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North Cyprus News

20.12.2011 Latest North Cyprus News 20/12/11
The UN Secretary-General Ban Ki-moon, urged Cyprus leaders to speed up the negotiation.
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See what our Customers say about purchasing Property in North Cyprus from M. Kavaz Construction

North Cyprus Property Buyer's Guide

What documents will I need to purchase a property in North Cyprus ?
The only document you will need to enable you to purchase a property in North Cyprus is your passport.    

Can we use a solicitor in the UK?
No.  You must use a solicitor registered in North Cyprus to handle your transaction and perform the necessary formalities.  Most of the well-known solicitors in the TRNC have offices in Kyrenia, speak English and are used to dealing with European clients.    If you are not able to be present when your Contract is signed, you will be able to leave Power of Attorney with your solicitor or a Trustee to enable them to sign on your behalf.  

Do I need to open a bank account in North Cyprus ?
It is not necessary to open a bank account in North Cyprus but it can be useful for transferring funds from the UK, arranging utility payments by standing order etc. Most of the well-known banks in North Cyprus offer all the usual banking facilities and have English speaking staff - see our North Cyprus Info page for more details.  

Do I have to make a new will in Northern Cyprus?
Yes, you should make a will in the TRNC to take into account your property purchase.   Your solicitor can easily arrange this for you for a small fee.  

Can I own more than one property at a time?
If you do not hold a TRNC ID (Kimlik Card) then an individual  may only own the title deeds for one property in North Cyprus.  A married couple can only hold one title deed between them if they have the same surname.  

Are there any restrictions on how much land I can buy?  

Unless you hold a TRNC ID, an individual  (or married couple with same surname) will be limited to one donum of land.   In some instances, it may be possible to own more and your solicitor will be able to advise you accordingly.  

What size is a donum of land?
Land measurements in North Cyprus are shown in donums, evleks and square feet.   A donum is approximately one third of an acre - or 1,338 m².  There are 4 evleks in each donum and 3,600 square feet to an evlek.

Can I import personal possessions and what are the costs of shipping to North Cyprus?

It is possible to import personal possessions, car etc.  However, cars, some electrical goods and certain other items will be subject to import duty which can be high.  The shipping agent will be able to give you more information about this.  There are several companies that offer shipping services to North Cyprus and we can provide their details to you on request.   Shipping costs are usually calculated by the cubic metre.

Can I bring my pets into North Cyprus?

You can bring  pets into the TRNC.  However, the regulations are very strict and must be followed exactly.  The Kyrenia Animal Rescue (“KAR”) website www.kyreniaanimalrescue.org will give you more information on this.

Are there any tax implications in North Cyprus if I decide to sell up and return to my country of origin?

At present, your first sale is tax-free so there are no taxes to pay and no restrictions on repatriation of funds.

The Purchasing Process

The procedure for buying a freehold property is as follows:

  • Pay an initial deposit to secure the property
  • Contract drafted by your appointed solicitor, detailing all the terms of sale, i.e. price, timescale, Vendor, Purchaser and any other special conditions.
  • Vendor and Purchaser sign.
  • Contract is stamped at the Tax office and the 0.5% contract stamp duty is paid. 
  • Contract is registered at the Land Registry office.
  • Purchaser provides 20% deposit within the time frame specified in the contract (usually within 14 days).
  • Solicitor applies for a Purchase Permit from the Council of Ministers.
  • The purchaser pays the balance on the date agreed in the contract and takes possession of the property.  (For properties that are off-plan or under construction, stage payments are paid as set out in the contract until completion of the property. Purchaser then takes possession of the property).
  • Purchaser pays 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.
  • Sale completed.

The costs involved are as follows:

  • Solicitor’s Fee: This will typically include:  Drafting of contract, Power of Attorney if necessary,  Purchase Permission application, Contract stamping and registration, Completion of necessary formalities to see sale through to completion - approximately £1,750 to £2,000 depending on complexity of sale.
  • 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.
  • Contract Duty: Currently at 0.5% of the Contract value, payable at the TAX office within 21 days of the Contract date.