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North Cyprus Property Title Deeds

Part of the solicitors duties after the contract is signed include applying for the property buyers ‘permission to buy’ and the transfer of title deeds. The Northern Cyprus government is currently taking approximately 2 years to process property title deed applications.

The permision to buy properties in Nortern Cyprus is a mere formality that foreign buyers have to apply for, in our 21 years of trading the only reasons that anyone has been refused permision to buy are if they are Greek or they are attempting to buy a property overlooking a military base – we do not ever advertise North Cyprus properties that are situated in the vicinity of military owned land.

Between the time that a buyer signs their contract of sale and they actually receive their title deeds; the buyer owns the property ‘on contract’. When the vendor signs the contract they relinquish any rights over the property and give full use of and ownership to the buyer. Property buyers are free to sell, rent or modify their property once they take possesion of it, some investors even instruct their solicitor not to apply for their title deeds as they know they are going to market the property once they have signed the contract.

Taxes

Currently, there are 3 taxes payable on any new North Cyprus property: 5% for V.A.T and 6% Buyers tax, everyone is entitled to a reduced rate of 3% buyers tax for their first purchase. Both of these taxes are not payable until the property buyers title deeds are ready for collection (usually 2 to 3 years from the date of contract). The third tax is Stamp Duty which is 0.5% of the property sale price and this must be paid within 30 days of signing contracts.

When the property buyers title deeds are ready for transfer the land registry office will inspect the property and make a valuation of it, this valuation is usually between 70 to 80% of the actual purchase price and it is on this lower valuation that the V.A.T and Buyers tax are paid.

For older or re-sale North Cyprus properties where the V.A.T has already been paid, property buyers will only have to pay the Purchasers tax and Stamp Duty.

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