How to buy property in Northern Cyprus
The Turkish Republic of North Cyprus (TRNC) attracts a lot of interest from people around the globe because of its unique natural environment, friendly atmosphere, and high-quality accommodation. With its beautiful coastlines, amazing views, and picturesque towns, the TRNC is truly one of the most popular vacation spots in the Mediterranean Sea. The TRNC offers a wide range of services and facilities that make it a perfect destination for families, couples, and individuals.
In addition to its incredible weather and top-notch hospitality, the TRNC also boasts a great number of educational institutions that offer excellent opportunities for students to study abroad. Another reason why the TRNC is so attractive is because of its low cost of living. A large number of expatriates choose to settle down in the TRNC because they can enjoy life without having to worry about money. In this region, everything is affordable and the prices of goods and services are very competitive. The legal system in the TRNC follows the laws of the European Union.
Since the TRNC is a member of the EU, citizens of the TRNC can travel freely throughout Europe without any restrictions. Real estate in the TRNC is sold according to the law of the TRNC and foreigners do not require permits to purchase real estate. Before buying real estate in the TRNC, the person should know the location where he wants to buy property. He should also check if the area where he wants to buy real estate is under construction.
After the sales contract was approved by the tax office, a stamp fee of 0.5% is paid by the old law and registered with the land registry office within 21 days. After those transactions, the buyer‘s property rights became legal. A declaration stating that the real estate for whom the sale has been made would not pass into the ownership of third parties must also be filed by the seller to the land registry office. After the payment is made, and the purchase permit is obtained, the real estate title is transferred. After the buyer and the seller fulfill the conditions in the sales contract, the seller transfers the ownership of the land to the buyer at the land registry office where the land is registered.
The buyer becomes obligated to pay the deed transfer fee for the land. For the land that has become financially legal, to register in the name of the foreign national, an application must be applied to the council of ministers in the TRNC and the purchase permit must be obtained by the council of ministers. Foreign nationals have the right of buying a house with a maximum limit of 5 acres of land and a maximum of 1 acre of land from the TRNC if he does not have a registered company. Because of the marriage bond, a married couple is considered as 1 person, however, if there is a surname difference, they can buy 2 separated real estate.
If it‘s desired to buy more than 1 real estate or land bigger than 1 decare, then it‘s necessary to establish a company. If there is no real property to be bought, a building permit for the construction or a house must be obtained, it should note that there is no mortgage and obstacle on the real estate. After the procedures are completed without any problems, a stamp fee must be paid to the tax office for the purchased real estate, at the legally specified annual payments. For foreign companies, the procedures may vary.