Starting an investment abroad or purchasing a holiday house usually comes with a lot of differing questions. From where and how to start to finalizing the purchase and taxes and residency permit we have gathered all the necessary information and frequently asked questions which any interested family or an investor may have here.
Of course, if you have any other question or seek an in depth explanation, you can get in touch with us via our contact page or simply the online chat
What additional costs are involved when purchasing a property in Northern Cyprus?
Solicitors fees for processing your entire purchase transaction will vary, but expect to pay around £1200.
Purchaser’s tax: 3% of either the contract price or the valuation made by the North Cyprus Land Registry Office – whichever is higher.
V.A.T (K.D.V): Payable only on new properties, or properties that are being issued a title deed for the first time; 5% of the contract price.
Stamp Duty: 0.5% of the sale price payable within 30 days of signing your contracts, your solicitor will usually be able to arrange payment of this for you. Stamp Duty increases if not paid within 30 days.
What kind of deposit should I expect to pay when I decide which property I would like to buy?
- £1000 is usually the minimum required to begin the sale process. Once this is paid, then the property can be withdrawn from the market*.
*Please note that Hub Property Investment will not accept any further offers on a property once a holding deposit has been paid, as this is the generally accepted practice in North Cyprus. Other companies may not adhere to this.
Do I have to make a new will in Northern Cyprus?
Once your North Cyprus property is registered in your name, we advise you to make a new will as your property in North Cyprus is not covered on your original will. Your solicitor can assist with preparing a new will for you.
What documents will I require if I purchase a property in North Cyprus?
Initially, you only need your passport when purchasing a property, if you cannot be present in North Cyprus for when your contract is being signed, then you will have to give ‘Power of Attorney’ to a trustee or your solicitor so that they may sign on your behalf. For overseas buyers, a ‘police check’ document must be obtained from your country of origin as part of your permission to purchase application.
Can I pay for a property from overseas?
This can be done quite easily via bank transfer, please seek aid from one of our qualified representatives.
Can we use an overseas solicitor?
You must use a solicitor registered with the Bench in Northern Cyprus.
Can I own more than one property at a time?
Overseas buyers may only own the title deeds for one property at a time. A married couple can only have one title deed between them.
What can I do if I want to buy two properties in Northern Cyprus?
You can sign sale agreements for more than one property, although you can only apply for ownership of one title deed. For additional properties, you must appoint a trusted nominee in whose name the title deeds can be written.
How much land are we allowed to buy in North Cyprus?
The amount of land that buyers from overseas are allowed to buy up has been increased to 5 donums of land (6690m² or 72,000ft²), as long as there is only one property on the land.
How large is 1 donum of land?
1 donum is approximately one third of an acre – or to be more precise: 1,338m² or 14,400ft². Land measurements are generally calculated in donums, evleks and square feet. There are 4 evleks in each donum and 3,600 square feet to an evlek.
Can buyers from overseas get mortgages in North Cyprus?
At present, only TRNC citizens can obtain mortgages for properties, although many developers are able to offer various long term payment options. Resale properties tend to be cash sales.
If we buy ‘off-plan’ how will we know when our payments are due and how do we make payments to the builder?
The builder will notify us when each important stage of construction has been completed. The stages when payments are due should be clear on your contract. Hub Property Investment will check on the progress and we will send you pictures by email for confirmation.
How long are we allowed to stay on the island?
You are issued a 90-day visa when you arrive, after which you must apply for a temporary residency permit. Temporary residency permits must be renewed every 12 months.
Will I need permission to live in Northern Cyprus, and if so how do I apply for this?
Yes you are required to submit an application for residency in North Cyprus. When you arrive on the island you are automatically given a 90-day visa and if you intend staying beyond that date you must apply to the immigration office for a temporary residency permit.
Will I be able to apply for a T.R.N.C. ID card (Kimlik)?
After you have been a resident in North Cyprus for 5 years you may apply for a Kimlik card.
How can I bring my pets to North Cyprus from overseas?
Up to date information can be found on the Kyrenia Animal Rescue (KAR) website at http://www.kyreniaanimalrescue.org
Are there local taxes to pay on my UK pension?
What side of the road do you drive in North Cyprus?
We drive on the left hand side.
Am I required to take out medical insurance?
You are not required and we find that most foreign buyers find the local medical care to be quite adequate and extremely reasonable.
What is the official language spoken in North Cyprus?
Turkish is the official language, although most people speak English too.
Can I pay my utility bills by standing order?
You can pay electricity and phone bills by standing order. Water bills can be paid in advance at the local council (Belediye) office.
Can we fly directly into North Cyprus?
At present, all flights must stop in Turkey for approximately 1 hour.
Is there a public transport system in North Cyprus?
In the Kyrenia district there are regular mini buses (called a ‘dolmush’) that serve most populated areas until 7.00pm. Taxis are usually easy to find and reasonably priced.
Is there an International School for my children to attend?
There are various schools that follow the UK curriculum.
What is the time difference in North Cyprus from the UK?
North Cyprus is in the ‘GMT +2’ time zone (2 hours ahead of the UK).
Is the TRNC postal service efficient?
Post within North Cyprus is usually reliable. If you are being sent post from overseas then it’s best to ensure that the sender uses registered post, as regular post does tend to go missing at times. We advise that you apply for a PO Box in your local area after you have taken possession of your property, although there may be a waiting list for this. ‘Mersin 10, Turkey’ must be written instead of ‘North Cyprus’ at the end of the address for all post into the TRNC, as all of the post comes via Mersin.