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BUYERS GUIDE |
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How big is a
donum of
land? |
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A third of
an acre or
1,338m².
Land
measurements
are
generally
calculated
in donums,
evleks and
square feet.
There are 4
evleks to
the donum
and 3,600
square feet
to an Evlek
– easy
really. |
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How do we
know when
our payments
are due and
how do we
make
payments to
the
builder/vendor? |
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The builder
will notify
us in
writing when
a stage of
construction
has been
reached and
we will
inform you
together
with details
of how to
transfer the
funds over
for passing
onto the
development
company.
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Will I need
permission
to live in
Northern
Cyprus, and
if so how do
I apply for
this?
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When you
arrive on
the island
you are
automatically
given a 90
day tourist
visa and if
you intend
staying
beyond that
date you
must apply
to the
immigration
office for a
temporary
residency
permit. The
process can
last up to 3
months. |
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What are the
costs
involved,
when
purchasing a
property in
Northern
Cyprus?
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Solicitors
fees:
Including;
drawing up
of contract,
Power of
Attorney,
purchase
permit
application
and seeing
the sale
through to
completion =
£1000. Stamp
duty: 6% of
the
valuation
levied by
the Land
Registry
Office and
1% of the
stamp duty
charge, paid
to the local
Council. You
will have
the option
to be exempt
from 3% of
the 6% stamp
duty on any
one
purchase.
VAT is
payable on
some new
build
properties
only.
On most new
build
properties
there is a
15% V.A.T
charge on
them payable
at time of
transfer of
title |
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Can I pay
for the
property
from
overseas?
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Yes, this
can be done
as we hold a
international
bank a|c in
the u.k. |
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The
procedure
for buying
freehold is
as follows:
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Select
property
and
agree
price.
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Contract
to be
drawn up
by a
solicitor
based in
Northern
Cyprus,
to
include
price,
timescale,
payment
terms
and
specification.
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Both
vendor
and
purchaser
to sign.
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Purchaser
provides
deposit
(the
amount
will
vary
from
10%-25%)
and a
completion
date is
set.
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Solicitor
applies
to
Council
of
Ministers
on your
behalf
for
purchase
permit
(this is
your
permission
to buy
in
Northern
Cyprus)
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Final
balance
payable
( new
build
properties
will be
in stage
payments
spread
over the
duration
of the
construction.
In most
cases a
15%
K.D.V.
(V.A.T.)
will be
levied
on the
property.
)
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Once
purchase
permit
has been
received
vendor
transfers
title
into
purchasers
name.
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Purchaser
pays 6%
stamp
duty and
1% of
the
stamp
duty
charge
is paid
to the
local
Authority/Belediye.
(You may
use the
right to
be
exempt
from 3%
of the
duty on
one
purchase)
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The
title
deed is
transferred
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Sale
complete.
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The transfer
of title may
take 9-18
months to
fully
complete,
this however
will not
affect you
being able
to take
possession
of your
property |
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Freehold -
Foreign
Title |
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This is
property
owned by
European
residents,
(eg.
British,
German,
Dutch).
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Freehold -
Turkish
Title |
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Turkish
Cypriot
owned pre-
1974 |
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TRNC Title |
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Post 74
Turkish
Cypriot
Ownership
(TRNC Title
Deed): Given
to Turkish
Cypriots due
to their
lands left
in South
Cyprus
(exchange of
land /
property) or
(awarded
land /
property) to
Turkish
Cypriots by
the Turkish
Republic of
Northern
Cyprus
(“TRNC”)
Government.
Based on the
1983 TRNC
Constitution,
all the
deeds
rectified
and named as
TRNC deeds
are freely
transferable
to
foreigners |
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Leasehold |
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Owned by the
TRNC
Government
who will
grant
long-term
leases of 49
years |
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