1. How can I get real estate property in the TRNC?
You may obtain any real estate property you have decided to buy in the TRNC by signing a sales contract that protects the terms you have agreed with the seller, the references of the immovable property you wish to purchase and the rights and interests of both sides.
2. How can foreigners buy real estate property in the TRNC?
The permission of the Council of Ministers must be obtained in order for the foreign buyers to register their title to the TRNC in accordance with the contract they would have signed with any real estate, owner or representative. You can fill in the required form for this permission and apply to the Ministry of Interior together with the passport copy and the criminal record.
3. What should be done after signing the contract?
After the contract has been signed, the buyer will pay the stamping tax of 0.005% of the contract value to the tax office. Upon expiration of the contract, the buyer shall secure the accident by registering the contract in the land registry office.
4. Which documents are required for the purchase of real estate property?
Only passport is enough for the purchase of real estate property.
5. After purchase of real estate property, where and how much should be paid in order to receive the deed?
1) Property Tax:
The property tax is paid by the seller until the delivery date and after the delivery date by the buyer.
2) Withholding tax:
The withholding tax is paid by the seller to the tax office at 4.70% of the sales price.
3) V.A.T. (Value-added tax):
VAT is paid by the buyer to the seller by 5% of the sales price.
4) Transfer Fee:
The transfer fee is paid by the buyer at the rate of 3% of the initial purchases and at the rate of 6% at the second or subsequent purchases of the sales price and the title of the title deed.
6. How many types of deed are there in TRNC?
In the TRNC, there are 3 different types of deeds.
1) Turkish Deed:
The Turkish Deed is the real estate property owned by Turkish Cypriots or foreign nationals (except Greeks) before 1974.
2) Equivalent Deed:
The Equivalent Deed is real estate property given after 1974 by the Turkish Republic of Northern Cyprus to the Turkish Cypriots, who have owned the property in Southern Cyprus before 1974 (in return for their real estates).
3) Allocation Deed:
The Allocation Dead is real estate property given to Turkish Cypriot society due to services in 1974 and before, or real estate property given to population transferred from Turkey after 1974.
However, according to the TRNC Constitution, all real estate properties within the borders of the TRNC are the property of the TRNC and they are under the guarantee of the TRNC.
7. What are the units of land measurement in TRNC?
The land measuring units in TRNC:
1 acre = 14400 ft2 = 1338 m2
8. Can the real estate property purchased by the contract be sold before the transfer of the title deed?
The real estate property can be sold, handed over, or bequeathed in the provisions of the sales contract signed by the seller and the buyer.
9. How to travel to TRNC?
You may travel to TRNC by sea or air route through Turkey.
10. Can payments be made out of the TRNC?
The cost of any property obtained from Recaioğlu Group can easily be transferred to the bank account number of Recaioğlu Group.
Electricity, water, telephone, internet, or any payment of the real estate you have purchased can be paid automatically from the account that would be opened in TRNC.
11. Can citizenship be taken?
According to the Constitution of the TRNC, the power to grant citizenship is given to the Council of Ministers, among the criteria for granting citizenship there is no requirement to purchase real estate property.
12. Can residence permit be taken?
Those, who purchased real estate property can take yearly residence permit by applying to the Ministry of the Interior.