How to buy property on North Cyprus
There are few steps for buying property on North Cyprus and we are all with you in these procedures from beginning to end. Buying procedures are as below:
- Decide to which property you want to buy, agree on price and other tasks then pay deposit and reserve your property.
- Deal with local solicitor to prepare all paperwork, contracts and to get your purchase permit.
- It should be thoroughly understood what is included in the total sales price of the immovable property to be purchased, and all applications and figures should be specified in the contract between the parties. Everything promised to the buyer must be included in the contract and all fees related to the contract must be paid and an official application must be made to the Land Registry and Cadastre Office within 30 days.
- 1% stamp fee on the sales contract. (Paid by the buyer).
- 6% Immovable goods transfer fee over the immovable property value. (Paid by the buyer).
- 5% VAT on the immovable property value. (Should pay according to your agreement with seller).
- 4% withholding tax on the immovable property value. (Paid by the seller).
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