· If a Contract of Sale is made, 0.5% of Sale Price as Stamp Duty (Paid by the Purchaser).
· 6% Land Registry Fee for Transfer of Immovable Property Title Deed (However, each Purchaser has the right to pay 3% instead of 6% on a one-time basis).
· 5% VAT (Paid by the Purchaser).
· Capital Tax - This tax is paid by the Vendor. The Vendor pays 4.25% tax.
· The Purchaser’s ID or Passport is the only document required when purchasing a property.
· One must apply for a residential permit in Northern Cyprus. On the first arrival in Northern Cyprus, generally a three-month tourist visa is given automatically. Should one wish to stay after the visa has expired, a temporary residence permit must be applied for at the Immigration Office.
· Currently, all flights to Northern Cyprus must connect through Turkey. You may also come to Northern Cyprus by passing the border from Southern Cyprus.
· The immovable property to be purchased should be free of any mortgages/charges or impediments.
· The Vendor (Seller) should be the registered true freehold owner of the property.
· After the contract is signed, the Stamp Fee – which is 0.5% of the sales price according to the current law – must be paid by the purchaser to the Tax Office within 21 days of the contract being signed. Thus, the contract becomes financially legal. In addition, the sales contract must be registered at the Land Registry Office within 30 days of it being signed. The purchaser’s property right is legalized when they register the contract with the Land Registry Office, such that the property will not pass to the disposal or ownership of third parties
· You need to apply to the Kyrenia Municipality or relevant Municipalities (Alsancak and Catalkoy) Real Estate Department to register your property. Real estate tax calculations are based on the m2 area of your house. You need to pay a deposit to KIBTEK to turn on your electricity.
· You will need your stamped sales contract, the relevant Land Registry Office registration document and official identity documentation (ID card or Passport) to apply. To have your water meter connected, you need to apply to the Kyrenia Municipality or relevant Municipalities (Alsancak and Catalkoy) Water Department. You will need your stamped sales contract, the relevant Real Estate Department registration document and official identity documentation (ID card or Passport) to apply.
· It is recommended that foreign citizens to be careful in the following matters;
· The issues such as whether there is a restriction on the immovable property like mortgage, levy etc. or whether there is any personal statement or circumstance obstructing the sale of the immovable should be checked from the relevant Deed and Cadastral Office.
· It is not recommended to work with people who are not reliable or specialist or companies that are not registered in related sector they are affiliated with.
· It is recommended that all technical specifications and details of the project related to the immovable property to be purchased first be learned and then the contract is signed. It should be noted that the contract is binding on both sides after the contract is signed.
· If the immovable property to be purchased is still in the construction phase, it is recommended that the contractor find out whether they have the construction license permits for the project.
· It should be understood clearly what the total sale price of the immovable to be purchased is included, and all applications and figures should be clearly stated in the agreement to be made between the parties. Everything promised to the purchaser must be included in the contract and all fees related to the contract must be paid and the official application must be made within 30 days to the Deed and Cadaster Office.
· Pre-1974 Clean Freehold title properties, Immovable Property Title Deeds which belong to Turkish Cypriots, British and other nationals since prior to 1974.
· Exchange (Equivalent) Properties, Turkish Cypriots register their losses from the properties they left in South Cyprus in T.R.N.C. and earn points in return which can be used to purchase property in North Cyprus and accordingly they can purchase properties left by Greek Cypriots as exchange (equivalent).
· Turkish Mainland Deed Properties, title deeds given and/or assigned by T.R.N.C. government after 1974 to war veterans, their families, people invited from mainland Turkey to live and work in T.R.N.C. and people who moved from South to North but do not own any property.
Here are the useful area measurment units of Northern Cyprus
· 1 Dönüm = 4 Evlek = 14.400 ay2 = 1.338 m2
· 1 Evlek = 3600 ay2 = 334,5 m2
· 1 m2 = 10,76 ay2