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Uploaded by: euinvest100 on May 3, 2012
Darwin Horan-own property in North Cyprus
The reasons for refusal are: if you have a criminal record, if you already own property in North Cyprus, if the property is next to an army base or if the property is on over 5 donums of land. You should also be aware that Turkish title land is much harder to get permission for.
The taxes are calculated based on the contract price and are currently at the following rates:
Tax payable at the time of signing of the contract by the buyer
• Stamp duty 0.5% of contract price.
VAT payable on hand over of key If you are buying a new property from a developer then you will need to pay 5% VAT on the contract price at the time that you take possession of your new property in North Cyprus. However, if your property is a resale then you would normally not have to pay VAT.
Tax payable by the buyer at the time the deeds are transferred into the buyers' name.
A Land Registry transfer fee of 6% of the contract price. However, every buyer has a once in a lifetime option to reduce this fee from 6% to 3%. At the time of transfer, you will be asked whether you wish to use this option and therefore you will only pay 3% of the contract price
North Cyprus is the most beautiful part of Cyprus, it has miles and miles of unspoilt sandy beaches and breath taking mountain views. North Cyprus is Spain 30 to 40 years ago. Anyone buying now is getting into the North Cyprus Property market in its early stages. The properties are so affordable at the moment. If you compare the price of property with that in South Cyprus you find that properties sometimes only a few miles from each other, one on the South side of Cyprus the other on the North have a price differential of 3 or 4 fold. Yes, that is correct; property on the North side is 3 to 4 times cheaper than on the South side. Even though UK or EU passport holders can travel freely around any part of Cyprus. So you can fly direct to Cyprus and stay or live on the North side.
Many people deci