Cyprus intime Estate - En

💸 On property purchase taxes in Northern Cyprus 

Part One.

Taxes are strictly regulated by the laws of the Turkish Republic of Northern Cyprus (TRNC).

When buying a property, the following types of taxes are paid in stages:

1. Stamp duty.

Stamp duty - this tax is mandatory and must be paid to the Tax Office to register a contract for the sale of the property in the Land Registry within 21 days from the date of signing the contract. The commission is 0.5% of the value of the property specified in the contract. Payment must be made at the stage of signing the contract.

2. VAT.

VAT is 5% of the value of the property under the contract of sale. Payment must be made 3 months before the key handover.

3. Utility Connection

This amount varies according to the property purchased and includes electricity, water and telephone lines (£1,500 - £2,250). Payment is made 3 months before key handover.

4. Transfer fee.

Before transferring ownership to the buyer, the Land Registry Office pays a transfer fee. The fee is 6 per cent of the value of the property, which is based on the estimated value. At this time, at the first purchase of the property, the buyer is entitled to a one-time discount and payment of the fee at a reduced rate of 3%.

👉 Next, consider the types of tax on the maintenance of already purchased property.