North Cyprus Homes

FAQ – How can I buy Property in Northern Cyprus ?

Foreign customer has a right to purchase one property or or up to 1 donums of land in North Cyprus.
Further deals can be negotiated through a lawyer. But!! With Trust companies you can buy more
than these numbers above via your advocate. Please contact with us for more information.

There are several taxes that should be paid:

Stamp duty: it is 0,5% from the total price in the contract, has to be paid to tax office for official stamp at the contract stage. VAT: 5% of the total price should be paid to the tax office, is to be paid
on the date of delivery of the property to the owner.

Utilities fee: (including electricity, telephone line, and water connection) is paid on average £ 1000 – £ 2000. It should be paid before delivery of house.

Transfer of ownership: After the lawyer receives the permission for ownership from government,
while the purchaser has paid the total price of the property.
Title deeds will be transferred to the owner after he has paid 3% of the total price of the property to
Land Registry Office.

Foreigners who bought property in North Cyprus can easily obtain residence permit with the help of
lawyer. Those who require residence permit will need to complete the following list of documents:
Application form (can be obtained from the local police station and filled )
. Photocopy of the passport (original of the passport should also be provided)
. If available, photocopy of the spouse (original of the passport should also be provided)
. Verification of residence confirmed by the district council
. Marriage certificate (the original)
. Photocopy of the contract (stamped at the tax office)
. Bank Account Statement (A new bank account should be opened in one of the local banks. As an
insurance for the government that you can provide yourself within a year. (approximately 10.000 –
15.000 American dollars)
. Stamp (15 TL)
. Two photographs
. Medical report should be provided either from government or private hospital with the reciept.
After all the documents are submitted to the government, the lawyer should monitor the process.
Within 30 – 45 days applicants will be able to receive their residence permit. The duration of the
residence permit is given from 6 to 12 months.

Note: police can confirm you residency may be your second entrance of the country.
The value of our properties grows continuously and this brings profit to property purchasers. As a
property management company, we offer a range of rental property services. Management of your
property will be based on our rental agreement. Following the operation of rental system of our
holiday apartment, your property will be rented weekly/monthly in summer season to customers and
tourists. Property owner will be able to use the property once in a year. In case if the property is
rented in the same period the company will offer free of charge accommodation in the touristic
rental apartments to the property owner. The owner of the property can terminate the rental
agreement giving a notice to the management company 3 months before the expiry date. Water and
electricity is to be paid by the renter. Annual site maintenance and insurance of the property should
be paid by the owner of the property. Management Company will provide cleaning services of the
rented property.

When a property is selected, a contract of agreement (written in Turkish, English or Russian) is
signed by the parties. In case of a shortage of time, the contract can be signed by the power of
attorney. In this case assistance from a solicitor can be taken. A solicitor can complete the procedure
of the contract and other legal documents.

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