Buying property in North Cyprus

Northern Cyprus is officially known as the Turkish Republic of Northern Cyprus (TRNC) and its capital is Nicosia, which is geographically located in the northeast of the island of Cyprus and has an independent government, economy, and public and private administrations.

There has been a very good market for buying property in Cyprus for several years, and many investors choose this country because of obtaining residency through property purchase. This method is one of the safest methods of immigration and residence in Cyprus. In addition to this diversity in the property, the existence of a wide price range, easy payment terms and installments, obtaining residence, affordable living costs, the existence of excellent facilities and a very pleasant climate have made this country one of the best investment destinations. .

In addition to its attractions and beautiful nature, North Cyprus has a flourishing art and culture, the most attractive of these cultures is the Bellaparis International Festival, which hosts international musicians and music and art enthusiasts every year.

Advantages of buying a house in Cyprus

One of the most important and famous advantages of living in Cyprus is obtaining a residence. The government of this country grants all types of temporary or permanent residence to property and house owners according to the price of the property and its conditions. Other attractive advantages of buying a house include the following:

• It is possible to buy in installments and in advance, subject to a series of conditions and rules.
• High variety of houses in different sizes and with different views
• Reasonable property and house prices compared to European countries
• It is possible to immigrate to Cyprus and obtain short-term and long-term residence by buying a house in Cyprus.
• By buying a property or a house, the applicant can benefit from the tax benefits of this country because there is no inheritance tax law in this country.
• The real estate market in Cyprus is very developing and it is a very good opportunity for investment.
• By buying a house in Cyprus, in addition to investing, you can earn income by renting the house if you do not intend to live there.
• The excellent climate of Cyprus, especially in the coastal cities, and affordable living costs are among the advantages of buying a house in North Cyprus.
• It is also possible to invest in Cyprus by buying a house in dollars, euros and pounds.

Property prices in Northern Cyprus + table

As we mentioned in the previous section, there is a lot of variation in prices and different areas for buying a house in North Cyprus.

Many factors, including the size of the house, the facilities of the apartment or villa, the view, the location and the accesses, affect the final price of the houses. In general, according to reports, the price of each square meter apartment in Cyprus is considered to be around 1650 euros.

For detailed information on the price of the property, pay attention to the following table:

Conditions for buying property in North Cyprus

Buying a property in North Cyprus has its own rules and conditions, like all countries in the world. In this section, we would like to point out the most important conditions for buying a property that the buyer must comply with:

• To buy a property in advance, 30 to 50 percent of the total amount is received from the buyer first, and the rest of the amount is paid in several installments or within a certain period of time (for example, 6 to 12 months) according to the agreement of the parties.
• Be sure to consider the weather and other facilities of different cities before entering North Cyprus, and then choose neighborhoods that suit your budget and conditions according to all the conditions. This helps speed up the process of buying property in North Cyprus as there are so many areas and houses to choose from.
• One of the exceptional conditions for buying a house in Cyprus is the possibility of getting a loan. To get the first loan, you must have a sure guarantor. Then, bank interest is charged for the value and price of the property in question.
• To buy a property in Cyprus, all identity documents of the owner and the buyer are required. In addition to financial ability, identity documents of other family members, being over 18 years old, providing a letter of no bad background and a medical health certificate are required when selling a house.
• Also, some people who immigrated to this country to study in Cyprus can obtain long-term residency in this country by purchasing a property in North Cyprus after completing their studies.

Rules for buying property in Northern Cyprus

Among the important rules when buying property in Cyprus that all investors and foreign buyers should pay attention to is the type of property that is to be purchased. Considering that Cyprus was recognized as an independent country in 1983, some of its houses are known as Turkish property, foreign property, free property, and some are known as Cypriot property.

• Turkish property: Before the declaration of independence of Cyprus, some houses were owned by Turkey and now they are known as Turkish property.
• Cypriot property: Real estate and land granted by the Cypriot government to people, Cypriot property is said to be Cypriot real estate sellers and owners.
• Freehold property: To purchase all freehold properties in Cyprus, applicants and buyers must draw up a contract for the purchase of property directly and through an immigration lawyer and send it to the Ministry of Interior.
• Foreign property: It is a property that was owned by the people of European countries and other foreign countries before 1973.
• After buying the property, the owner is obliged to pay several taxes, some of which are:
• The property buyer is obliged to pay 5% of the property value as tax.
• To register the ownership of the house, the buyer must pay about 12.5% ​​of the final price of the property to the Tapu office during the transaction and documenting, which is done in two payment stages.
• Finally, in addition to tax costs, the owner should consider side costs such as branches and energy consumption, which are different depending on the location of the property and each building and are around 1,500 to 1,800 per year that must be paid.

North Cyprus real estate consultants

Currently, due to the thriving home buying and investment market in North Cyprus and affordable house costs, many domestic and international real estate consultants are engaged in buying and selling in this country. Some of these people have participated in collaborative projects for the construction of residential units, and in this regard, they give advice to applicants according to their budget and taste. Some others have also cooperated with large construction companies and in this way provide necessary services to foreign clients and investors. Due to the increase of real estate consultants, variety in the prices and facilities of the houses, make sure to do enough research and investigations for the right choice and advice.

Steps to buy a house in Cyprus

To start the process of buying a house in Cyprus, we suggest that you look for reliable and experienced consultants whose professionalism in this field is quite evident. Because a good consultant, in addition to speeding things up, helps you reduce side costs a lot. After that, proceed with the steps of buying a house according to the following explanations:

Select the desired area and property

The first step to buying a property in North Cyprus is to find a residential unit suitable for your budget and taste. Here, the real estate consultation that is next to you will be very helpful in choosing the unit you want.

Completing the unit reservation form and setting up the initial contract

After choosing the city of residence and the unit, as well as after visiting the house and confirmation by the buyer, he must pay an amount under the title of advance payment to reserve the unit. At the same time, a preliminary contract is arranged between the buyer and the seller. Also, if the property is under construction and is purchased in installments, the initial payment amount and the rest of the installments must be fully mentioned in the initial agreement.

Completion of the initial deposit and advance payment along with the conclusion of the final contract

After the initial payment, the buyer is obliged to complete the amount or payment for the contracts according to the agreement, and a contract is drawn up with all the details, payment methods, house facilities, taxes, etc. From the time of booking the unit, the buyer has about one month to complete the first payment.

Property delivery and tax work

After handing over the property and completing all the legal procedures, the transfer of the document, etc., will receive the tax code and tax payments.

For this purpose, after 21 days of signing the contract, the buyer must go to the North Cyprus Tax and Finance Department and receive the tax tracking code by paying the contract fee and stamp.

If you have an experienced lawyer and a professional consultant, all the following steps will go smoothly, because lawyers are familiar with all the rules and steps of buying real estate.

Documents required to buy property in Cyprus

The most important documents for buying a house in North Cyprus are having identity documents and sufficient funds, and other documents include the following:

• Copy of all identity documents of the buyer and other family members
• Personal photo for all family members
• If you need to get a loan, provide identity documents and identify the guarantor
• Opening a bank account in Northern Cyprus
• Presenting a letter of financial capability or account circulation in one of the Iranian banks
• Property registration and reservation receipt
• If the applicant is married, a marriage certificate is required
• Medical documents and health certificate
• Bad criminal record letter

Residence in Northern Cyprus by purchasing property

Obtaining residency through property purchase or immigration through investment in Cyprus is one of the easiest ways to immigrate to this beautiful country. To get residency, you only need to pay 35% of the value of the property or at least 300,000 dollars so that you can follow the procedures for obtaining residency. During the process and completion of the documents, by presenting the document and property purchase contract, the applicant can first stay for one year, and if he wishes, he can extend his stay to two years by paying additional fees and taxes. Of course, it goes without saying that if you invest or buy a property above 300,000 dollars, you can directly receive permanent residence in this country and come close to obtaining Cyprus citizenship.

Disadvantages of buying a house in Cyprus

As mentioned, considering the high potential of Cyprus, buying property in Cyprus has many advantages and benefits. However, the few risks and dangers of buying a house in Cyprus cannot be ignored. Below are some disadvantages of buying property in this country:

• Political and economic risks according to economic indicators
• There are legal risks of dealing in property for foreign investors and buyers if they do not have enough information.
• The country of Cyprus is not well known in the international community, that's why the laws and regulations of this country are not under the supervision of international organizations, and from this point of view, problems may arise for buyers.
• In terms of geographical and environmental location, Cyprus is also located in an earthquake fault like Iran; Therefore, when buying a property, make sure it is safe.

Of course, it is very important to mention this point, there are risks and dangers for all ways of immigration and buying property, even inside Iran. If you purchase foreign property through reliable and experienced institutions and groups, the risk of all risks will be greatly reduced. It is necessary for the applicant to check all the aspects of buying the property before taking any action and paying any fees, and after an expert consultation from an immigration institution, take the necessary steps to buy the property and then obtain residence.

Property purchase lawyer in Cyprus

Just as finding a good lawyer in all areas of immigration, such as work immigration, education, etc., requires a lot of care and consideration, having a skilled lawyer in all areas of investment immigration, including property purchase, is also very important.

The experience and knowledge of your chosen lawyer, how many successful cases he has in his resume, what he knows about the latest laws of buying and selling property in Cyprus, and how well he is familiar with tax issues and contracts are very important points to consider when choosing. A lawyer or property buying advice should pay attention to it.

final word

In this article, a general review of the rules and conditions of buying property in North Cyprus was mentioned. One of the least worrying ways to immigrate and obtain residency in Cyprus is buying property, which in recent years has seen a significant increase in demand in this field. For any action to immigrate and obtain residence in Cyprus, it is better to be aware of the latest immigration news. For more information and information on the latest rules for buying property in North Cyprus, you can contact our experts at Estebanati Immigration Group.

Frequently Asked Questions

1- Which areas are the best cities in Cyprus to buy property?

Nicosia, Larnaca, Famagusta, Kyrenia and Lefkada are among the best cities in Cyprus to buy property.

2- With how much capital can one acquire permanent residence in Cyprus by buying a property?

With an investment of over 300,000 dollars, you can directly receive permanent residence in this country.

3- What is the amount of tax when buying a property in Cyprus?

The buyer must pay 5% of the property value and about 12% as tax when signing the document.