Buying process in North Cyprus
The rules and procedures when buying properties differ a little from those in your home country, but are very straightforward. Just like in many other parts of the world, you hire a lawyer who handles the formal, such as contract, registration and law enforcement.
North Cyprus is subject to UK property laws and all property sales are made in British Pounds (GBP).
Choice of lawyer
The buyer is represented in North Cyprus by a lawyer. The lawyer assists you throughout the affair and handles the formal, such as contract, registration and law enforcement. As a buyer, you freely choose your lawyer.
The lawyer checks so that there are no deficiencies and errors in the property register, that the home is not burdened by old loans or servitude and that no old bills are due for payment
When the buyer and seller agree, you write a reservation contract and in connection with that, the buyer usually pays between £ 2,000 – £ 5,000 to the lawyer’s account. The amount varies depending on the purchase price.
When the reservation contract is signed, the home is taken directly away from the market. The buyer’s lawyer starts the buying process and draws up the complete purchase contract to be signed by both the buyer and the seller.
Permission to Purchase
In order to own a home in Northern Cyprus, you need to get a permit from the Interior Ministry authority, which is called “Permission to Purchase”. This helps your attorney in connection with the buying process and the cost is included in their fees. You need to be able to show an excerpt from the load register from the country you are written in.
The payment looks different depending on whether it is a used property or if it is new production. In the case of a used sale, the entire payment is usually made within one month of contract writing. When buying new construction, the entire purchase price is not paid directly, but the payment is made in stages according to agreement with the construction company.
The payment is made to your lawyer’s account. The lawyer checks that the construction company has fulfilled its obligations under the contract before the payment is passed on to them.
In addition to the purchase price, there will be 8.5% in taxes for a first-time buyer. The tax consists of 0.5% in stamp duty and is paid within 21 days after contract writing, 5% in VAT and 3% in legal tax, both of which are paid when transferring legal title.
When all payments are complete and purchase permits have been obtained, title deeds can be transferred to the buyer and thus the entire purchase is completed.