There are a few key points you must pay attention to when buying a house in Cyprus. In this article, you will learn about the current bureaucratic procedures you will encounter when buying property in Cyprus.
For many people, buying a house consists of many confusing steps and stages. Other than making you question whether your property investment is the right investment, knowing what steps you will need to take when purchasing property will make your life (and the homebuying process) a lot easier. So, what can you expect when buying property in North Cyprus?
Buying property in North Cyprus is relatively easy when compared to other countries. If we were to summarise the process in 4 steps, you would need to; choose the right realtor, decide on the house you wish to buy, complete the legal procedures, and move into your home or lease it.
Choosing a House in Cyprus
Recently, when compared to other European and Mediterranean countries, the increase in property options in North Cyprus has grabbed the attention of many potential buyers. Because of this, it is now easier than ever to find property suited to your budget and lifestyle. On our page, you can see all the different types of properties available. If you like, you can check out real estate projects in Cyprus by clicking ‘Projects’ from the menu.
Choosing the Right Realtor or Construction Company
Finding a trustworthy realtor in North Cyprus is just as important as making the right investment decision. Just as it is around the world, people or businesses offering real-estate advice for extra income or through illegal means can lead to bad experiences. One key point you should pay attention to when choosing a realtor in Cyprus is to make sure that your realtor is registered with the Turkish Cypriot Association of Realtors. Realtors who are members of the TCAR are insured up to 100,000 Euros in case there is a mishap during the buying or selling process. Choosing the right realtor is a necessary step to ensure that you don’t incur any losses in such an event.
If you are planning to buy property directly from a construction company working on a property development project rather than seeking the help of a realtor, there are a few things you need to pay attention to. First of all, take a look at their portfolio of previous projects, and if possible, research whether there have been any complaints online about the company. If the house you’re buying is part of an unfinished project, their previous completed projects can serve as a trustworthy reference point.
What are the steps of Buying a House in Cyprus?
Just like anywhere else in the world, there is a ‘process’ to buying a house in North Cyprus. Knowing the stages of this process along with your rights is crucial in eliminating any question marks or concerns you may have.
What are the Restrictions and Rights for foreigners?
There are certain restrictions for foreigners looking to own property in North Cyprus. But do not fear! These restrictions relate to ‘the number of properties’. Foreigners, or non-Turkish Cypriot citizens, can own 1 house, 1 parcel of land, and 1 acre of farming land in North Cyprus. Of course, there are different ways of overcoming these obstacles. Assuming that these restrictions also apply to each member of your family, it is worth mentioning that you can purchase property on behalf of your family members. But that’s not all! You can also purchase more property by establishing a company in the TRNC or through the board of trustees.
Legal Support
Before buying property, it is very important and necessary that you have a Cypriot lawyer throughout the buying process. At upCyprus, we have a network of trustworthy lawyers we can recommend who have extensive experience in property sales, or you may wish to find a lawyer you trust in North Cyprus. Remember, you would be putting yourself at great risk without the help of a trustworthy legal consultant.
Contracts and Other Procedures
Before buying property in North Cyprus, you’re going to need a contract. This is imperative as it will protect your rights. For your contract to be legally valid, it will need to be drawn up by a lawyer and a stamp fee of 0.5% of the contract cost needs to be paid to the TRNC Tax Department. This will ensure that your contract is legal and in accordance with TRNC regulations. The contract can be drawn up under your name alone or the names of 2 or 3 persons.
To read more about the expenses and taxes encountered during the property-buying process, check out the page. Paying these expenses through a lawyer will ensure accurate tracking of your payments as well as having legal support in case of any problems during this process. We cannot stress the importance of having a lawyer and their role in ensuring the success of your property-buying process.
Register at the Land Registry Office
You must register your contract with the Land Registry Office within 21 days of the sales contract through your lawyer by presenting your passport. Registering your contract with the Land Registry Office is crucial in proving that there are no mortgages on the property which you intend on buying.
Once you have confirmed that there are no mortgages, you will prevent the seller from selling the same property to another buyer by annotating the real estate you have purchased from the Land Registry Office. The annotation can be nullified only by you or your representing lawyer and is, therefore, a necessary safety measure.
Apply to the Council of Ministers
According to law, foreigners wanting to own property in North Cyprus need a permit for buying property, which is awarded by the Council of Ministers. While this may seem like a tedious bureaucratic process, in reality, it is quite simple. With the assistance of your lawyer, this process is completed, without any problems, in approximately 40-60 days.
Completion of the Sales Process
Once you have all your permits, all parties involved in the property-buying process come together at the Land Registry Office for the transfer of title deeds and to complete any outstanding payments relating to the process. Before we forget, it is also worth mentioning that, just as is it with many transactions, this process can be conducted either by your lawyer or yourself.
North Cyprus Residence Permit
While foreigners purchasing fixed property in North Cyprus may need to wait (1-2 months) before obtaining a residence permit, it is a fairly easy process. Foreign nationals purchasing Property in North Cyprus can remain on the island for as long as they wish by renewing their residence permit each year, as well as opening up a bank account and, most importantly, benefit from all public services without problems just like any other TRNC citizen. If you would like to find out more about the property-buying process and other topics, fill out the following form.