Mostly decare, evlek and square foot (ft2) are used for the sale of land/field in TRNC.
1 Decare = 4 Evlek = 14.400 ft2 = 1.338 m2
1 Evlek = 3600 ft2 = 334,5 m2
1 m2 = 10,76 ft2
TRNC Real Estate Sale Conditions and Taxes
What are the taxes to be paid while purchasing real estate in TRNC?
Taxes Payable by the Buyer:
• If a contract of sale is made, 0,5% of sale price as stamp duty
• 6% land registry fee for transfer of real estate’s title deed (however, each buyer has the right to pay 3% instead of 6% on a one-time basis)
• 5% VAT (paid by the buyer; subject to change based on the Professional status of the seller. If the seller is not a professional, buyer does not pay the 5% VAT.)
Taxes Payable by the Seller:
• Withholding tax
Different taxes are applied for the transfers through grant;
• 0,2% for grant from parents to children, 0,4% for grant from one spouse to another, 0,4% and withholding tax for grand from grandparents to grandchildren
The category of real estate you wish to purchase in TRNC?
• Pre-1974 Clean Freehold title properties, Immovable Property Title Deeds which belong to Turkish Cypriots, British and other nationals since prior to 1974
• Exchange Properties, Turkish Cypriots register their losses from the properties they left in South Cyprus in TRNC and earn points in return which can be used to purchase property in North Cyprus and accordingly they can purchase properties left by Greek Cypriots as exchange
• Turkish Mainland Deed Properties, title deeds given and/or assigned by T.R.N.C. government after 1974 to war veterans, their families, people invited from mainland Turkey to live and work in TRNC and people who moved from South to North but do not own any property.
• 49 Year Leases, properties offered by TRNC government for 49 year leases.
How can foreign nationals purchase property in TRNC?
• Foreign nationals can only take title to real estate which equals to 1 plot of land and/or 1 decare of land and/or 1 house.
• In order to purchase more than one real estate and/or one house and/or a property over 1 decare in area, it is necessary to use trustees or set up a company in TRNC.
• Construction permit license should be acquired for constructing a building and/or house on the real estate.
• The real estate to be purchased should be free of any mortgages/charges or impediments.
• The Seller should be the registered true freehold owner of the property.
• The Contract of Sale should be registered at the Land Registry within 21 days from the signature date.
• In order to register the real estate under foreign national’s name, application for permit to purchase property must be submitted to TRNC Council or Ministers and the permit must be granted by the Council of Ministers.