FAQ
Frequently Asked Questions
Title Deed Types (KKTC)
Türk Koçan: Titles are Immovable Property Titles belonging to Turkish Cypriots, British and other countries and/or their citizens before 1974.
Eşdeğer: After 1974, Turkish Cypriots left their immovable properties in Southern Cyprus and migrated to the North. Later, the TRNC State issued counterfeits to some immovable properties in the North that were previously owned by the Greek Cypriots, in return for the goods left in the South. This type of immovable property is called Equivalent Koçanlı among the people.
Tahsis: These are real estate properties given and/or allocated by the state to the war veterans of the TRNC after 1974, their families, people who were invited to settle from the Republic of Turkey, and people who came from the South to the North and did not own any property.
Can Turkish and foreign nationals get loans from banks to buy real estate in Northern Cyprus?
Yes, if the real estate you will buy is suitable for the loan, you can get a loan at the rates determined by the Exper value by the bank. With the declaration of your income in Turkey, you can get a loan by giving a mortgage on the real estate you bought.
HOW LONG DO FOREIGN NATIONAL PERSONS (TR AND OTHER CITIZENS) HAVE TO WAIT WHILE BUYING PROPERTY FROM NORTH CYPRUS?
In order for a foreign citizen to purchase the immovable property in his own name, a purchase permit must be obtained by applying to the Council of Ministers. (Approximately 1-2 months for Turkish citizens and 6-8 months for other people.)
How long do they give residence permit to Turkish or foreign nationals?
Owning real estate in Northern Cyprus does not directly grant the right to reside, but it is an advantage for those who want to get the right of residence to have real estate. If people who own real estate do not have legal problems and can prove their income, it is a normal process for them to obtain a residence permit for 1 year, then 2 years and then an unlimited residence permit. they do not need to log in and out at certain times.
Can citizens from abroad open a bank account?
Yes, they can. In Northern Cyprus, there are Turkish branch banks Türkiye İş Bankası A.Ş., T.C.Ziraat Bankası A.Ş., Türkiye Garanti Bankası A.Ş., T.Halk Bankası A.Ş., Türk Ekonomi Bankası (TEB). Some of the private capital banks are Şekerbank (Cyprus) Ltd., Kıbrıs Kapital Bank Ltd., K.T.Kooperatif Central Bank Ltd., Limassol Turkish Cooperative Bank Ltd., Near East Bank Ltd., Universal Bank Ltd.
Taxes levied outside the Price of the House at the time of housing purchase
Stamp Stamp fee: It is the tax paid to the Tax Office at the rate of 0.5% at the contract stage for the contract to be stamped and formalized.
TAX (KDV) It is the tax paid by the customer to the Tax Office at the rate of 5% over the Contract Price. It is paid before the home delivery takes place.
Transformer Contribution + Infrastructure and Connections: Since the government does not provide electricity, telephone, water and other infrastructure connections, these costs are divided equally among customers. An average of £1500 – £2500 is reported to customers. Payable before home delivery.
Title Deed Transfer Fee: After the housing purchase permit is obtained by the lawyer, if the customer pays all the debts of the house and the title deeds of the house are ready, 3% of the value is paid during the title deed transfer, according to the result of the price evaluation of the house to be made by the TRNC Land Registry Office.
NOTE : In second-hand real estate purchases, taxes such as VAT, Transformer are not paid because a house with a deed is not purchased from a professional seller. If a contract has been made with the landlord, the stamp fee is paid. If the title deed is to be transferred directly, only 3% transfer fee is paid.
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