How can I buy Property in TRNC?
First of all a person who is interested in buying a property must at least visit TRNC once in his/her life. If never visited TRNC, then the purchase will fail.

After finding the property I am interested to buy, what should I do?
You should determine an independent solicitor to handle the purchase from the beginning to the end. The solicitor will make a search related with any impediments on the property and if it is the right place shown to him by the Estate Agency or not. Then the solicitor will start the application called Property Buying Permission which is common for all the foreigner buyers.Solicitors usually charge £1,250 – £1,500 including the whole process (Search – Contracts – Application for Property Buying Permission).

What is the next step after I determine my solicitor?
After you find your solicitor, then you must give full Power of Attorney to your solicitor to act on behalf of you as a buyer as well so that you don’t get have to come to North Cyprus each time your solicitor needs your signature.

How much property can I buy in TRNC?
You should always know that buying in North Cyprus is always limited through the laws of TRNC government. Any foreigner can only buy one property any from the following list:

a) One Apartment Flat

OR

b) One House ( Total land area must not be bigger than 1 Donum ( 14,400 sq.feet or 1,338 m2)

OR

c) One Donum of Land ( 14,400 sq.feet or 1,338 m2 ) and not more than that.
d) One Building Plot which is always less than a donum.

What are the Taxes those Buyers have to pay?
Buyers are have to pay the following taxes which are stated buy the TRNC government.

a) Transfer Fee (Buyers Tax):6 % from the Evolution which is made by the Land Registry Office. According to the new law the buyers have the option to pay 3% instead of 6%.
b) V.A.T.: 5% of the evaluation made by Land Registry Office.
c) Stamp Duty: Buyers pay 0.5% of The Property Sale Price after signing the Contract.

Is there any annual taxes related with the Property that we are buying in TRNC?
There is an annual tax which is called Property Tax and it is always related with the size and also with the location of your property. This tax is always paid to the local Council Building your property registered.

However, one should know that Property Taxes in TRNC are not as high as in Europe. It is even 10 times less than what you pay in Europe.

Is it important to insure my property in TRNC?
It is important to insure only if you bought an accommodation. It is always wise idea to insure your home against the: Fire, Thieves and or earthquakes.