Vår kunnskap er din vei til en sikker investering!
Vår kunnskap er din vei til en sikker investering!
Buying process on Cyprus
Your responsibility is to show us what the arpartment or villa of your dreams look like. Our job is to find the property that fulfills all your wishes. When you have decided on a property the buying process is as follows:
For all property purchases in Cyprus a lawyer will be contacted. Then a power of attorney will be issued to give the lawyer power and authority to negotiate and represent you.
A deposit of approximately £1000 - £2000 is paid to make sure your property will not be sold to somebody else during your buying process. This is paid by signing a contract with the lawyer. This deposit will be deducted later from the purchase price. The deposit will be paid directly to the developer or via the lawyer.
The signed sales contract must be registered in the land register within 21 days. The lawyer will also send an application to the authorities on Northern Cyprus for the purchase of the property. The buyer will also need to register with the local tax office. These documents will be stamped at the Notary public. This registration will protect you as a buyer against the seller to take out a loan on the property or sell it to another buyer.
Necessary documents
You need to issue a transcript of your criminal record in English and hand it to the lawyer in Northern Cyprus.
You will also need a document that proves your address in your home country, e.g a copy of your elecricity or water invoice.
When you have the necessary documents, your lawyer can apply for your title deed. This will normally be issued in a couple of months.
Expenses for buying a property in Northern Cyprus
5% VAT: The amount is based on the value of the property that is written in the contract.
0,5% stamp duty: Based on the amount in the contract. This will be paid when the contract has been registered in the Land Registry in Northern Cyprus.
3% registration fee: Based on the amount in the contract. This will be paid when the title deed has been issued.
£1300-1500: Attorney´s fee for assisting in your buying process.
Other expenses:
Water connection to new properties: (+/-)
Water connection to re-sale properties: 250-300 £
Electricity connection to new properties: (+/-)
Electricity connection to re-sale properties: 250-300 £
Property tax 1 time/year: 0,5 £ / m2.
Our goal is that the whole process should be as simple and clear as possible for you. We want your experience of buying a property on Cyprus through us to be easy, safe and secure, and that you will be well taken care of in every aspect.
Title deeds in Northern Cyprus:
• Pre-1974 is a Turkish Cypriotic title deed issued before 1974. It is 100 % safe and such properties can be bought by foreigners of any nationality.
• "Exchange"-deeds: These are properties previously owned by Greek Cypriot citizens prior 1974. These title deeds apply to properties either economically negotiated with the previous owner, or properties that has been exchanged for properties in Southern Cyprus owned by Turkish Cypriot owners prior to 1974. Exchange-deeds are 100% safe and these properties can also be bought by foreigners of any nationality.
