FAQ

In recent years, Cyprus has become a major focus for real estate investors worldwide. Changes in the law and large-scale developments have gained momentum. Property prices are low compared to other European/Mediterranean islands, offering great returns. Very low taxation laws mean you keep more of your profits. The tourism and education sectors continue to grow, increasing demand for everything from studio apartments to large family villas.

House prices in Southern Cyprus are on average four times higher; it is only a matter of time before this price difference disappears. You can own investment property without residing in Cyprus, benefiting from high rental yields and capital growth.

Purchase by non-TRNC citizens is subject to permission (Law No. 52/2008). Foreigners can acquire 1 property (house/flat up to 5 donums or land up to 1 donum).

The 5-step transfer process:

1. Preliminary exchange of contracts.
2. Actual exchange of contracts.
3. Stamping and registration of contracts.
4. Application for a purchase authorization.
5. Transfer of title.

Units: 1 Donum = 4 Evleks = 14,400 sq.ft = 1,338 m². | 1 Evlek = 334.5 m².

Foreign buyers may transfer, sell, or mortgage property to other foreign buyers or kin with Ministry approval.

Rental: Min. 6-month stamped contract. Couples need both names on the contract and a Turkish-translated marriage certificate.

Property Purchase: Stamped purchase contract or title deed required.

Working Permit: Provided by the employing company.

Portal: permissions.gov.ct.tr

Contact: Kyrenia Tax Office: +90 392 815 21 59

Bank Account: Valid passport and proof of address (utility bill < 3 months or bank statement) required.

Phone Use: 90 days tax-free with local SIM (Telsim/Turkcell). After 90 days, the phone will lock unless registered at the Nicosia office and customs tax is paid.

Required for registration: Passport copy, Customs tax invoice, Proof of address.

Pets: Apply for import license via info.veteriner@gov.ct.tr 2 weeks prior. Cost: 350TL at arrival.
Import Form Link

Driving: You can convert your license via driving schools.
Bringing a Car: Max 12 months tax-free use. Requires temporary insurance at the border and a valid road tax from the origin country.

Free travel with valid passport/visa. For cars: Road tax (issued at Metehan) and insurance (min. 1 month) are required at the border. Restrictions apply for goods.

Purchasing a Car locally: No restrictions for foreigners. Dealers are common in Nicosia/Girne.
Online: kktcarabam.com

Compulsory and free (5-18) in public schools. Private schools follow the Ministry curriculum but charge fees. Selection for 'Marif Colleges' (English predominant) starts at age 11.

Key Schools:

• Girne: ESK, Necat British, Doga, GAU, Near East.
• Famagusta: Near East, Doga.

Universities host ~150,000 students, creating high demand for student accommodation.

Electricity (Staggered):

• 0-250 kWh: 1,6TL (0,09€)
• 251-500 kWh: 3,3TL (0,19€)
• 1000+ kWh: 4,6TL (0,26€)
• Fixed Monthly: 25TL

Water:

• 1 m3: ~3,8TL
• Total monthly service fees (Cleaning/Health/Service): ~72TL