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| Buyers Guide |
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Buying a property in Northern Cyprus can appear to be very complicated but in reality
is very similar to purchasing property in any other country. The main difficulty
is the language barrier, which can be easily overcome by utilising the services
of multilingual solicitor. Once you have found your ideal property, your agent
should be able to provide you with all the information and details that your solicitor
will require in order to proceed with the sale.
Property purchase procedure in North Cyprus
The property purchase procedure in North Cyprus is set out as follows:
- Choose the property you like.
- Agree on the price and terms of sale.
- Payments are made using your preferred payment scheme. Our company offers a few
schemes for you to choose from.
- The validity of the title deed is checked by your appointed solicitor, who then
draws up the contract, setting out the terms of sale.
- All relevant paperwork is signed by both parties (Vendor and Purchaser).
- Purchaser pays agreed 15-30% deposit and Solicitor's Fees (1,000 – 1,500 GBP)
and 0,5% stamp duty (is calculable from the contract price).
- Our solicitor prepares all the necessary documents and applies for the purchase
permit to the Council of Ministers for you. However, for the application to succeed,
it would be necessary for you to provide us with the following documentation:
- Photocopy of the sales agreement including site plan;
- Form to be filled in with your details and intentions;
- Application;
- 4 photocopies of first 4 pages of your passport, including the entry stamp.
Our lawyer will help you fill out all the necessary forms for the purpose of obtaining
this permit. To the date of the application, the applicant should not be under a
criminal investigation and/or evading prosecution and/or evading criminal punishment.
The acquisition of the purchase permit usually takes approximately 1 year.
- Once the purchase permit is received, the regional Land Registry values the property.
- 5% VAT is paid, however, usually the payable sum is lower as the percentage is calculable
on the basis of the evaluation of the property by the Land Committee.
- 6% transfer charges are paid, again on the basis of the evaluation of the property
by the Land Committee (with the first property purchase, the transfer charges are
3%).
- After the last payment as according to the sales agreement, the title deed is transferred
into your name confirming your full ownership right. Sale is now officially at completion.
Title Deeds
Four types of Title Deeds are available in Northern Cyprus:
- Foreign Title: In most cases these are British Title.
- Turkish Title: Pre 1974 Turkish Title Deeds.
- Turkish Republic of Northern Cyprus Title: Being previously Greek owned prior 1974.
- Leasehold: Owned by the government who allow leases up to 99 years.
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