Certainly, the last thing anyone wants is to be surprised with unanticipated charges. We have created a list below, of common taxes, fees, or charges that apply:
For any property purchased in North Cyprus it is required to pay VAT, which at the moment, is 5%, and a title deed fee, which is 6%. The title deed is paid to the Registry Office once the title is registered under your name, and can be paid several months after the keys are in your possession. It is important to note that these percentages are of the government valuation of the property and not the sales price, and that this value is usually significantly lower than the actual sales price.
There is also a small contract stamp duty that buyers must pay, which is a 0.5% payment to be made on signing a contract of purchase.
Water & electricity connection fees, which vary according to the project.
NOTE: The Tax Authorities have given first time investors the incentive of a one time opportunity to reduce the title deed fee to 3%.