Frequently Asked Questions(FAQ)
- Turkish title or other foreign ownership pre-1974. The title of land or property owned by a Turkish Cypriot before 1974.
- TRNC Exchange Title (Also called Eşdeğer or Exchange Land). The land was given to Turkish Cypriot by the TRNC Government in exchange for land that have been lost in the South side on the island division. Based of 1983 TRNC Constitutions, all the deeds rectified and named as TRNC deeds that freely transferable to foreigners.
- Tahsis (TMD) deeds.It was land originally owned by a Greek Cypriot to 1974.Tahsis Title deeds were issued by TRNC Government post 1974 to a Turkish Cypriot refugee or Turkish mainland settler.
- Leasehold. Properties owned by the TRNC Government who will grant long term leases of 49 years.
Foreigners are limited to own one property up to 5 donums per person, providing that the property only consist of one dwelling (husband and wife count as one household).
In case of buying the land, foreigners are entitled to own up to 1 donum.
1 donum: 1338 sqm
- Stamp duty – 0,5% of the sales price by the contract. Duty to be paid on the signing of the contract.
- Transfer fee of the Title deeds – 3% of the sales price by the contract. (Meanwhile, the buyer will use one-off option right to reduce this tax from 6% to 3%). This is payable upon transfer of the title deeds into the buyer’s name.
- Vat – 5% of the sales price by the contract, that payable upon possession of the property.
Passport of the buyer is the only document required for purchasing the property.
- Copy of passport
- Purchase permit application form
- Clear Police Report from the country of origin translated in English and certified by notary.
After applying the documents to the Council of Ministers, the permission process can last around 8-12 months.
The annual property tax is calculated by rate 1.25tl per 1sqm of the built-up area.
The average cost of the lawyer is range from 1200gbp up to 1500gbp.
Yes, we are ready to assist you with online property viewing and providing all required information with legal advices of the responsible lawyer. We will do our best to make this process as easier as possible with full assistance.