How long do foreign nationals (T.R. and other citizens) have to wait while buying real estate from Northern Cyprus?

In order for foreign nationals to purchase an immovable in their own name, they must apply to the Council of Ministers and obtain a purchase permit. (The process takes approximately 1-2 months for Turkish nationals and 6-8 months for others.)

What are the title deed types in Northern Cyprus and what are the differences between them?

Types of Title Deeds:
Turkish Title Deed, Equivalent Title Deed, Allocation Title Deed

Turkish Title Deed: It is the type of title given for residences, land and workplaces owned by Turkish Cypriots and foreign nationals before 1974.

Equivalent Title Deed: The Turkish Cypriots, who had to leave their real estate in Southern Cyprus and migrate to Northern Cyprus in 1974, were given real estate equivalent to the real estate they left in the Greek side by the Northern Cyprus state. Turkish Cypriots, who bought equivalent real estates, signed documents stating that they renounced their lands in the Greek part, and obtained the titles of their real estate from the Northern Cyprus state. Real estates with equivalent titles are considered safe and all kinds of purchases/sales can be made. Also, you can get mortgages and loans from all banks.

Allocation Title Deed: They are the title deeds of real estates given to those who came from Turkey after 1974 so that they can settle in the country and continue their lives. These title deeds (deeds) are under the guarantee of the Turkish Republic of Northern Cyprus and their owners have all property rights on the real estates.

How is the stamp duty calculated?

With the law that came into force in 2008, the Land Registry and Cadastre Office records the sales contract of the purchased property on behalf of the buyer, eliminating any situation regarding the rental or sale of the house by someone else, and also ensures 100% protection of the buyer. Registration must be made within 21 days at the latest after the signing of the contract received by the Land Registry and Cadastre Office. During this transaction, a stamp fee of 0.5% of the price on the sales contract and a registration fee of 65 TL are paid.

Foreign nationals and TRNC. How much property can its citizens buy?

Northern Cyprus Republic of Turkey There is no limit for its citizens to purchase real estate. T.R. and foreign nationals have the right to purchase 1 property per person in the TRNC. 1 piece of land or 1 flat or 1 acre of land/land or 1 plot of land/land. All of them are classified as “1”. The financial value doesn't matter. Married couples are considered as 1 person. If married couples have different surnames, they are not counted as one person.

What are the taxes paid when buying real estate in Northern Cyprus?
Withholding tax: It is paid by the seller to the tax office during the transfer of title, although 3.5% is applied in cases where there is no profit motive, 2.8% withholding is paid in current practice. Note: A one-time withholding tax exemption is applied to each person for one land and one residence.

How much withholding tax do I pay in profit-making situations?
Although the withholding tax is 6.25% in profit-oriented situations, it is paid as 4% during the transfer.

Value Added Tax (VAT): The VAT rate is 5% in profit-oriented cases, it is paid by the buyer to the tax office before the handover of the counter by the seller. In cases where the seller is not making a profit, that is, there is no VAT on individual sales.

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