Buying a property in Northern Cyprus
The procedure for buying an apartment in Northern Cyprus is similar to buying real estate in other countries.
Here is a summary of the steps you should consider:
Budgeting:
Determine the maximum budget that you are willing to invest in buying an apartment. Include in it not only the price of the apartment, but also other costs such as fees, legal services, agency fees and the like.
What property in North Cyprus:
Choose a location in North Cyprus that interests you and start looking for properties that suit your requirements and budget.
Tour and apartment selection:
Once you've found potential apartments, arrange a viewing to view the condition of the property and consider whether it's a good option for you.
Signing contract:
If you are satisfied with the apartment and all the conditions, sign the pre-purchase agreement or the contract for the purchase of the property. This contract should contain all the details of the purchase, including price, terms, and deadlines.
Payment of fees and taxes:
After signing the contract, you will be required to pay all applicable fees and taxes, such as property tax and registration fees.
Property registration:
Once all fees and taxes have been paid, the property will be registered in your name in the local property records.
Transfer of ownership:
After full payment of the purchase amount and completion of all formalities, ownership of the property will be transferred to you. You will receive the relevant documents and keys to the apartment.
Remember that it is important to be knowledgeable about the local legal and tax system in Northern Cyprus as it may differ from other countries. It is therefore important to consult with local experts or a real estate agency throughout the entire process of buying a property in North Cyprus.
What should I consider when buying a property in North Cyprus?
You can find out about all your legal obligations in Act no. 52/2008 on "Acquisition of real estate and long-term lease (foreigners)".
It is not recommended to work with people or companies that are not reliable, professional and not registered in their sector and/or not registered with the relevant authorities. It is recommended to give preference to buildings built by contractors registered with KTİMB (Cyprus Association of Turkish Building Contractors) and building committee.
What documents do foreigners need when buying real estate in Northern Cyprus?
Here are the documents you need to apply for a purchase permit in Northern Cyprus:
- Opinion addressed to the Ministry of the Interior
- Copy of passport
- Purchase permit application form
- Criminal records obtained from the police station in your country of residence (in Turkish or English)
How many types of ownership are there in North Cyprus?
There are a total of 3 types of title deed in Northern Cyprus:
Turkish Title Deed: This means that the property was owned by Turkish Cypriots before 1974. It is considered the most secure type of title deed.
Equivalent title deed: This type of title deed was formerly in Greek ownership. However, the Greek owners abandoned their land and fled south, as did the Turkish Cypriots from the south to the north. Therefore, this land was given to the Turkish Cypriots in exchange for the land they left behind in southern Cyprus.
Allotment Deed of Ownership: This is mainly agricultural land allocated by the Government of Northern Cyprus to Turkish Cypriots or Turkish mainland immigrants. Persons with this title have the right to use the premises. Banks cannot provide housing loans for houses with title deeds assigned.
How to get a residence permit?
You can get a residence permit after transferring the title letter. This permit is valid for 1 year and you will need to renew it every year. After completing the 3rd year, you can apply for an indefinite residence permit. If you are over 65 years old, you can get a permanent residence permit right after transferring the title deed. In case you would like to spend your life here after retirement, there is nothing stopping you from doing so. To change from another citizenship to a Northern Cyprus citizenship, you must have lived here for 11 years with a residence and work permit.
