Rules for buying property in Northern Cyprus
1. Navigating Property Ownership Restrictions for Non-Citizens in North Cyprus
Under the laws of the Turkish Republic of Northern Cyprus (TRNC), non-citizens are typically permitted to hold one property per person, limited to 5 donums or roughly 1.5 acres. However, there are ways to bypass this restriction, such as setting up a company or trust in North Cyprus, or finding a trusted nominee to hold the title.
2. The Freehold Property System in North Cyprus: What It Means for You
All properties in North Cyprus are freehold, meaning you fully own the property and the land it’s on indefinitely. There’s no leasehold system in the TRNC, where you would only own the property for a set amount of time.
3. The Importance of Local Legal Assistance in North Cyprus Property Purchases
For purchasing a property in North Cyprus, you will need to engage a local legal advisor. This is because there are many legal procedures specific to the TRNC that a foreign lawyer may not be equipped to handle. For instance, obtaining Permission to Purchase is one such task that must be performed by a lawyer within the TRNC.
4. Investing in North Cyprus Property Remotely: Understanding the Challenges
While it’s possible for investors to buy properties without visiting the TRNC by setting up power of attorney remotely, this process is generally more complex and is not advised unless necessary.
5. How We Can Assist in Finding Trusted Legal Advisors in North Cyprus
If you need assistance finding a trusted legal advisor in the TRNC, we can provide a list of recommended lawyers. These lawyers, many of whom are British trained, are experienced in handling property transactions in North Cyprus. We can even set up a meeting with one of these lawyers during your visit to the TRNC.
6. Setting Up a Limited Power of Attorney: A Crucial Step for Non-Resident Property Buyers in North Cyprus
As a non-Turkish speaker who doesn’t live full-time in North Cyprus, you’ll need a lawyer. Setting up a limited power of attorney with a certified legal advisor in the TRNC is a straightforward process that enables the lawyer to sign documents on your behalf when you’re not in the country.
7. Understanding the Role of the Deposit in North Cyprus Property Transactions
To reserve a property in North Cyprus, a non-refundable deposit of £1,000 is usually required. This deposit can be paid to your lawyer or directly to the seller.
8.Securing Your Ownership: The Permission to Purchase Process in North Cyprus
Before the title deeds to a property can be registered in your name, you must obtain Permission to Purchase from the TRNC Council of Ministers. This process typically takes about 6 to 9 months, but your ownership is secured in the meantime by registering your contract of sale at the land registry.
9. Your Tax Responsibilities When Purchasing a Property in North Cyprus
When buying a property in North Cyprus, you’re subject to a few one-off taxes. These include a 0.5% stamp duty, a 5% VAT (for brand new properties or resale properties where the previous owner has not paid VAT), and a tax for title deed transfer.
10.The Contract of Sale: Safeguarding Your Interests in North Cyprus Property Purchases
The Contract of Sale is a crucial document that safeguards your interests. It details key terms such as plot number, plot size, price, payment schedule, and completion date. Once both parties are happy with the terms, the contract will be signed by your lawyer on your behalf.
11. Staying in North Cyprus: Understanding Visa and Residency Requirements
If you intend to stay in North Cyprus for more than 90 days at a time, you’ll need to apply for a temporary residency permit. However, if your visits are 90 days or less, a 90-day visitor visa should suffice.
This is a general overview of the property purchase process in North Cyprus, but each transaction can have its own complexities. For more detailed guidance, feel free to reach out to us.
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