Buyers Guide

Safety and Security: 

Ranked as one of the safest countries globally, Northern Cyprus provides a secure environment for residents and investors, offering peace of mind and stability.

Strategic Location: 

With easy access to the world through Istanbul and Turkish Airlines, Northern Cyprus offers convenient connectivity for investors, facilitating business transactions and travel arrangements.

High-Quality Education: 

The region boasts a range of high-quality and affordable private schools, making it an attractive choice for families seeking excellent educational opportunities for their children.

Growing Student Population: 

Northern Cyprus is experiencing a steady rise in the number of students enrolling in its universities, attracted by the quality of education and affordable tuition fees. This surge in student population contributes to the increasing demand for rental properties, particularly in close proximity to university campuses, presenting investors with lucrative opportunities in the rental market.

Superior Healthcare Services: 

Northern Cyprus offers access to top-notch private healthcare facilities, ensuring residents and investors receive world-class medical care and services.

Breathtaking Beaches: 

From pristine coastlines to crystal-clear waters, Northern Cyprus is renowned for its stunning beaches, attracting tourists and investors seeking leisure and relaxation.

High Rental Returns: 

The combination of low property prices and strong rental demand results in attractive rental yields for investors, offering a steady stream of passive income.

Low Tax Rates:

 Northern Cyprus offers favorable tax regimes, including low property taxes and no inheritance taxes, making it an appealing destination for investors seeking tax efficiency.

In conclusion, investing in Northern Cyprus presents a compelling opportunity for individuals seeking profitable returns, along with a high quality of life in a safe and welcoming environment. With its affordable property prices, robust infrastructure, and promising growth prospects, Northern Cyprus is indeed a destination of choice for savvy investors worldwide.

Property Buying Process in North CyprusProperty Selection: 

After choosing the property you wish to purchase, our team will assist you in gathering all necessary details.

Legal Checks: 

Your appointed solicitor will conduct thorough due diligence and legal checks to ensure the property’s legitimacy and compliance with regulations.

Contract Signing and Payment: 

Upon satisfactory legal checks, contracts will be drafted and signed, and necessary payments will be made through your solicitor.

Contract Registration Process: 

According to the legal requirements, all contracts must be registered at the Land Registry Office within 21 days of signing to complete the purchase process and secure ownership of the property under your name. During the registration process, the Land Registry will verify that the vendor holds the freehold ownership of the property and that there are no existing mortgages, charges, injunctions, or other encumbrances attached to the property.

Additionally, a stamp duty of 0.5% must be paid to the tax office to ensure the contract is properly stamped and prepared for registration. Furthermore, a registration fee of 6% of the sales price or the land registry valuation, whichever is applicable, will be required upon registering the contract.

These steps are essential to ensure a smooth and legally compliant transfer of property ownership, providing peace of mind to both buyers and sellers.

Permission to Purchase: 

Your solicitor will facilitate the submission of an application for permission to purchase on your behalf, streamlining the process and ensuring compliance with regulatory requirements. During this process, you will be requested to furnish specific documentation, including a recent criminal record from your country of residence.

This meticulous approach ensures transparency and adherence to legal standards, safeguarding the integrity of the purchasing process

Approval Process and Property Usage Rights:

Our approval process for purchasing property typically spans up to 12 months. However, throughout this period, you retain full rights to sell, reside in, or rent out the property.

For properties purchased from an off-plan project, specific restrictions or rules may apply regarding resale before project completion. These regulations are clearly outlined in the contract with the vendor/company.

Rest assured, we prioritize transparency and adherence to contractual agreements to ensure a seamless property purchasing experience.

Title Deed Acquisition:

Following the approval of your application, your solicitor will coordinate an appointment at the Land Registry Office for the formal transfer of the title deed, effectuating the transfer of ownership to your name.

Upon completion of this crucial step, an additional 6% of the price stipulated in the registered contract will be remitted to the Land Registry Office, in accordance with regulatory requirements, marking the finalization of the property transfer process.

Tax Obligations: 

Taxes applicable to the property purchase will be determined based on prevailing rates and conditions, ensuring compliance with legal requirements.With our professional guidance and legal support, the property buying process in North Cyprus is streamlined and secure, providing you with peace of mind and confidence in your investment.

How many properties can each person acquire in North Cyprus?

Each individual is permitted to acquire one property, with a maximum land/garden allocation of up to 5 donums (6,690m²). 

For land acquisitions, a limit of 1 donum (1338m²) per person applies. Additionally, individuals have the option to extend their property ownership by designating family or friends as trustees.”

Selling Your Property in North Cyprus?

Selling your property in North Cyprus can be a straightforward process when approached with the right guidance. Whether you’re dealing with a completed resale property or an ongoing project, our professional team is here to facilitate a seamless experience from inception to completion.

Resale/Completed Property:

If you’ve purchased a resale or completed property, you can enlist the services of your chosen agent to facilitate the sale. Our team is equipped to assist you through every step of this process, ensuring a smooth transaction.

Off Plan/Ongoing Project:

For properties purchased off-plan or within an ongoing project, it’s crucial to understand the terms of resale outlined by your developer. It’s advisable to have these terms clearly documented within your contract to avoid any complications. Please note that developers may impose specific criteria or charges for resale transactions, as legal procedures are involved in cancelling the existing contract and drafting a new one for the buyers.

Tax Considerations:

If you hold ownership of the property deed, it’s important to be aware of the applicable taxes. Sellers are subject to a capital gains tax of 3.5% of the contract price or the valuation determined by the land registry.

Our Services:

At Premium Realty Cyprus, we specialize in facilitating property transactions in North Cyprus. 

Our dedicated team is committed to providing comprehensive support and expertise throughout the selling process. From understanding legal requirements to maximizing the value of your property, we are here to ensure a successful sale.For inquiries or assistance with selling your property, please contact us today.

Are you considering renting out your property in North Cyprus? Here’s what you need to know:

Legal Ownership and Permissions: 

You can rent out your apartment once you legally own the property. Even if you’ve applied for permission to purchase and are awaiting approval, you can still legally rent out your apartment using the stamped contract of sale.Tenant Selection and Rental Contract: Once you’ve found a suitable tenant, as the owner, you are obligated to provide a rental contract for the tenant to sign. This can be facilitated through a solicitor or a notary for added legal assurance.

Tax Obligations: 

The rental contract needs to be registered with the tax office. A 13% monthly tax rate applies based on the rental price stated in the contract.

Utilities Management: 

To avoid any issues with unpaid bills in the future, tenants should register the electricity and water services in their name. The individual tenant’s name is used for these utility accounts instead of the property’s name, simplifying the transition between tenants or owners.Renting out your property in North Cyprus can be a lucrative venture, but it’s essential to adhere to legal requirements and best practices to ensure a smooth and successful rental experience.

At Premium Realty Cyprus, we specialize in facilitating property transactions in North Cyprus. 

Our dedicated team is committed to providing comprehensive support and expertise throughout the renting process.