Apartments for sale in the Mediterranean

North Cyprus differs advantageously from Turkey and South Cyprus in two main parameters when it comes to choosing real estate:

• Property prices and taxes in North Cyprus are much lower than in South Cyprus.
• A residence permit can be obtained in any region of North Cyprus and at any property value, unlike in Turkey.

Undoubtedly, some real estate registration processes can be handled by yourself. However, it is more logical to turn to professionals. Being in a new country for the first time, you will spend a lot of time understanding local legislation, and possibly money if you fall into the wrong hands.

North Cyprus is absolutely not interested in the origin of your funds.

According to TRNC laws, a foreigner can only purchase one real estate property. The land registry office may register several properties in your name, but you will only receive permission to own one property.

For foreigners in Northern Cyprus, purchasing property from a developer through the interest-free installment program is very advantageous, as it does not require proof of income, co-borrowers, or additional bureaucratic procedures. The only document you will need to complete the transaction is a foreign passport.
At the same time, you will have the opportunity to choose a payment plan, make individual amendments to the installment agreement, and have absolute confidence in conducting the transaction. Interest-free installments are available for any primary property.
A bank mortgage loan is issued only for finished real estate with a condition to pay 50% of its market value and is issued at 6% per annum.
To apply for a mortgage, you need to provide proof of income, as well as undergo a number of other procedures (property appraisal, co-borrowers' involvement, etc.). Unfortunately, borrowers in Northern Cyprus do not have the option of early repayment of the interest-free loan.

One of the most frequent questions from our clients is about the conditions of permanent residence on the island and the process of obtaining a residence permit. On October 23, 2019, amendments to the immigration law came into force in Northern Cyprus, which regulate the entry, stay, and exit of foreigners from the country. Foreign citizens who own local real estate and who want to stay in the TRNC for more than 90 days or longer than the period provided by a visa must apply for a residence permit if they do not have any other permission to stay in the country. A residence permit is issued for a period of 1 year with the possibility of extension for the same period within the first 3 years, and then for a period of 2 years provided that the relevant documents on property ownership in Northern Cyprus are available. To obtain a residence permit, the following documents must be submitted to the local branch of the immigration police:

• Original passport and photocopies of pages with the owner's photograph and entry stamp;
• Documents proving ownership of real estate in original and photocopies (if the necessary documents have not yet been received, then the original purchase and sale agreement and a photocopy);
• Certificate of residence from the Muhtar (village headman);
• Documents from a local bank confirming the availability of the necessary amount on the account for each family member (minimum wage TL8,600 (about 465 euros) multiplied by 12 months);
• 2 passport-sized photographs;
• Appropriate state fees.

A mandatory condition for obtaining a residence permit is to pass a medical examination for HIV, hepatitis, and tuberculosis. This is because the island strictly monitors the prevention of the spread of these complex diseases. The cost of tests is about 30 euros.
According to the new regulation, people of retirement age who have reached 60 years old must obtain a residence permit. However, it is issued immediately for 2 years.
Children under 18 years old require simplified registration.
Short-term residence permits are also available for students, trainees, and foreigners undergoing professional training.

There are 5 classic ways to transfer money to North Cyprus:

• SWIFT transfers. Not only from your account but also payments from offshore accounts or third parties.
• Payment by bank card. Both in person through the developer's terminal and online.
• Cryptocurrency. There are specialized exchange offices in North Cyprus that are willing to give you cash or transfer money to the developer's account for a small fee.
• Cash payment in the developer's office.
• Financial companies. They accept cash or non-cash funds in your country and issue money in North Cyprus.

• Support for investors at the state level, legal guarantees for the preservation of investments
• North Cyprus has the lowest prices compared to all Mediterranean countries
• Simple procedure for obtaining a residence permit for the whole family when purchasing real estate.
• Preservation of the confidentiality of the origin of funds
• Favorable loan conditions
• The maintenance of real estate objects is much cheaper than in other Mediterranean countries
• No double taxation, VAT is only 5%

All controversial issues related to the purchase of real estate in Cyprus are related to land issues.
In 2010, with the support of the UN and the European Court of Human Rights, the TRNC Land Commission was created.
This commission is empowered to consider land issues of Greek and Turkish Cypriots, carry out land exchanges, calculate and pay compensation.
Together with the Land Commission, the TRNC government has established a process for transferring property ownership.
Land documents have been brought into a unified format, all transactions are protected by the TRNC government and supported by international law through the Land Commission.
Land has been divided into different types of titles based on their origin and type of ownership.
There are several types of property ownership (titles) in Northern Cyprus, but the safest for foreigners to purchase are Turkish and exchange titles.
Our company offers properties with these titles.

Many of our clients forget that when buying property in Northern Cyprus, there are also additional fees, so-called "hidden costs when buying property abroad." Below you can see the complete list of taxes and expenses for registering property in Northern Cyprus.

• Stamp duty - paid to the Tax Department and is calculated based on the contract value of the property (0.5%). The sales contract, according to the laws of Northern Cyprus, must be registered with the Land Registry Department within 21 days of signing.
• VAT (value-added tax) - 5% of the contract value of the property. Payment is made before receiving the keys.
• Transfer commission fee (fee for transferring title from the seller to the buyer) - paid to the Land Registry Office and amounts to 3% of the contract or appraised value of the property for the first purchase of real estate and 6% for subsequent purchases.
• There is also a transformer fee to be paid - this is a fee for connecting to central communications. Usually ranges from £1,000 to £3,000 depending on the property.
• The cost of a lawyer's services should also be included - £1,300-£1,500. In addition to the one-time payments listed above, there are also annual payments to be made in Northern Cyprus:
• Annual property tax - €0.33 per 1 m²;
• Annual complex maintenance fee - depending on the property;
• Annual garbage collection tax - 100 Turkish Lira.