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Immovable Property Buyers Guide
There are the different types of property and deeds for sale in Northern Cyprus
. Please note that before the
real estate in Northern Cyprus can be registered in your name, an
application must be made to the Council of Ministers for approval. Foreigners
are limited to one donum per person (husband and wife count as one person
unless they have different surnames). The procedure to obtain approval will
take about 10 to 15 months or so.
For retired persons, the resident permit is all that is required. Retired
persons may bring into the country a full household of furniture. These are
virtually tax-free a nominal 2 - 3% tax is levied.
1 - Turkish
(Foreign) Freehold - title deed: Pre 1974 Turkish Title
Deeds are the property deeds belonging to Turkish Cypriots or any foreigners
other than Greeks , prior to July 1974 Turkish military intervention which took
place after the 1974 coup d'état in Cyprus.
Simply stated, Turkish title deed is a document that shows that the owner of an
immovable property on July 1974 was a Turkish (Foreign) person and/or Company.
Turkish title deed properties are universally accepted and undisputed.
Please click here
to see our portfolio of Turkish Title Properties
2 - TRNC Freehold - title deed: These refer to immovable
property in Northern Cyprus belonging to Greek Cypriots pre-1974. After the
July 1974 Turkish military intervention, which was the result of the 1974 coup
d'état in Cyprus, these were transferred to refugee Turkish Cypriot citizens
either in exchange of their immovable property left in South Cyprus or for
economical development purposes. When the Turkish Cypriot refugees came to the
safety of the North after July 1974, they left all their possessions behind in
the South. Accordingly, the administration in North Cyprus then assessed, on a
points basis, the value of the Turkish Cypriot refugee's assets in the South.
With these points, the Turkish Cypriot refugee could take a vacant immovable
property in North Cyprus in compensation for his/her lost properties in South
Cyprus. He would then sign over his properties in the South to the local
authorities.
3- Leasehold Title Deed: There is also the method of leasing
land or property, instead of purchasing through estate
agents in Northern Cyprus. These are usually derelict houses, which the
authorities will lease out for periods up to 49 years to foreigners who
renovate the property at their own expense, and who pay a nominal ground rent
for the lease period.
The actual procedure of property or
land purchase would entail the following procedure.
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