Pursuant to the Laws of the Turkish Republic of Northern Cyprus, within the framework of 52/2008 “Acquisition of Immovable Property and Long-Term Rental (Foreigners)”, foreign and legal persons may, depending on the decision of the Council of Ministers, purchase movable property or long-term lease of our country, provided that official transactions and legal applications are made. have the right to lease.
Property rights of foreigners
If foreign national real and legal persons want to buy land or housing, they have this right after completing various legal procedures.
According to the law, in order to acquire immovable property, it must be at least 300 meters away from the military zone, but the approval of the Council of Ministers is required by adhering to these conditions.
A foreign national can buy up to 1338 m2 of vacant land. However, if there is one residence in the land to be purchased, they can buy up to 5 acres of land.
However, there is no area limitation if the house they will buy is available in a site. Today, a foreign national can buy 3 houses or apartments.
Laws on the purchase of husband and wife property
However, husband and wife are considered as one person. A lawyer should be asked whether the purchased immovable property is joint and/or shareholding and/or detached and whether there is a mortgage lien on the immovable property or not.
A lawyer’s role in buying property
The sales contracts to be made must be prepared by a lawyer and approved in the presence of the certification officer. All fees and taxes to be paid during the transfer are based on the value of the immovable to be determined by the land registry office.
Stamp fee and title deed fee are paid by the buyer, while withholding tax is paid by the seller. It is in your best interest to complete the transactions in the presence of a lawyer who will guide you well in order to follow all these procedures and finalize them quickly.
