Northern Cyprus Buyer's Guide: LEGAL INFORMATION BEFORE BUYING PROPERTY


LEGAL INFORMATION BEFORE BUYING PROPERTY:

The construction company should be regestered to the Cyprus Turkish Building Contractors Association. If the company is not registered it is not authorized to make constructions. If the company is not registered to the Cyprus  Turkish Building Contractors Association that means that it is illegal and there is no control and quality assurance. In order not to experience difficulty and in order to live comfortably before buying property you should go to the Cyprus  Turkish Building Contractors Association and gain some information about construction company. After selecting your real estate, and after getting information about your real state agent or your builders, the next step will be about price nigotiation.  After nigotiating on the price, please do your agreement with a lawyer.

TRNC Deed Types:

Turk Deeds : The deeds that are belonging to the Turkish Cypriots before 1974 and is 100% reliable.

British or other foreign-owned deeds: these deeds were owned by British citizens or before 1974. These deeds are internationally recognized.

Equivalent (Exchange) Cob: These deeds were belonging to Greek origin before the 1974, but after 1974 the Turkish Cypriots who migrated from the South were given these cobs response to the housing/ land cobs they have left behind.

Allocation Cob: The TRNC government rewarded the success of the duties demonstrated in the military or after 1974 the property was given to those people or people from Turkey to migrate to Cyprus for living. They are under warranty by the government.

Government Land: like the method of rental contract, investors within their own facilities and by refurbishing costs can rent abandoned buildings for 49 years.

PROPERTY TAXES AND FEES

The taxes during the sales in the TRNC:

Stoppage

value-added tax

Transfer Fees of Deed

Revenue stamp

Usually the stoppage and value-added tax fees belong to the person who is selling the property, the revenue stamp and transfer fees of the deed belongs to buyer of the property but according to your agreement in your contract the obligations of the sides can vary.

Taxes detected on the sales contact determine the sales price or it is calculated based on the assessments made in the deeds office.

Stoppage : If the Seller is a non-profit individual seller from the first sell 0% is the stoppage fee, in the same year if it's the sellers  second or third sell 3.5% stoppage fee will have to be paid. A professional seller for profit will pay 6.5% stoppage fee. All fees are paid to the Stoppage Office.

Value-added tax: Non-profit sellers or an individual seller does not pay value-added tax. Professional sellers that earn profit pay 5% of value-added tax just before the transfer deadline. They pay this tax to the Tax Office.

Transfer Fees of Deed: In general, it is paid by the buyer before the transfer of deed to the deeds office. Land Registry fee is 6% but just for one-time exemption of 3% will be paid.

Revenue stamp: After the two sides signed a sales contract within 21 days 0.5% stamp fee will have to be paid to the tax office and contracts will be recorded in the Land Registry Office and the buyer will gain the right of ownership legally.

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