first place after the European Union membership of the Republic of Cyprus and that these increases will reach the same prices as Southern Cyprus in the coming years, the virginity of the region, investment facilities, low taxes, safe banks and positive economy, Northern Cyprus’ It is the most important factor in the development of Turkey to become a popular investment center for real estate investors and tourism investors. Frankly, we are here for the best service to all local and foreigners who want to earn and make a safe investment while living a happy and peaceful life …
Can we get a residence permit after buying immovable property from Cyprus? How long is it if I can get it?
Yes, you can get a yearly residence permit after buying a house from Northern Cyprus. This period can be extended from here without entering or leaving.
When I buy immovable property from Cyprus, is the residence permit valid only for me or does it include my family?
It covers the whole family if any of the parents and / or children take it.
While buying immovable property from Cyprus, if I am not in the country, can the sales or purchase transactions continue?
Of course .. a lawyer will help you throught the whole process.
