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Expenses for buying property in North Cyprus

Posted by ronli on July 29, 2019
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There is some difference in the cost of a property purchase in northern Cyprus (Turkish Cyprus) and southern Cyprus (Greek Cyprus). This is because southern Cyprus has been an EU country since 2004 and the tax system is adapted to the European Union.

VAT, Value Added Tax (VAT) 5%
VAT is usually paid when we deliver the property to you and a receipt will be produced from the tax office on transfer of title as proof of payment.

* When purchasing a used property by a private person, no VAT is paid, provided that the previous buyer paid this.

Stamp Tax (Stamp Duty) 0.5%
For each purchase of immovable property, a stamp duty shall be paid by the buyer to the Tax Office’s Tax Office. This must be paid no later than 21 days after the signing of the contract. The stamp duty is based on the sales contract’s purchase price.

Transfer fee
The transfer fee is 6%. However, every person has a once in a lifetime option to reduce this to 3%. If you use this option on your purchase you will pay 3%. Any other purchase made thereafter, you will pay 6%. On most property purchases, there is also a small local municipality tax which is 1% of the Transfer Fee amount.

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