Buying Property in Northern Cyprus
Buying property in Northern Cyprus grants foreign citizens full ownership rights, including the ability to sell, lease, or transfer property by inheritance, and more. Our company’s experts will provide step-by-step instructions and guide you through the entire property acquisition process in Cyprus. Whether you are purchasing a secondary property or a new development, through a payment plan or a long-term loan, our process will be straightforward.
The key is to choose the right property in Northern Cyprus that meets your purchase goals and complies with all legal norms of the TRNC. Regardless of whether you choose a studio, apartment, or villa, and whether it is new from a developer or a secondary property, your primary tasks are to agree on the price, payment terms, mortgage status, and other specifications included in the price, such as furniture, appliances, etc.
By filling out the reservation form and paying a deposit, which typically ranges from £3,000 to £5,000, you reserve the chosen property and effectively take it off the market.
Property transactions in Northern Cyprus can be made either by individuals or by multiple parties, whether related or not.
A lawyer representing your interests in Northern Cyprus will handle the legality and validity of the transaction, signing and registering the contract, and payment of all taxes and fees. The contract is available in multiple languages (English, Turkish, or Russian). Legal fees range from £2,300 to £3,000, and some lawyers include the preparation of a will for Northern Cyprus within this fee.
Alliance-Estate offers a selection of reputable lawyers in Cyprus who will be happy to provide free consultations and answer any questions regarding Cyprus property. All lawyers have Russian-speaking staff to assist with foreign buyers.
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Note: During an introductory tour, property buyers typically leave a notarized power of attorney with one of the practicing lawyers in Northern Cyprus, granting them legal authority to proceed with the purchase on your behalf. With a power of attorney, the buyer’s presence in Northern Cyprus for the transaction is not required, and review of the preliminary contract, amendments, and changes can be done via the internet or by mail.
Payment for property, according to the contract terms, can be made via bank transfer (upon receipt of the lawyer’s invoice), by card, or in cash. In some cases, cryptocurrency may also be used.
The buyer takes possession of the property (receives the keys) in accordance with the contract terms. Typically, upon receiving the keys, VAT of 5% of the property value as per the contract, as well as connection fees, are paid. In some cases, according to the developer’s rules, VAT is paid at the time of title transfer.
Note: One-time taxes and expenses, such as VAT and connection fees, apply only to new properties in Northern Cyprus. For secondary properties, these one-time taxes and expenses are not required. Whether buying new or secondary property, the buyer pays a 12% title transfer tax each time.
To transfer the title (full ownership rights) to the buyer(s) as per the contract, an original certificate of no criminal record with a notarized English or Turkish translation is required. This certificate can be obtained from the place of residence and a 12% application fee must be paid.
On behalf of the buyer(s), the lawyer submits a request to the TRNC Ministry of Interior for permission to transfer the title to the buyer(s). During the title transfer, the buyer pays a 12% tax (if not paid 6% at the contract registration) and receives full ownership of the property (land).
