North Cyprus is a true heaven for fun, hot sun and peace loving people and comparison to many of European countries, real estate properties for sale are very cheap and easy to buy.

Moving to North Cyprus has become easier as local government encourages potential investors and visitors and help in their settlement in North Cyprus.

Like any other place, the initial permission of purchasing any property in North Cyprus is to be given by the Ministry of Interior Affairs of Turkish Republic of Northern Cyprus. After clearing all the necessary checks made by the carried out by the Interior Ministry that usually takes between 1-2 years, one can purchase property in Northern Cyprus and resell it back.

Buying property in North Cyprus is very simple, complete the below few steps and own a villa, apartment, bungalow or any other desirable property.

• Choose among many real estate properties in Northern Cyprus that are published for sale, look for the right one that suits your budget.
• In order to get in to the contract with the seller (Vendor) some deposit is usually asked with an additional 0.5% of the contract stamp duty.
• A written contract is drawn by legal solicitor where the terms of sales such as the Vendor, the buyer, the price, payment conditions, time scale of the payment and other special conditions are clearly described.
• Both buyer and seller sign the contract.
• The contract is then attested and approved at the TRNC Tax office by paying 0.5% contract stamp duty.
• Land registry office registers the signed and attested contract.
• A specific deposit that varies between different vendors, but usually a 20% deposit within a specified time mentioned in the contract is to be given by the buyer (usually from 1-3 weeks)
• Meanwhile the solicitor submits the purchase permit application with all necessary documents provided to the Council of Ministers.
• Buyer pays the remaining amount on the agreed date mentioned on the contract and the possession of the property is handed over to the buyer.
• For property under construction, stage payments contracts are signed where the buyer pays in time intervals after completion of each stage. Same procedure is applied to the off-plan properties in North Cyprus as well. After the completion of the whole property and all the necessary payments made buyer takes the possession of the property.
• Sale is completed by the transfer of the title deed 6% of the stamp duty is charged by the local council, VAT% if any applicable and the seller signs the title deed in to the name of the buyer.
• That’s it; you own a cheap but luxury villa/apartment/bungalow in North Cyprus and enjoy your holidays, hot summer sun and beaches in this exotic island.

The costs of the above procedure is summarized as below.

• Solicitors Fees: Approx. £1,000 (Includes contract preparation, POA, all permits purchasing, registrations and stamping and following the sale procedures)
• Stamp Duty: Currently at 6% (reduced to 3% on any one purchase) of the valuation levied by the Land Registry Office and 1% of the stamp duty charge, paid to the Local Council.
• VAT: 5% of the valuation levied currently at 5% of the valuation levied by the Land Registry Office. This tax is payable on all sales except those where the property is sold by an individual
• Contract Duty: This duty is to be paid within 21 days of the contract date and is 0.5% of the Contract value currently.

Process for buying a leasehold property is as follows:-

Buying a leasehold property in North Cyprus is almost same as buying a freehold property in the Northern region. However instead of sending an application to the ministry of Interior, you apply to the Tourism Ministry of North Cyrus either directly or via a legal lawyer. Similarly you pay a specific amount as deposit to the vendor to secure the property that is approximately 20%. Once the application is approved by the Ministry of Tourism, sale can proceed to completion and lease is transferred from vendor to the name of purchaser.

In below few steps you own a leasehold property;

• Secure property by paying the deposit to the vendor.
• Agree for the terms of sale by signing the contract drawn solicitor with a signature of the vendor.
• Vendor will apply for the transfer lease to the Tourism Office in TRNC.
• Personal interviews may be included to take lease sale permission.
• After an approval transfer some amount usually 20% to the vendor.
• Finally, pay the remaining amount to the seller, and the lease sale is completed.

Costs involved are;

• Lawyer Fees:  Approx. £300
• Stamp Duty:  £500
• Contract Duty:  Currently at 0.5% of the Contract value, payable at the TAX office within 21 days of the Contract date.