Which documents needed for purchasing a property?
The process of buying property in Northern Cyprus by foreigners is as follows:
1. You select the property you like.
2. We agree on the price and terms of purchase.
3. The lawyer of our company draws up a contract, which indicates the conditions of sale: the value of the property, terms, passport details of the seller, buyer and other special conditions.
4. A deposit of $ 2,000 is paid to reserve your property.
5. A contract is signed by the buyer and seller.
6. You make the first payment and pay the services of a lawyer plus a state fee of 0.5% of the value of the property specified in the contract.
7. For the acquisition of real estate by a foreigner, it is necessary to obtain a special permit for the transfer of property rights, which is issued by the Ministry of Internal Affairs of the Turkish Republic of Northern Cyprus. Our lawyer will prepare the necessary documents, and will contact the appropriate state authorities to obtain such permission from you. To carry out this procedure, you need to provide us with the following package of documents:
• copy of the contract;
• application form;
• a copy of the front side of the passport and the page where the entry visa is located;
The lawyer of our company will help you fill out all the necessary documents to obtain such permission.
8. After obtaining permission from the Ministry of Internal Affairs of the Turkish Republic of Northern Cyprus, you will be paid 5% VAT on the value of the property indicated in the contract.
9. 6% of the tax on the value of the property specified in the contract is paid – the cost of transferring the title to the land in your name (when you first buy real estate, you are exempted from 6% of the tax and pay only 3%).
10. After paying the rest of the cost, documents confirming the ownership of the real estate are drawn up in your name. The deal is completed!