The buying process is as follows:
* Submit an offer for your chosen property
* Once a price is agreed, you will pay a reservation deposit and appoint a lawyer to undertake searches and prepare contracts etc.
* You have the option to your lawyer to do this for you
* Completion dates are agreed and full payment must be made in readiness for this agreed date
* After completion, as a foreign investor you must apply for permission to take the legal title to your name. This typically takes 6-9 months but you have full ownership and use of the property in this interim period.
The permission to purchase is basically checking for 2 main things:
1. That you do not have a criminal record (you will evidence this by providing a police check report from the UK)
2. That you property here is not overlooking or in very close proximity to Turkish Military areas.
In terms of the costs associated with buying a property in North Cyprus, these can be summarized as follows:
* Legal Fees to appoint a lawyer - approx £1,500
* Stamp Duty - 0.5% of the contract price
* Transfer Tax - 12% of the purchase price. 6% is payable upon registration of the contract and the remaining 6% is payable once you receive your Permission to Purchase and you are ready to transfer the title deed to your name
On some occasions VAT can be payable at 5%, this is mostly if you buy a brand new property and it has never been legally owned by a private individual. Nearly all resale properties come with the VAT period.
* Submit an offer for your chosen property
* Once a price is agreed, you will pay a reservation deposit and appoint a lawyer to undertake searches and prepare contracts etc.
* You have the option to your lawyer to do this for you
* Completion dates are agreed and full payment must be made in readiness for this agreed date
* After completion, as a foreign investor you must apply for permission to take the legal title to your name. This typically takes 6-9 months but you have full ownership and use of the property in this interim period.
The permission to purchase is basically checking for 2 main things:
1. That you do not have a criminal record (you will evidence this by providing a police check report from the UK)
2. That you property here is not overlooking or in very close proximity to Turkish Military areas.
In terms of the costs associated with buying a property in North Cyprus, these can be summarized as follows:
* Legal Fees to appoint a lawyer - approx £1,500
* Stamp Duty - 0.5% of the contract price
* Transfer Tax - 12% of the purchase price. 6% is payable upon registration of the contract and the remaining 6% is payable once you receive your Permission to Purchase and you are ready to transfer the title deed to your name
On some occasions VAT can be payable at 5%, this is mostly if you buy a brand new property and it has never been legally owned by a private individual. Nearly all resale properties come with the VAT period.