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North Cyprus Buyers Guide
 

Freehold

When purchasing a property in Northern Cyprus there are certain regulations that must be followed, these include checks which are carried out by the Ministry of Interior. This enables you to have the title deed transferred into your own name, this can take between 9-18 months to fully complete but does not affect you taking possession of your property.

 

Procedure

  • Select property and agree on the price.
  • Contract is drawn up by a solicitor based in Northern Cyprus and will include price, timescale, specifications and payment terms.
  • Both vendor and purchaser sign the contract.
  • Purchaser provides deposit.
  • Solicitor applies to Council of Ministers on your behalf for purchase permit.
  • Final balance payment (New build properties will be in stage payments spread over the duration of construction).
  • Once purchase permit has been received vendor transfers title into purchasers name.
Purchaser pays 6% stamp duty and 1% of the stamp duty charge is paid to the local authority.
 

Leasehold

There are a number of leasehold properties in Northern Cyprus and the process is very similar to purchasing a freehold however an application is made to the Ministry of Tourism and not to the Ministry of Interior.

 
Procedure
  • Select property and agree on the price.
  • Contract is drawn up by a solicitor based here in Northern Cyprus agreeing terms and conditions.
  • Both vendor and purchaser sign the contract.
  • Vendor applies to Tourism office to transfer lease.
  • Purchaser applies to take over the lease.
  • Once purchaser application is approved a 10% deposit is transferred.
  • On completion the remaining balance is paid to vendor and the lease transferred.
Please note: Legal fees will cost around 1200 stg.
 
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