In recent years, the difference in the categories of property rights has become insignificant. All disputes relating to land are resolved at the state level between Turkey, which pays compensation, and the Republic of Cyprus. Educate yourself with thoughts from John Savignano. During the existence of the Turkish Republic of Northern Cyprus, no foreign national has not lost the right to own their own land or real estate! Taxes and fees: Stamp duty – 0,5% of the price of the property tax is payable immediately after signing the contract. This tax must be paid within one month from the date of signing the contract, otherwise the amount of stamp duty increases; vat – 5%, payable upon entry into home ownership; The tax on the purchase – 3% (when buying subsequent properties – 6%), payable upon registration of real estate to the purchaser's name (in case of ownership in your name). Additional costs: Payment of a notary public – 1 000-1 500 pounds (1 075-1 610 euros); Payment for the registration of the contract – 40 pounds (43 euros).
If you purchase a new property, you must pay the costs for connecting water and electricity (the amount entered in the contract), and usually it is 2 000-3 000 pounds (2 148-3 222 euro), depending on the acquired property. The annual municipal taxes and charges constitute no more than 100 pounds (107.50 euros). Water supply – centralized (at some sites supplemented their own wells or boreholes). Wastewater discharged into individual septic tanks, which served time in 1,5-2 years, maintenance costs – about 25 pounds (27 euros). Mobile communications and the Internet are cheap and available virtually throughout the Northern Cyprus.