PROPERTY NORTH CYPRUS
There is a high demand for North Cyprus properties. You have the ability to invest on those properties as buying and get the highest possible rental income return on your investment. If you are planning to buy any property, you must apply for a resident permit.
You are probably someone who appreciates North Cyprus’s relaxed lifestyle and thinks that having a property here would be a great investment. You will undoubtedly enjoy the warmth and clean North Cyprus beaches, the shops, evening walk in a peaceful environment, pubs and the inexpensive restaurants.
Buying a property
- Transfer Fee: The fee is payable to the land registry is depending on the total area of the property that you want to buy. If the property is less than 200m2, %3 fee has to be paid. Otherwise, the fee for any other property is %6.
- VAT: This is currently set at %5 and will be paid to the Tax Office. This tax will be paid regarding the Land Registry’s valuation of the purchased land.
- Stamp Duty: This tax is paid to the Tax office within one month of contract signing. The fee is %0.5 of the contract price.
Selling Property
- Capital Gains Tax – Capital Gains Tax will be payable at 3.5% by the vendor.
Types of Deeds
- Foreign Title Deed: Foreign title deed is the only deed which is internationally recognized in 1974. This exists a land or a house that was owned by a foreigner.
- Exchange Title Deed: A land previously owned by a Greek Cypriot and given it to a Turkish Cypriot.
- TMD Title Deed: This is the title for the land given to the Turkish Cypriot for a military purpose or government service.
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