Hiring a solicitor at this point is essential. The solicitor will be responsible for informing you and providing you with all documents relating to taxes, applications, processes from the time of sale through to the transfer of the title deed of the property you purchase. Furthermore, the solicitor will also deal with processing your permissions to purchase as a foreigner by applying to the appropriate Governmental Offices and will follow up on your applications to ensure completion. The solicitors in North Cyprus can be communicated via e-mail, fax and phone. Thus, constant correspondence can be ensured throughout the purchase process of a property. Moreover, a property purchase may even be completed from abroad if the solicitor has been granted the Power of Attorney to act on your behalf.
Yes. North Cyprus requires a visa for resident status. People coming from the U.K. and other major European countries automatically obtain a 3-month visa upon arrival. An extension of this time period can be granted, provided you successfully apply for a residency permit (implying that you plan to settle permanently). Typically, as the visa process can be long and tiresome, many people opt to hire a solicitor.
Generally, solicitors charge around £1,000 – £1,300 for a purchase contract and £300 for the permit. This fee covers the handling of all applications required for living in North Cyprus. Solicitors also help in ensuring the validity and legality of transactions.
As mentioned earlier, the employment of a local solicitor is not required but is highly recommended. For a general fee a solicitor will personally follow-up on transactions at the local government offices. Furthermore, the solicitor will check your Contract of Sale to be signed by you and the developer of the property, therefore ensuring its legality and authenticity. A permit for owning a home is required.
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:
NOTE: The Tax Authorities have given first time investors the incentive of a one time opportunity to reduce the title deed fee to 3%.
At Ozan Estate, we aim to facilitate all of our clients needs, including those who live abroad. If you are interested in purchasing property but are not able to travel immediately, we would be happy to assist you. Simply submit an inquiry and one of our team members will contact you and personally walk you through the process.
Your passport is the only document required.
At present you are individually only allowed to own one property at a time, unless you have a local company registered in Northern Cyprus. According to Property Purchase (Foreigners) Law and other relevant regulations, Law No: 109, Foreigners’ purchase is limited to one donum (donum is a measurement of land equivalent to 1,600 square yards, 1,338 sq. meters or 14,400 sq. ft., 0.336 acre) of land or one immovable property, unless you register a local company in Northern Cyprus with Turkish Cypriots acting as 51% nominee shareholders.
Probably, the most common word you will hear in dealing with property purchase in Northern Cyprus is the “koçan (pronounced as kochan)”. “Koçan” means, “deed” and there different kinds of Kocan’s in the Turkish Cypriot legal system.: