GUIDE TO BUYING A PROPERTY

IN NORTHERN CYPRUS

To purchase a Freehold title property in Northern Cyprus, there are a number of checks carried out by the Ministry of Interior. This will currently take approximately 6-12 months to be completed.

  

The process for buying any freehold property is as follows:

 

  • Decide on the property and agree price.

 

  • Pay an agreed holding deposit to secure the property as well as the 0.5% contract stamp duty and legal fees.

 

  • Contract drawn up by solicitor, setting down the terms of sale, i.e. price, timescale, Vendor, Purchaser and any other special conditions.

 

  • Vendor and Purchaser sign contracts.

 

  • Contract is stamped at the Tax office and the 0.5% contract stamp duty is paid.

 

  • Contract is registered at the land registry office within 21 days.

 

  • Purchaser provides 20% deposit within the time frame specified in the contract (usually within 14 days) or the full amount if taking immediate possession.

 

  • Solicitor applies for a Purchase Permit from the Council of Ministers.

 

  • Purchaser applies for an up to date police criminal check in the UK.

 

  • The purchaser pays the balance on the date agreed within the contract and takes possession of the property.

 

  • For off-plan, or properties that are under construction, stage payments are paid until completion of the property under the terms of the contract. Purchaser then takes possession of the property.

 

  • Purchaser pays balance, transfer of title stamp duty which is currently 6% (reduced to 3% on any one purchase) and 1% of the stamp duty charge to the local council, plus any KDV (VAT) applicable. Vendor then signs title deed into name of the purchaser.

 

 

 

 

The costs involved are as follows:

 

  • Solicitors Fees:    Including; drawing up of contract, POA (Power of Attorney), purchase permit application, contract stamping & registration and seeing sale through to completion= £1,250

 

  • Stamp Duty:       Currently at 6% (reduced to 3% on any one purchase) of the valuation levied by the Land Registry Office and 1% (of the stamp duty charge) paid to the Local Council.

 

  • KDV (VAT):       Currently at 5% of the valuation levied by the Land Registry Office. Payable on all sales except those where the title is being transferred from an individual and not a company. Generally this will mean that KDV is not payable on re-sale properties in Northern Cyprus.

 

  • Contract Duty:   Currently at 0.5% of the Contract value, payable at the TAX office within 21 days of the contract date.

Follow us

2020 North Cyprus Properties. Proudly created by

  • Facebook - White Circle