Buying process

  1. Once you have thoroughly researched the market in Northern Cyprus you will be ready to make your decision on what to purchase.
  2. The next step is to take advice from an attorney, for any questions from the assignment to write a will. We do not favor any particular law firm, but we have a list of those we have used in the past and who have impressed with their services.
  3. After terms of price are agreed, make sure you have secured a written list of potential extra costs and specifications. We will help you to agree on the maximum discount, and we will ensure that contracts and specifications thoroughly cover the full terms and any additional costs agreed with the seller.
  4. You reserve a property by paying a deposit of £1500.
  5. Your UK registered lawyer in Northern Cyprus will check the title deeds and do all the research on your behalf.
  6. Your lawyer will also make an application to the Council of Ministers for purchase authorization. You will have full possession of your property while the purchase authorization is being handled.
  7. Your attorney will then check the sales contract to be signed by you and the seller.
  8. Normally you will then have 21 days from the date of signing of the contract, to pay a more substantial deposit, usually about 15-20% of the purchase price (if the property is not a resale or existing property). SCH will always negotiate on your behalf, to obtain the most favorable payment terms.
  9. The purchase agreement will provide for a payment plan of your property and an end date will be established. Once the agreement is signed, it will be recorded by the town hall, as a statement of your legal interest in the property. At this time you will pay a stamp duty of 0.5% of the contract price.
  10. On the day of completion, your appointed solicitor will require the rest of the funds for your property in North Cyprus, together with payment of land registration, which shall be made available to the seller.
  11. You must allow for purchase costs. VAT at 5% of the contract price is payable when you take occupation of your property. You will be charged an additional 3% of the contract price (property tax), about 1 to 2 years after you move into your property. This delay depends on the time it takes for the treatment of the purchase authorization. When your application is granted, the deed is transferred and at this time you will be asked to pay the above mentioned property taxes.