Northern Cyprus properties are among the most sought after properties in the Mediterranean. The charm of this beautiful and largely unspoiled island is starting to attract attention from all over the world. Whether you are looking for a retirement home or a vacation home, it is important that you understand what is involved, both in time and money, before making a decision to buy a property in Northern Cyprus. Once you visit this magical island where mountains and sea combine for a magical taste of modern life and ancient culture, you’ll see that time and money are well worth a taste of a little paradise.
The first thing is to study the types of deeds for North Cypriot properties. There are several types of actions. The reason for this stems from the war that took place in 1974, and the resulting settlement of the northern side of the island. Foreigners are only allowed to purchase one donum (1600 sq. yard) of land. Some purchases must be approved by the Council of Ministers. While this approval process can take up to six months, a person is allowed to own land before the process is complete. The types of deed include: Foreign ownership prior to 1974, rare deeds that do not require Board approval; Turkish Cypriots owned before 1974, the most common type and require Council approval; TRNC Absolute Possession Document, a deed granted to refugees from the south in exchange for the property they left behind – the only land deemed unsafe to purchase under this type of deed was land issued to military personnel in exchange for services; and Greek Cyprus prior to 1974, a deed established for property that does not own title, is usually sold on the market at very low prices, and is not considered safe to purchase. The best way to handle a deed situation is to hire a lawyer (lawyer) to ensure that the land you are buying has a clear and secure certificate.
You should also be aware of the additional costs associated with purchasing a property in Northern Cyprus. These costs may include attorney’s fees; purchase permit; VAT (KDV) – 5% tax payable to the Revenue and Tax Office; 0.5% Stamp Duty to be paid to the Registration Office; local tax; and the usual utility connection fees.
