Work with Trustworthy Companies:
There are approximate 900 illegal or registered companies and persons that carrying on the real estate business. Before purchasing an estate, by visiting personally the company and their buying offices and researching their membership from Real Estate Association will accommodate you to work with trustworthy and instructed company. The member of TRNC Real Estate Association Company costumers are insured up to €100.000 during purchasing process for any loss or deprivation. Foreigners can purchase 1 house, 1 land measure of about 920 square meters and land a field about 4600 meters in North Cyprus. Hence experienced advocates provide to obtain permission from Council of Ministers in a safe manner. Foreign nationals whose purchase a house in TRNC can obtain residence permit. Annual residence permit can be renewed, thus individuals stay permanently in TRNC, can open a bank account and benefit the public services.
Please Take into Consider the Below Stated Principles before You Purchase Property:
- You should land a contract in the course of property purchasing. We strongly recommend you to sign your contract accompanied with an advocate to defend your rights. You need to submit your Turkish Identity Card or passport for contract and other applications. Contract can be prepared for 2 or three person’s name.
- Your contract will be valid in all government offices while the payment your contract 0.5% postage fee have paid to TRNC Tax Office.
- You need to make a ‘Search’ of your property from Land Registry Office to verify whether the property have any hypothec or not. Then your contract should be registered to Land Registry Office to affix an addendum to the title deed. That will restrain the seller to not sale your property. This process will only abrogate with you or your advocate. Hence you will feel in safe.
- In order to chain your payment, we recommend to make payment accompany with your lawyer.
- The importance of hiring a lawyer manifest itself while obtaining the property permission securely and swiftly.
- While all permissions have prepared and you get an appointment for Deed Transfer, parties or representatives meet at Land Registry Office and complete the conveyancing. Residue payments should be completed.
Any person or company who’s interested to make a sizable investment can also work with reliable and experienced real estate lawyers. If you are not a TRNC citizen and wish for establishing a company in Cyprus, you cannot have a share more than 49%. At this stage, any chosen person or lawyer should put his name to share in proportion to 51%. Don’t be daunted. Under the law, share proportion should be suchlike when a foreigner found a company. The share of TRNC citizen have protected with escrow agreement, Foreigner Shareholder Rights agreement and power of attorney. Meantime, it is custom to put on a salary to TRNC citizen shareholder. After incorporate the company, Investor Company can purchase land as much as they want and make a Tourism and Construction investment.
- VAT: VAT is paid to the companies for real estate purchasing 5% of contract price at the title deed or property submit process. It the seller is not professional in the occasion of purchasing second hand house or land, you will be exempted from VAT.
- Contract Postage Fee: The action of registry and affix your contract to the Tax Office. The 5% of contract price is paid from costumer.
- Power Distribution Unit Appendage Fee: When you purchase a house the uncompleted housing project, electricity, telephone, water and other infrastructures are provided by companies. Total number of the cost divided equally to costumers and expected to be paid at turnkey process. The power distribution unit appending fee can be differ from the project. Approximately this fee show and alteration from £1,200 to £1,800.
- Deed Transfer Fee: Normally it is a VAT that paid 6% of contract price or Deed Evaluation. For once only, 3% is applying to both local and foreigners. Land Registry Office Deed Evaluation could be lower than contract price. Also Land Registry Office currently using 3.50 TL fixed exchange rate. As a result of deed evaluation, the payment made 3% from Turkish Lira Price.
- Withdrawal Fee: This fee is legally pertain to the seller. Do not accept to pay while purchasing except special occasions. If you will sell your property, through you are not professional you need to pay 2withdrawal 2.8% after deed evaluation. Professional companies’ withdrawal fee rate is higher. Furthermore, you can ask any question to us about property purchasing or investing in TRNC.