Buying Property in North Cyprus
The North Cyprus legal system is based upon the legal system of the UK, and thus the process of buying in North Cyprus should not be unfamiliar. English is the language used in all legal documents and there are numerous reputable bilingual solicitors in North Cyprus.
Once the buyer has paid the holding fee, the property will be taken off the market and the purchase process through to completion should only take a short time.
Buying Property Procedures and Taxes
- 1. Choose and reserve your North Cyprus Property. The property will be taken off the market for 28 days – any monies paid will be fully refundable, and the contract will be subject to viewing, if you are intending to visit North Cyprus.
- 2. Negotiate price and terms including any extrasto be included at this stage.
- 3. The buyer’s solicitor will check the validity of title and the contract will be drawn up showing all terms of agreement.
- 4. The contract is signed by both buyer and seller. The buyers solicitor can sign on behalf of the buyer provided they have been granted power of attourney.
- 5. Buyer pays deposit, plus solicitor fees (£1350) and stamp duty (0.5%) within 14 days of signing. If the stamp duty is not paid within one month of signing of the contract, it will increase to 1.5% of contract price.
- 6. The buyers solicitor will apply for a foreign purchase permit, and once the permit is granted the Land Registry will value the property.
- 7. Stage/Monthly payments are made to the buyers solicitors according to the contract.
- 8. When the last due payment has been made, the title deed will be transferred into the buyers name.
- 9. 3% transfer charge and 5% VAT are payable upon completion.
- 10. The purchase is now officially complete.
Would you like to buy first and view later?
If you would like to complete a property purchase from abroad, a solicitor will have to be granted the Power of Attorney to act on the purchaser’s behalf. This is an easy process to arrange and we would be happy to assist in facilitating this.The buyer would be requested to complete the client information forms, a purchase permit application and also to provide a copy of the passport, this being after the initial contact.
If the terms of sale have been agreed and the agreement has been signed, the solicitor will now apply for a purchase permit and require all taxes to be settled on time.
North Cyprus solicitors can be contacted using email fax or telephone. Continuous contact can thus be guaranteed throughout the buying process.
Below is a summary of the purchase costs:
| Purchase Price | Holding Fee | First Payment* | Stamp Duty | Legal Fee | VAT | Transfer Charges | Total Purchase Costs | |
| £1000 | Less Holding Fee | 0.5% | £1,350 | 5% | 3% | |||
| 1 Bedroom Apartment | £38,500 | 1000 | £14,400 | £192.50 | £1,350 | £1,925 | £1155 | £4,622.50 |
| 2 Bedroom Apartment | £49,900 | 1000 | £18,960 | £249.50 | £1,350 | £2,495 | £1,497 | £5,591.50 |
| 3 Bedroom Apartment | £59,900 | 1000 | £22,960 | £299.50 | £1,350 | £2,995 | £1,797 | £6,441.50 |
| 2 Bedroom Villa | £75,900 | 1000 | £14,180 | £379.50 | £1,350 | £3,795 | £2,277 | £7,801.50 |
*First payment based on 40% on exchange for 1 bed, 2 bed and 3 bed apartments and 20% for 2 bed villas