FAQs
We are here to answer all your questions
FAQ
Most frequent questions and answers
– Turkish Deed: Real estate property deeds belonging to Turkish Cypriots, Brits and other nationalities before 1974.
– Equivalent: After 1974, The Turks of Cyprus left their real estates in Cyprus and emigrated to the North. Later, the TRNC State issued title deeds to some real estates in the North that were previously owned by the Greek Cypriots, in return for the property left in the South. Such real estate is popularly called “Eşdeğer Koçanlı” (Equivalent Deed).
– Allocation: It is real estate property given and/or allocated by the state to the war veterans of the TRNC after 1974, to their families, people who were invited to settle from the Republic of Turkey, and people who came from the South to the North and did not own any property.
-There are 4 different taxes paid when buying real estate in TRNC.
– Tax Stamp: In case of purchasing a house from a project with a future delivery date, the sales contract is registered in the land registry office. In such a case, the stamp fee of 0.5% of the sale price in the contract is paid to the tax office.
– VAT (Value Added Tax): It is paid by the buyer as 5%.
– Deed Transfer Fee: It is paid by the buyer as 6%. However, if the buyer is an amateur non-profit buyer, he can pay a 3% deed transfer fee at a discount of only once in his life. For subsequent purchases, a tax of 6% is paid on the price approved by the land registry office.
– Withholding: This tax is paid by the seller. If the seller is a for-profit company, a tax at the rate of 4% is paid and if the seller is a non-profit amateur seller, a tax at the rate of %2.8 is paid. Amateur non-profit sellers are exempt from this tax once in their lives.
– Different taxes are applied in transfers through grants. The mother and father’s grant to the son is 0.2%, the spouse-to-spouse grant is 0.4%, and from grandparent to a grandson grant is 0.4% withholding.
1 decare = 4 furrow
1 decare = 1.338 m2
1 decare = 14.400 ft2
1 furrow = 334.5 m2
1 furrow = 3600 ft2
1 m2= 10.76 ft2
It is highly safe to purchase a property in North Cyprus. All the steps are detailed below. If you wish, Emperia is happy to accompany you through all these processes. It is recommended by our company to carry out all these stages with an authorized lawyer in the Turkish Republic of Northern Cyprus.
– After the property to be purchased is selected and the seller is compromised with the seller for the price, between the buyer and the seller; a sales contract is signed, which includes issues such as sales price, payment and delivery conditions, details of the commodity.
When purchasing a property, only the identity or passport of the buyers is needed.
– After signing the contract, the Stamp Fee, which is 0.5% over the Contract Price according to the current law, must be paid to the Tax Office FIRST, within 21 days from the contract signing. Thus, the contract becomes financially legal.
– In addition, the Sales Contract must be registered with the Land Registry Office. The Buyer registers the contract with the Land Registry Office, stating that the sold real estate will not be in the possession or possession of third parties in any way, and the property right gain legalization.
-After these procedures, a “Real Estate Purchase Permission” application is required to the TRNC Ministry of Interior for the transfer of the title deed to your name after the key delivery. This application results in 3-6 months. The deed transfer is carried out after the turnkey delivery of the project and the detached deed of each residence is issued.
Documents Required for Real Estate Purchase Permit Application:
- Passport or ID
- Criminal Record (Original)
- Deed
- Map (Site Plan)
- Application Form
- Petition
The buyer is obliged to pay the “Deed Transfer Fee” of the property he purchased. The Land Transfer Fee is paid to the Land Registry Office of Northern Cyprus when the deed transfer is made. In case of the buyer’s first real estate, the transfer fee of 3% of the sale price of the purchased real estate is paid at a discount. This rate is 6% for all individuals who have used the discount right before.
1- Real Estate Registration: You must apply to the Real Estate Department of the Municipality. You can apply with any document (ID card or passport) showing your sales contract and credentials. Property Tax is calculated through the square meter of your home.
2- Electricity You need to apply to KIBTEK (TRNC ELECTRICITY AUTHORITY) for the opening of your electricity, you can make your application with the sales contract and any document showing your credentials. The deposit fee is 470 TL.
3)- Water You must apply to the Municipal Water Department to have your water meter connected. You can apply with any document showing your sales contract and credentials. The amount of water meter is 1976 TL.
