North Cyprus offers a beautiful landscape and a thriving property market, making it an attractive destination for investors. However, navigating the legalities of buying property abroad is crucial. This guide unpacks the key tax considerations and ownership regulations you need to know.
Taxes in North Cyprus:
- Stamp Duty: A mandatory 0.5% tax on the sale price, payable before registering the sales contract.
- Value Added Tax (VAT): Only applicable if the seller is a professional (developer, construction company, etc.). The buyer usually pays VAT, but the contract can specify otherwise.
- Title Transfer Tax: Foreign buyers pay a 12% tax, with 6% due during registration and the remaining 6% upon title transfer (subject to full payment, purchase permission approval).
Ownership Regulations In North Cyprus:
- Non-citizens: Limited to owning one property with a maximum area of 5 donums (approximately 6,400 sqm).
- Single Unit House: Only one house is allowed on the 5-donum plot.
Investing Wisely in North Cyprus:
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