Buying Property in Northern Cyprus Legal Regulations

Buying Property in Northern Cyprus Legal Regulations

Buying Property in Northern Cyprus

Buying Property in Northern Cyprus

Foreigners who consider buying property in Northern Cyprus; They can buy 1 residence, 1 acre of land or 1 residence built on 5 acres of land.

Until recently, married couples were treated as one person and accordingly, their right to purchase was limited to only one immovable property. According to the new practice, married couples are evaluated independently of each other and each spouse has the same right to purchase.

After the sales contracts are signed, the county where the immovable property is located is registered at the land registry office. Must be made no later than 21 days from the contract date and the stamp tax of the sales contract must be paid.

Contract registration means passing the title deed records of the sale of the immovable property subject to the contract to the buyer specified in the contract. A contracted real estate cannot be transferred to another person, mortgaged, or even an interim order or any lien can be made without the consent of the buyer specified in the contract.

A permit from the Council of Ministers is required for all foreign buyers who are not citizens of Northern Cyprus to register any immovable property on their behalf.

The application is made to the Ministry of Interior with a form, copy of your passport and criminal record that you will obtain from our office, and all procedures are followed by our office.

Limited Company

Buying Property in Northern Cyprus

One of the most important decisions you have to make when establishing a private limited company in the Turkish Republic of Northern Cyprus is to determine whether the company will acquire any immovable property. This decision will not only affect the planning of the corporate structure, but also mean that in the absence of the appropriate corporate structure, the company may be subject to certain restrictions and requirements when purchasing real estate.

If the company is established for the purpose of acquiring and preserving immovable property, the majority of the shareholders and the board of directors should not consist of foreign real or legal persons.

Otherwise, the company will be considered as a “foreign legal entity” and/or “foreign-controlled company”, and the rules and restrictions on the purchase of real estate by foreigners, that is, a quota of acquisition of immovable property from the Council of Ministers (a house or property not exceeding 5 acres apartment or land not exceeding 1 acre) will require a purchase permit.

The condition required for the company to invest above the applied quota is that at least 51% of the company’s shares must be registered in the name of a TRNC citizen real or legal entity, and the majority of the board of directors must be comprised of TRNC citizens. In this context, our company provides trustee service to its investor clients and becomes a solution partner for investment projects. For legal advice regarding our escrow services, please contact us.

If you do not intend to acquire real estate on behalf of the company at any stage, all shareholders and directors of the company may be foreign nationals.

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