EUR
enCosts when buying real estate in North Cyprus
Everyone who is thinking about buying a home, necessarily takes into account not only the cost of real estate, but also the amount of additional costs associated with the registration of the necessary documents. Let's take a look at the costs associated with buying real estate in North Cyprus.
Taxes:
stamp duty
This is 0.5% and is paid by the buyer to the tax office at the conclusion of the contract.
VAT
Value Added Tax, which applies to the purchase of new buildings. It is 5% of the price stated in the sales contract.
transfer fee
Charged on the transfer of ownership. For citizens of Northern Cyprus and Turkey this tax is 6%. However, if a Northern Cypriot citizen is purchasing a property for the first time, he/she pays a transfer tax of 3%. For foreign nationals, the transfer tax is 12%: 6% is payable upon registration of the sale contract and the remaining 6% is payable upon receipt of the title deed.
Other costs:
legal services - 1400-1600 euros. A specialist checks all documents and guarantees the legality of the transaction.
Land title transfer. The title confirms full ownership of the home. The cost of title transfer is 3% of the value of the apartment.
