Interior Minister Dursun Oguz said that a new bill is being developed regarding foreigners owning real estate in the country.
Answering questions from media representatives, Oguz said that although foreign citizens have the right to buy only one house according to TRNC laws, the number of real estate purchased under agreements concluded between the parties has increased significantly.
"There is a serious tax loss"
Explaining that the contracts were concluded using loopholes in the legislation and that the state suffered serious tax losses due to these contracts, Minister Oguz emphasized that with the start of the new legislative year a new resolution will be adopted on this issue.
Interior Minister Dursun Oguz said they are working to prevent the construction industry from becoming a victim of new legal regulations affecting foreigners owning property in the country.
Minister Oguz noted that the regulation on the purchase of real estate by foreigners is being prepared as a study in accordance with the economic and social structure of the country, and said: “This will show us what needs to be done to solve the accumulated problems. Our Prime Minister is very sensitive to this issue. These are studies that were started before us. We continue to do this. “We are working on both citizenship and property purchases for foreigners.”
“Legal research on the issue of citizenship has been carried out, but it is too early.”
Answering a question about what work is being done on citizenship issues, Interior Minister Dursun Oguz said that work is being done, but there can be no talk of any statements at this stage. Stating that he does not want to create expectations in society by making a statement before a final decision is made, Oguz said the necessary statement will be made by the Prime Minister after completion of work on the matter.
Share on social networks:
New Work Permit Regulations Come into Effect for Foreign Nationals
The Ministry of Labor and Social Security has announced new requirements for employers applying for work permits for third-country nationals. Starting February 25, 2025, employers will be required to submit a security deposit of 250 euros and provide a notarized undertaking. This regulation is based on Article 34 of the Regulation on Work Permits for Foreigners under Law No. 63/2006.A New Mortgage Loan Program Launched in K.K.T.K.
A new mortgage loan program has been launched in K.K.T.K. for citizens who do not have registered housing in their name, their spouse’s name, or their children under 18. The program is intended for families with an income of up to 250,000 Turkish lira and offers favorable conditions.Decline in the Northern Cyprus Real Estate Market: Challenges and Future Prospects
The real estate market in Northern Cyprus is experiencing a decline in activity: the number of new projects is decreasing, and some have been completely frozen. According to data obtained from reliable sources, several contractors are facing difficulties in paying employees' wages, leading to mass layoffs in the construction sector.TRNC Minister of Public Works and Transport Erhan Arıklı Responds to "Palestinization of Cyprus" Claims
The idea of the "Palestinization" of Cyprus (derived from the word "Palestine") is used in a propagandistic context, implying that the situation in Northern Cyprus is allegedly following the scenario of Palestine. This expression suggests that foreigners (in this case, Israelis) are massively purchasing land and real estate, which could lead to changes in the region's demographic composition and the weakening of the local population's position.
