|
|
|
|
|
|
 |
LEGAL ADVICE
We can introduce you to independent English Speaking Solicitors with whom you can consult.
It should be noted that according to Property Purchase Law and the related regulations, foreigners’ purchase is limited to one donum of land, which is 1/3 of an acre or to one property. However there is no limit to the amount of property and land that can be purchased by a local company.
Legal Tips Prior to Purchase
First and foremost appoint a solicitor who will request the following:
- Copy of the title deed
- The site plan – detailing plot references
- Check the site plan and ascertain its shape and boundaries
- The construction availability (from State Planning Office)
Make a land search to understand; if there is a deed, type of deed and whether there are any encumbrances attached to the property.
TITLE DEEDS
There are three different types of Title Deeds available in Northern Cyprus
FREEHOLD (FOREIGN OR TURKISH) TITLE, TRNC TITLE and LEASEHOLD TITLE.
FREEHOLD – FOREIGN TITLE PRE 1974
This is property owned by European residents, (e.g. British, German, and Dutch). The title deed is internationally recognized.
FREEHOLD – TURKISH TITLE PRE 1974
This is property which was Turkish Cypriot owned prior to 1974.
TRNC TITLE
There are two different types of TRNC title deed:
1 – ESDEGER (Exchange)
The property / land was Greek Cypriot owned prior to 1974. When the Turkish Cypriot refugees came to the safety of the North after July 1974, they left their properties and possessions in the South and so the government then assessed on points basis, the value of the refugee’s forsaken land in the south and in exchange for that land they were given property / land in the North.
2 – TMD
Again the property / land was Greek Cypriot prior to 1974. This is land that the government gave to Turkish people as a gift for services to the government.
LEASEHOLD
The government owns the property. Long-term leases are granted for 49 years.
COSTS TO BEAR IN MIND
When purchasing property or land in Northern Cyprus there are other charges you must take into account when deciding on your budget, these are:
Payable upon completion of the property:
Payable upon transfer of title deeds into the purchaser's name
- 3 % Purchase Tax
- 1 % of the 3 % Local Council Fees
|
|
 |
|
|
|
