Purchase Process

The Purchase process in the Turkish Republic of Northern Cyprus (TRNC) is quite straightforward:

1. Select desired Apartment/Villa
2. Pay Reservation Fee of £1000 to reserve property for two weeks
3. Instruct local Lawyer – (details of local lawyers can be provided)
4. Lawyer conducts searches on Deeds and reviews Contracts of Sale
5. Contract to be signed on receipt of contract
6. Down payment is due 14 days from Exchange of Contracts

Estimated Purchase Costs and Taxes

Property taxes (except stamp duty) are only paid on transfer of Title Deeds, which currently takes around 2 years, therefore investors may buy and sell as many times as they wish without incurring taxes prior to Transfer of Deeds.

• 0.5% stamp duty calculated against the sale value if paid within one month of the date of the sale contract. After this the rate increases to 1.5%.
• 6% Transfer Tax, however every person has a once in a lifetime option to reduce this to 3%. Once this option has been used transfer fees on all future purchases by that person will be 6%.
• 5% VAT
• Transfer Tax and VAT are calculated against ‘assigned value’ (not sale value) which is nearly always in the buyer’s favour and the assigned value will not exceed the sale price.
• Capital Gains Tax does not apply to the sale of your first property

Maintenance Costs

3 bedroom apartments with pool:

3 bedroom apartments:

2 bedroom apartments: