1- Find the property – Sign an Agreement 2-Get the Agreement Stamped 3- Register the Agreement at the Land Registry 4- Apply for your Permission to Purchase (PTP) 5- If PTP Granted, get the title deed of the property into your name 6- If PTP rejected, set up a limited company or appoint a trustee (Please ask us for more detailed advice on trusts and companies)
Yes, foreign nationals can only buy one immovable property in North Cyprus
No. Husband and wife are counted as one household and the current property restrictions are one property per household.
No. Once your property is complete, you will be able to take possession of your property and move in. Once the contracts are exchanged between the parties and registered at the Land Registry you will then be the contractual owner of the property. Registering the contract ensures that you are protected from the property being sold or transferred to a third party and from any subsequent liens being placed on the property.
This depends on the terms of your contract of sale. We will however always try to negotiate with the vendor to insert a clause allowing you to sell the property before taking title. We would then prepare an assignment of contract to be signed between you, the vendor and the new purchasers assigning all of your rights and obligations under the contract to the new purchasers.
Taxes, apart from stamp duty, are usually payable right at the end of the transaction after your purchase permit has been granted and the title deeds are being transferred into your name. However, some vendors require VAT to be paid on the sale price at the date of delivery of possession of the property.The rates of tax are as follows:
Land Registry Transfer Fee – 6%. However, every person has a once in a lifetime exemption right to reduce this tax to 3%. If you decide to use your option right, you will pay 3%.
VAT – 5%
Stamp Duty – 0.5%