What additional fees are there when buying property in Northern Cyprus?

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.