Buying your plot of land in Northern Cyprus has never been simpler

Congratulations! You’ve found your piece of paradise in the sun and now you’re ready to make an offer, but what’s the best way to proceed?

Well the good news is that once you have chosen your plot of land from our vast collection of properties, the purchase procedure has never been simpler.

Here’s a quick overview of just how easy it is.

APPOINT AN INDEPENDENT SOLICITOR

In order to purchase property in Northern Cyprus, you must use a solicitor registered with the Bench in Northern Cyprus. We can recommend a number of independent and reputable English-speaking solicitors who specialise in assisting overseas buyers.

Your solicitor will then check your property title deeds to ensure that all is in order and conduct a ‘search’ at the land registry office to ensure that there is no mortgage or other encumbrance on your property. You can expect to pay about £1500 in total for your solicitor’s services.

NEGOTIATE YOUR SALE PRICE AND PAY YOUR DEPOSIT

Incredibly, it only takes a holding deposit of £2000 to remove your property from the market and secure your land!

And you can do it all from the comfort of your lounge, as you do not have to be there in person to sign the contract and begin the process of your property purchase.

All you need to do is to give your solicitor a copy of your passport and a Power Of Attorney (POA) paper, so they have the authority to sign the contract with your permission, on your behalf. The Power Of Attorney must be written in Turkish, but you will receive a translated copy.

POA must be notarised at the TRNC Consulate in London if the POA is not notarised in North Cyprus. The lawyer will advise you on the easiest way to do this – it is much easier to notarise the POA in North Cyprus before you leave the island.

ONCE YOUR CONTRACT IS SIGNED

After you have agreed your contract, you then transfer the rest of the funds for the sale and pay your stamp duty. Stamp duty is 0.5% of your property sale price and must be paid at tax office prior to registration of contracts at land registry.

Once again, you do not need to be there in person. You can make these payments by direct bank transfer, saving both time and money.

Your solicitor then registers your contract with the land registry office, so there is an official record of your purchase. This provides you with security while your title deeds are being processed, ensuring the vendor (who is the current title deed holder) cannot use your property to borrow from banks or make any claim on it.

And it usually only takes about 4-8 weeks from paying your deposit to becoming a proud new land owner.

PERMISSION TO PURCHASE

As soon as your contract is registered with the government your solicitor will apply for ‘Permission to Purchase’ your property, so you can receive your title deeds. A ‘police check’ document must be obtained from your country of origin as part of your application.

This application is really just a formality, as the only people we know who have ever refused purchase permission are those with a criminal record, Greek nationals, or people applying to purchase land that overlooks a military installation.

Permission to Purchase usually takes about nine months, however during this time you own your property ‘on contract’. You have full use of and ownership of the property from the moment you sign the contract, and you are free to start building your dream villa.

When your Permission to Purchase is finally granted, your solicitor will then organise for the title deed to be issued in your name. The land registry office will inspect and value your property, making a valuation of the property. You then pay 6% purchase or buyers tax (this is reduced to 3% if it is your first property purchase in North Cyprus) and 5% V.A.T. on this valuation. You will also need your solicitor to draft a will for you, because your UK will does not legally cover your property in North Cyprus.

WHY STOP AT JUST ONE?

Many would-be investors are under the impression that they can only invest in one property in North Cyprus, up to 5 Donums of land (72,000ft²) per individual or married couple.

However the good news is that even though overseas investors can only have one title deed, there are a couple of other ways other ways of legally owning more than one property at a time.

North Cyprus actually allows you to exchange contracts on more than one property, even though you can only apply for one title deed. Your first option for purchasing more than one property is to appoint a nominee and put the title deeds for your subsequent property into their name.

And your second option is to set up a local company. There is no limit to the amount of land that can be purchased by a local company, the only restriction is that the company must be at least a 51% share owned by a Turkish Cypriot National.

We can recommend a number of independent solicitors who are highly experienced in the process of forming a company in North Cyprus.

ARE YOU READY TO MAKE YOUR DREAMS A REALITY?

Every day at North Cove Real Estate, we make buying a plot of land for overseas investors a painless and easy process, with our vast selection of property expertise in helping Brits make an informed decision streamlined purchasing process for overseas buyers

Which means your dream of owning your little piece of North Cyprus land may be a whole lot closer than what you thought.

Why don’t you contact us now and see how we can help you invest in the beautiful, unspoilt north?