Recently, Northern Cyprus has implemented significant legislative changes concerning property acquisition and ownership for foreign citizens. These changes aim to streamline and ensure the transparency of the real estate market while protecting the rights of both local and international investors. Let’s take a closer look at the key aspects of these new laws and their impact on property purchases.
Restriction on the Number of Properties for Foreigners: According to the new rules, foreign citizens can only register one property contract. This means that if you already own a property in Northern Cyprus, you cannot register a second property under your name.
Title Deed Payment within 6 Months: The new legislation requires foreign buyers to pay for the title deeds of the property within six months from the date of signing the contract. This rule is introduced to expedite the property registration process and reduce risks for investors.
Closure of Trust Companies: In line with the new laws, trust companies previously used to circumvent property ownership restrictions for foreigners will be closed. This aims to enhance transaction transparency and prevent misuse.
Each Property Must Have a Title Deed: The legislation now requires that each property unit must have its own title deed. This eliminates the possibility of selling fractional land, providing clearer and safer conditions for buyers.
Ban on the Sale of Fractional Land: The new law prohibits the sale of fractional land. This change protects buyers from potential legal complications and disputes in the future, ensuring clarity in ownership and land use.
Given the numerous questions arising from foreign property buyers, Alliance-Estate offers comprehensive services for document processing and resolving all legal issues. Our team of professionals assists with:
We understand that legislative changes can cause many questions and uncertainties. Our goal is to ensure maximum transparency and security for your investments in Northern Cyprus.
Contact Us: You can always contact Alliance-Estate by phone at +905338334177 or use any contact form on our website https://www.alliance-cyprusproperty.ru.
Trust your legal matters to professionals and enjoy the process of acquiring property in Northern Cyprus!
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