FREQUENTLY ASKED QUESTIONS
How can you own real estate in Cyprus, documents and questions about the way to be followed.
Yes. It can be obtained with a power of attorney issued in accordance with the legislation of the TRNC.
After the property to be purchased is selected and the price is agreed with the seller company, between the buyer and the seller; A sales contract is signed, which includes the sales price, payment and delivery conditions, and details of the real estate.
Persons who are not TRNC citizens must obtain a “Real Estate Purchase Permit” from the TRNC State in order to purchase real estate in Northern Cyprus. This process is completed within 3 – 6 months.
After signing the contract, the Stamp Fee, which is 0.5% over the Contract Price according to the current law, must be paid to the Tax Office within 21 days from the contract signing. Thus, the contract becomes financially legal.
In addition, it must be registered with the Land Registry Office within 21 days from the date of signing the Sales Contract.
The buyer registers the contract with the Land Registry Office, stating that the sold real estate will not be in the possession or possession of third parties in any way, and the property right becomes legal in terms of law.
A stamped photocopy of the stamped contract from the Tax Office must be sent to us.
The buyer is obliged to pay the “Deed Transfer Fee” of the real estate purchased. Title Deed Transfer Fee is paid to the Northern Cyprus Land Registry Office when the title deed is transferred. In case the buyer is the first real estate, a transfer fee of 3% of the sales price of the real estate purchased at a discount is paid.
This rate is 6% for all individuals who have used the discount right before.
In addition, Value Added Tax (VAT) and Withholding Tax are paid. The amount of VAT paid by the buyer is 5% of the sales value of the real estate.
Withholding Tax is paid by the seller to the Tax Office. This rate, which is 4% for for-profit sellers (contractor), is 3.5% for non-profit (owner-owned) sellers.
There are 3 types of real estate in TRNC. Namely;
TURKISH COB: It is the type of title given for residences, land and workplaces owned by Turkish Cypriots or foreign nationals before 1974.
EQUIVALENT KOÇAN: The Turkish Cypriots, who had to leave their real estate in Southern Cyprus and migrate to Northern Cyprus in 1974, were given real estate equivalent to the property they owned there in return for the real estate they left in the Greek side by the TRNC state. Turkish Cypriots, who bought equivalent real estates, signed documents stating that they renounced their lands in the Greek part and obtained the titles of their “equivalent” real estate from the TRNC state. Real estates with equivalent titles are considered safe and all kinds of purchases/sales can be made.
TAHSIS KOÇAN: The stubs of real estates given to TRNC citizens or people who came from Turkey after 1974 as a reward for the success shown in the war by the TRNC state, so that they can settle in the country and continue their lives. These titles are under the guarantee of the TRNC state and their owners have all property rights on the real estate.
In Northern Cyprus, acres, evlek, feet (feet) and meter units are used in land and plot area measurements.
1 Acres = 4 evleks
1 acre = 1,338 m2
1 Acres = 14,400 ft2
1 Evlek = 334.5 m2
1 Evlek = 3600 ft2
1 m2 = 10.76 ft2
Noyanlar İnşaat carries out special projects as well as build-sell projects.
Our company has the capacity to manage and monitor all processes from land acquisition to turnkey delivery, including building landscape and interior architecture, with its purchasing department, technical team and solution partners.
Currently, all flights to Northern Cyprus operate via Turkey.
Can We Pay Our Bills With a Payment Order?
Yes, you can make payments for the property you purchased from our company directly to Noyanlar İnşaat accounts by bank transfer. Account information will be provided by our accounting department upon request.
You can pay the electricity and telephone bills of the real estate you have purchased to the accounts of the relevant institution with an automatic payment order. For water, you can pay the municipality in advance.
If there is a subscription fee for the purchased property, you need to contact the site management for payments.
In order to register your real estate, you need to apply to the Iskele Municipality Real Estate Department. You can apply with your stamped contract, title deed and any document (ID card or passport) showing your identity information. Property Tax is calculated over the m2 of your house.
You have to pay a deposit to KIBTEK for your electricity to be turned on, you can apply with a stamped contract, title deed and any document showing your identity information.
If you are a TRNC citizen or have a TRNC citizen guarantor, the deposit fee is 470 TL. If you are not a TRNC citizen and do not have a guarantor, the deposit fee is 1410 TL.
In order to have your water meter connected, you need to apply to the Iskele Municipality Water Department. You can apply with your stamped contract, any document showing your identity, and real estate registration or receipt. The amount of water meter is 1976 TL.
Yes, they can. One of the Turkish branch banks in Northern Cyprus, Türkiye İş Bankası, T.C. Ziraat Bank, Türkiye Garanti Bankası, Türkiye Halk Bankası, Türk Ekonomi Bankası.
While the Public Bank is Cyprus Vakiflar Bank, some of the private capital banks are Akfinans Bank, AlBank, Asbank, Capital Bank, Creditwest Bank, Cyprus Faisal Islamic Bank, Cyprus Turkish Cooperative Central Bank, Limassol Turkish Cooperative Bank, Near East Bank, Nova Bank, Turkish Bank. , Universal Bank, İktisat Bank, Şeker Bank.
Title Deed Fee: Housing, workplace, land, field, land etc. It is a fee calculated as 4% of the sales price declared in the title deed for all real estates sold.
Who Pays the Title Deed Fee: According to the decision of the Council of Ministers, 20 (2%) of the real estate is collected separately from the seller and the buyer.
Owning real estate in Northern Cyprus does not directly grant the right to reside, but it is an advantage for those who want to get the right of residence to have real estate. If people who own real estate do not have legal problems and can prove their income, it is a normal process for foreign nationals to obtain a residence permit for 1 year, then 2 years and then an unlimited residence permit. they do not need to log in at certain times.
It is possible to rent real estates purchased by foreign nationals (Turkish citizens and other citizens) in order to generate income.
For more information, you can contact our company by calling +90 392 444 60 60.
It is the most profitable investment tool since housing prices are constantly increasing above the interest rates in parallel with the political developments. In a very beautiful environment, you will reach the airport, beaches of unique beauty, pine forests, harbors, no matter where you buy a house, within a maximum of thirty-five minutes. You will live in a tolerant, helpful and understanding social environment.
Yes. Northern Cyprus requires a visa for residency status.
Individuals from the UK and other major European countries automatically receive a 3-month visa on arrival.
An extension of this period may be granted, provided that you have successfully applied for a residence permit (meaning that you plan to settle permanently). Typically, many people choose to hire a lawyer, as the visa process can be long and tiring.
The main currency used in Northern Cyprus is Turkish Lira.
Other major currencies such as the US Dollar, British Pound or Euro are accepted in large urban areas.