Vast majority of people around the world are willing to immigrate to Cyprus these days. Investing and buying property is one of the easiest ways to immigrate to Northern Cyprus. By doing so, not only you get a permanent resident visa in Cyprus, but also you can privilege from bank loan facilities to buy property. The most important point in going through this procedure is to benefit from a proper consultation. Our advisors in Luxury Life Real Estate Company can always provide the best available options according to your specific conditions. Stay with us to the end of this article to get more comprehensive information regarding the steps and conditions of buying a property in Northern Cyprus.
Luxury Life Real Estate Company makes the property purchase in Northern Cyprus as easy and brief as possible for you.
Steps to buy property in Northern Cyprus
The process of buying a property in Northern Cyprus is as follows. Note that the professional team of Luxury Life Real Estate Company will be by your side to go through all these steps in the best possible way.
- Our company provides a tour of Cyprus and real estates for you, respected applicants, so you can choose the property to live in with sufficient knowledge and awareness of the environment.
- After various visits over a few days, the real estate agent will perform an analysis according to your budget and payment conditions, the type of property and your goal, and list the most suitable properties. Then, with the help of the sales manager and specialist in this matter (Engineer Sobhani) and the lawyer of Luxury Life Real Estate Company, the contract for the property is prepared based on the price and terms of payment with the agreement of the construction company and as desired by the buyer.
* Note; It is worth mentioning that in order to prevent any legal issues in future, and to protect the interests of the buyer in the contract and timely transfer of documents in the name of the buyer, the presence of a qualified lawyer from the Luxury Life team is required to explain all clauses of the contract to the buyer, investigate the authenticity of the seller’s documents, validity of the document and to monitor the process of buying and transferring the document, as well as considering the buyer’s suitability as recommended by Luxury Life. (You, dear buyer, can also use the lawyer of your choice for this process).
- According to the law for purchase of immovable properties, it is mandatory for foreigners in the territory of TRNC to pay 1/3 of the total amount of the property in order to conclude a contract “whether for ready to move in properties or pre-purchase”.
- If it is not possible for the buyer to pay this amount out of the total amount of the desired property during the initial visit, the buyer can reserve the desired property by paying at least 5% of the declared value till the 1/3 amount is completely ready by the respected buyer within an agreed period of time.
* Note 1: The conclusion of the contract is subject to the payment of at least 1/3 of the total amount of the property.
* Note 2: In case of annulment of the purchase, the reservation amount will be non-refundable.
- After signing the contract, within 21 days after the time of signing the contract, you must take action to registering the title deed in the name of the buyer after canceling 0.5% of the stamp expense (half of the value of the purchased property) and 6% of the document fee out of the 12% of the total in the tax office and document registration of the purchased area.
* Note: If the mentioned procedure is not completed within the agreed period of time and the deadline mentioned in the contract, the property contract will be voided and a new contract must be drawn up.
- In order to transfer the deed of the purchased property in their name in the territory of Northern Cyprus, all foreign applicants must obtain permission to transfer the deed from the Council of Ministers of the Turkish Republic of Northern Cyprus. Our lawyers in Luxury Life Company will take the necessary steps to obtain these permits for you.
Documents required to request an official document to complete the property purchase in Northern Cyprus
- A copy of the contract including attachments and land documents
- Aerial map of the location of the property
- Application form
- Applicant profile form
- A copy of the first page of the passport
- The applicant’s background sheet from the country of origin (translated into English) with the original certificate
After completing all the above-mentioned procedures and having all governmental documents and documents sealed and approved within 60 working days, with the help of the lawyers at Luxury Life Company, you can get the resident Visa in Northern Cyprus.
For further questions, please contact out consultants at Luxury Life to get more information regarding obtaining a resident visa in Northern Cyprus.
Luxury Life Real Estate Company is the best choice for buying property in Northern Cyprus
Our advisers at the Luxury Life Company will accompany you from A to Z in all stages of buying a property in Northern Cyprus so that you spend all stages in peace of mind and in the best possible way.
It should be noted that our team of Cypriot lawyers in Luxury Life Company is considered as one of the most famous and best Cypriot lawyers who will guide you from the beginning to the end.
The period of time required for Issuance the License by the Council of Ministers in order to register the document in the name of the buyer
As mentioned in the law for registration of the document in the name of the buyer, the period of 6 to 8 months is required. But out lawyers at Luxury Life will perform this step for you in much less time.
Expenses for Registration of Document in the name of the buyer
The value added tax of your property at the time of delivering the property to the buyer is 5% of the total value of the purchased property, which is paid to the seller.
It is worth mentioning that VAT will be paid only once for each property. After receiving the permit for transferring the document from the Northern Cyprus Council of Ministers, the transfer fee will be 3% of the property value.
* Note: In the first purchase, the purchaser benefits from a 2% exemption. In such case, the expense for transferring the document will be deducted to 1% of the total value of the purchased property.
After passing all mentioned phases, your purchase procedure is completed. After that you are the owner of a land in Northern Cyprus. In this situation, while having your Cypriot visa and title deed you can take action to obtain tourist visas and travel to all countries around the world through embassies in Cyprus and Turkey. Luxury Life Company congratulates your new life in a new country.
Advantages of buying property in Cyprus
The following cases can be mentioned as the advantages of buying a property in Northern Cyprus:
- You have the possibility of obtaining permanent resident visa by purchasing a property
- You have the possibility to hire purchase property in this country
- Variety of prices and options available for purchase
- Annual property price growth of 15%
- You can have dollar income by renting out the purchased property
- You purchase the land of this country
- You can Invest in British pounds
- You can have international bank accounts
- welfare amenities
- Free education for children up to pre-university
- You can easily sell your property whenever you desire
- You have the possibility to travel to 175 countries around the world without the need for a visa and without any other problems
In this article, we investigated the steps and conditions of buying a property in Northern Cyprus. Considering the ever-increasing desire for Iranians to obtain permanent resident visa in Northern Cyprus, investment and buying property in Northern Cyprus is considered as one of the best methods. By doing so, not only you will own the property you want in this country, but also you will enjoy welfare amenities by obtaining a resident visa.