Freehold

There are certain regulations and restrictions that must be adhered to when purchasing a property in North Cyprus.  Checks must be made to allow you to transfer the title deed (known locally as a Koçan – pronounced ko-chan) into your name.  These include checks carried out by the Ministry of Interior and as like much of the legal work and bureaucracy in north Cyprus this may take as long as 18-24 months to complete. However this will not affect you being able to take possession of your property.

The procedure for buying freehold is as follows:

• Select property and agree sale price.
• Contract to be drawn up by a north Cyprus based solicitor, details to include price, timescale, payment terms and specification.
• Both vendor and purchaser to sign.
• Purchaser provides deposit (amount will vary from property to property).
• Solicitor applies to Council of Ministers on your behalf for purchase permit (this is your permission to buy in northern Cyprus).
• Final balance payable (New build properties will be in stage payments spread over the duration of the construction.) In most cases a 5% K.D.V (V.A.T) will be levied on the property.
• Once purchase permit has been received vendor transfers title into purchasers name.
• Purchaser pays 6% stamp duty and 1% of the stamp duty charge is paid to the local authority/belediye. (You may use the right to be exempt from 3% of the duty on one purchase).
• Sale complete.

Leasehold

There are a number of leasehold properties in and around the Girne area in North Cyprus and the process is not unlike that of buying a freehold property. The main difference being that an application must be made to the Ministry of Tourism and not the Ministry of Interior.

The procedure for buying a leasehold is as follows:

• Select property and agree price.
• Contract to be drawn up by north Cyprus based solicitor, agreeing terms and conditions.
• Both vendor and purchaser to sign.
• Vendor applies to Tourism Office to transfer lease.
• Purchaser applies to take over the lease.
• Once purchaser application is approved, 10% deposit is transferred.
• On completion, remaining balance paid to vendor and lease transferred.
• Sale completed.