North Cyprus Forums

[DiscussLotto]

hello again

i know i am asking too many question on buying a property in northern cyprus but i wanted to learn what are tax to be paid on buying a property and exchanging title deeds.

best wishes

[Orcun]

* All property sales transactions in Northern Cyprus are normally conducted in British Pounds Sterling.

* Purchase Tax for foreigners in North Cyprus is 3%, which is calculated on the nominal value of the property as assessed by the Land Registry Office (LRO). The LRO valuation is not directly related to the current market value and is typically around 60% of the purchase price

* VAT of 5% of the LRO valuation is payable to the LRO on transfer of title, if the vendor is a company. (Rate confirmed as at 6 June 2005)

* Municipality Tax of 1% is payable in most regions.

* Legal service costs are normally a fixed price of £1,000 or as negotiated with your solicitor. This service normally includes land search, drafting the purchase contract and application to Council of Ministers for permission to buy.

* Most property purchases in Northern Cyprus require a connection fee to be paid to the electricity and water utilities based on the cost of connection. Allow £500 but check that this is itemised in the contract.

* We can recommend several reliable lawyers that offer a complete service.

* Purchase Tax and VAT is not normally included in the purchase price.




Ref: http://www.propertyshowrooms.com/cyprus ... -taxes.asp

[neo666]

as long as one is within the TRNC , dealing of any business is very cordial and implemented quite fast. Just like in any country of the EU or anywhere the tax laws are quite streamlined and one can exchage properties within short frame of time (4-12 months for non residents)as red tapeism is not very prominent in TRNC. just as added info
additionally property tax of £20 /year
electricity and power tax of £25 /year