Frequently Asked Questions

What documents are required when purchasing property?

Your passport is the only documentation required to purchase a property.

How long does the process take?

On average, the time span from deposit to completion is approximately nine months.

How much are solicitors' fees?

TRNC law is based upon British law. Our recommended solicitor charges £1000 for a full package to the completion of your purchase.

Can I pay for land or a property from abroad?

All monies can be transferred into our UK account and subsequently wired to us here in the TRNC.

Are there tax implications if I decided to sell up and return to Europe?

At present, your first sale is tax free and there are no restrictions on repatriation of funds.

Can I own more than one property at a time?

No. At present you are only allowed to own one property at a time. Additionally, foreigners are limited to one donum (1338 square metres) per person, and a married couple counts as one person, unless they have different surnames.

If I buy land, how do I go about designing and building a property?

We are in regular contact with a number of recognised and trusted architects and builders who will be happy to collaborate with you in the construction of your property.

Do we need a residency permit to live in the TRNC?

You are issued a 3 month tourist visa when you arrive, after which you are responsible for obtaining a residency permit and registering yourself with the British High Commission in Lefkosa (Nicosia) Landmark offer a full and comprehensive service in order to make the process that much easier, employing the services of a representative, who is able to act on your behalf.

Who will look after my property when I am away?

Our property management division will look after all aspects of your home in your absence from the paying of bills to security measures and general maintenance, for a monthly fee.

Can we drive with a UK license in the TRNC?

You can use your UK driving license for three months, after which you must obtain a local license. This can be issued within days of receiving your residency permit and again, our representative can take care of the paperwork for you.

How easy is it to bring belongings to the TRNC?

There are many container companies in the UK who offer a full door to door service. We recommend that you obtain several quotes. Our experienced staff can advise on the process, including on how to bring your pets to the TRNC safely and with the minimum of disruption and discomfort.

I am not a citizen of the TRNC, but I want to purchase two properties in the TRNC? How can I do this?

You can sign the contract of sale for the two properties in your own name, however, you can only apply for purchase permission for and take title to one property. Therefore, you will need to find a nominee (this person should be a friend or relative or someone you know and trust) to take title to the property and hold the property on trust for you or you will need to set up a TRNC company. Please ask us for more detailed advice on trusts and companies.

Can my spouse and I purchase one property each?

No. Husband and wife are counted as one household and the current property restrictions are one property per household.

How long will the purchase permission process take and what does it involve?

This process can take some time - current estimations are around two years. The process involves searches being take from the Land Registry, the Immigration and the Military.

Do I need to wait for my purchase permission before I can move into my property?

No. Once your property is complete, you will be able to take possession of your property and move in.

Can I sell my property before I obtain my purchase permission?

This depends on the terms of your contract of sale. As standard practice at Naomi Mehmet & Partners, we always try to negotiate with the vendor to insert a clause allowing you to sell the property before taking title. We would then simply 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. Selling before taking title also has tax advantages as taxes are only payable when a transfer of title takes place.

What taxes are payable on the purchase and when are these payable?

Taxes 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 to reduce this tax to 3%. If you decide to use your option right, you will pay 3%.
VAT – 5%

There is also a new regulation governing stamp duty on property purchases. The Tax Office is now requiring the contract of sale to be presented prior to transfer fo title and for stamp duty to be paid. Stamp duty is payable at 0.5% of the contract price if paid within 1 month of the contract date. If it is not paid within this time, it increases until after 6 months, it becomes 1.5% of the contract price.

For more details: info@north-cyprus-properties-landmark.com

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