Whether buying property in North Cyprus either through an agent or privately, it
is most important that you obtain the services of a professional and independent
solicitor. He/she will check that the title deed is valid and will visit the land
registry in person . If your property purchase forms part of a development, this
will be divided to provide title deeds for each plot upon completion.
Contracts will be drawn up and will be notarised. At this point a 10% deposit becomes
payable and the date for completion of the transaction is set. It is usually possible
to leave power of attorney with your solicitor who can be left to complete the purchase
for you. This is particularly useful for those not currently resident in North Cyprus
as it allows you to return home during the purchasing period.
Your solicitor will now lodge the contract with the Land Registry and the signed
contract is legally binding on both vendor and purchaser.
An application to purchase is now made by your solicitor, on your behalf, to the
Council of Ministers. This procedure can be quite protracted depending upon circumstances
but your solicitor is best placed to be able to expedite this as much as possible
by making sure all is in order at first submission. This is another good reason for
not attempting to go it alone.
The Land Registry is responsible for valuation of the property for purchase tax purposes.
This is normally excluded from the purchase price and is payable upon transfer of
the title. Should the vendor be a company, then VAT will be payable on transfer of
the title. (See details in the taxes section).
The contract will specify details of further or final payment. In the case of off
plan or new build developments this could include split payment or staged payments
in line with building stages. This form of arrangement motivates the developer or
builder to keep to agreed schedules and is an excellent control mechanism.
Where your purchase is part of a development as above, the breakdown of title into
the individual plots will take place either at the start of the project or when the
entire development is completed. These individual deeds will be transferred to you
and you will be issued with the new title deed applicable to your plot by the Land
Buying Property in North Cyprus. A guide to procedures and taxes.
The Busy Bees Online Guide to Property Buying and Selling in Northern Cyprus.
(Procedures and Taxes)
If you are considering investing in property or land in North Cyprus you may find
the information in this online guide of some help. Buying a villa, bungalow, apartment,
building land, or other property in North Cyprus is not a difficult process but some
basic knowledge may help you understand what is taking place. This information on
procedures and taxes that apply to property buying and selling in North Cyprus has
been gathered together purely to assist those seeking such information. Our over-riding
recommendation is that you employ a good local solicitor before undertaking any property
transaction. This guide is not intended as a substitute for legal or commercial advice.