FREQUENTLY ASKED QUESTIONS
QUESTIONS ABOUT NORTH CYPRUS
The official currency of Northern Cyprus is Turkish Lira since 2005. Symbol: TL (Turkish Lira). Penny: 200, 100, 50, 20, 10, 5 TL. Cents: 1 TL, 50, 25, 10 kr (Kurus).
The local time in North Cyprus is 3 hours ahead of Greenwich Mean Time. (GMT + 3)
The official language of Northern Cyprus is Turkish but a lot of people know english well. There are many foreign nationals settled in the island in the past years. You can find Russian, Iranian, Swedish and Arabian people in Cyprus.
You can easily reach North Cyprus by air and sea. You can arrive to Ercan Airport from UK and Europe directly with one stop in Turkey or directly to the South of Cyprus (Larnaca Airport) and pass to the North Cyprus from Nicosia borders by walk or by car. You can also travel with ship to the port of Famagusta or Kyrenia from Turkey.
Cyprus is a Mediterranean island, in summer the climate is hot and dry and the winter is warm and less rainy. The average annual temperature is +25 ° C in Northern Cyprus.
There are many schools and universities in Northern Cyprus both local and internationally recognized ones.
At the purchasing and selling land in Northern Cyprus, the following measures are used: Donum, Evlek and Square Foot.
1 donum = 4 evlek = 14,400 square feet = 1,338 m2
1 evlek = 3600 square feet = 334.5 m2
1 m2 = 10.76 square feet
1 foot = 30.48 cm
QUESTIONS ABOUT LEGAL PROCEDURES
In Northern Cyprus, a visa is required in case of residence. This period may be extended to the citizens of the major European countries if they apply for a 3-month leave at the time of entry.
After selecting the property to be purchased a sales agreement is signed between the buyer and seller, including sales price, payment schedules and details of the property.
Foreign nationals are required to obtain a Real Estate Purchase Permit from the Ministry of Foreign Affairs in TRNC in order to register the title deed of the property on the name of the buyer. This process is completed within 3 to 6 months.
Buyers' passport is only needed when buying a property.
The attorney's fees, including other transactions as per the contract of purchase. It costs approximately from 1000£ to 1500£. Stamp tax is paid at the rate of 6% of the appraisal of the Cyprus land registry office and 1% stamp tax expense paid to the local council of Northern Cyprus and 5% VAT of the contract price is paid during the transfer of the title deed at the land registry office.
The buyer is obliged to pay 5% VAT.
Yes . You may need to have a power of attorney testament in the TRNC . It’s usually made by foreigners after the sales agreement is signed.
Yes, you can rent choosing a long term or short term according to your preferences.
There are three types of the title deeds in Northern Cyprus:
TURKISH TITLE - it is the title of land that used to be owned by Turkish Cypriots or foreign nationals before 1974.
EXCHANGED TITLE - Before 1974, this land used to be ones by the Greek Cypriot origin people, but was given to the Turkish Cypriots, who had left their land in the South after 1974 in exchange of the equivalent parsels at that time. At the present value in South and North has a big gap in price due to the unrecognized status of the country.
TAHSİS TITLE - has been given by the Cyprus government as a reward for success after the war to the TRNC citizens or people from Turkey, who have moved to the country in 1974 to settle down.
These titles are under the guarantee of the TRNC state and the owners have all ownership rights over the real estate.