After a property has been chosen and a price has been agreed upon with the vendor (selling company), the Buyer and the Seller sign a Sales Agreement, where the selling price, payment and delivery terms, property details etc. are listed.
For the non-TRNC citizens to buy a property in North Cyprus the permit to purchase property must be acquired from the TRNC Council of Ministers. This procedure takes 3-6 months to complete.
According to the actual law, after the Agreement is signed %0.005 of the stated Sale Price must be paid within 21 days following the signing to the Tax Office as the Stamp Duty. This deems the contract fiscally legal.Moreover, the Sales Agreement must be also registered at the District Land Office within 21 days of being signed.Registering the Sales Agreement at the Land Office renders it legitimate according with the property ownership law. Besides, a recognisance that the sold property is not going to be let into disposal or possession of any third party is registered by the vendor at the District Land Office.You have to provide us with a photocopy of the Contract with all the stamps, and ‘Appropriate to the Original’ stamp by the Tax Office. After the property’s been transferred, it has to be registered for the immovable property tax at the Municipality’s Property Tax department (at the bottom of the Girne Bus Terminal road).
In the TRNC, foreign purchasers are entitled to have only one house or a plot, which must not exceed 1 donum in area per household. Married couples count as one household
To buy a property only the buyers’ passports are required.
The buyer is obliged to pay the Property Transfer Fee on the purchased property. The Property Transfer Fee is paid to the North Cyprus Land Registry Office while the transfer of title takes place. The purchaser will pay the reduced Property Transfer Fee of %3 of the sale price on his first property. Buyers, who have previously used this discount right, must pay %6.In addition, the Value Added Tax (VAT) and Capital Gain Tax (Stopaj) must be paid. VAT is %5 on the property’s selling price.Capital Gain Tax (Stopaj) is paid to the Tax Office by the vendor. The rate for commercial purpose sales (builders) is %4.25, and for profit purpose sales (owners) it is %3,5.
There are 3 types of property titles in the TRNC. They are:
TURKISH TITLE: Title Deeds given to the houses, land and business properties, owned before 1974 by Turkish Cypriots and foreigners. It is considered to be the safest of the existing titles.
EXCHANGE TITLE: Turkish Cypriots, who had to escape to the North in 1974 leaving in the South Cyprus their homes, land and buildings were given equivalent properties by the TRNC government in exchange for those left in the South. Turkish Cypriots, who took over the exchange properties, signed a waiver on their properties left in the South and received the ‘Exchange’ title deeds from the TRNC government. Exchange title properties are considered safe and are valid for any sort of buying/selling operations.
TAHSIS TITLE: Title deeds given to the land which the TRNC government assigned to the TRNC citizens as a reward for military service during the war or to the citizens of mainland Turkey who re-settled in the TRNC after the 1974. These title deeds are under the TRNC government protection and the owners have all the proprietary rights on such properties.
After a property is registered into the Buyer’s name, the actual Will does not comprise the TRNC property that is why to draw a new Will is highly recommendable. Your new Will can be prepared by the local advocates.
One must apply for a residential permit in North Cyprus. On the first arrival in North Cyprus, a three-month tourist visa is given automatically. Should one wish to stay after the visa has expired, a temporary residence permit must be applied for at the Immigration Office.
Land in North Cyprus is measured in donums, evleks, feet and metres.
1 Donum = 4 evlek
1 Donum = 1.338 m2
1 Donum = 14.400 ft2
1 Evlek = 334,5 m2
1 Evlek = 3600 ft2
1 m2 = 10,76 ft2
Apart from the build-and-sell projects, Özyalçin Construction provides individual projects. Our company’s Marketing Department, technical team and solution partners are capable of managing the construction, including landscaping and interior design and assisting you through all the processes until the turnkey.
Nowadays the flights to North Cyprus are carried out only via Turkey.
Yes, you can pay for the property you have bought from our company by bank transfers to the Özyalçin Construction accounts. The accounts details will be provided by our accounting department on your request.
You can pay your property’s electric and telephone bills using the automatic payment order to the relevant companies’ accounts. Your water bills may be paid upfront to the local municipality.
In case of the monthly fees being paid for the maintenance of your purchased property, you have to contact the building complex management regarding the payments.
Özyalçin Management Ltd., another company within the Özyalçin Group of Companies, provides the property management services. On your request, the complete maintenance of the property you have purchased will be done by Özyalçin Management.