North Cyprus Villas

Luxury Villas for sale in North Cyprus

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NORTH CYPRUS LEGAL ADVICE  

LEGAL TIPS PRIOR TO PURCHASE:

* Prior to purchase, always: Ask a copy of the title deed

* Check the sheet plan - plot references and the site plan,

* Look at the site plan and ascertain from its boundaries its shape and boundaries,
   Check the construction availability (from State Planning Office)

* Make a land search to understand; if there is a deed, the kind of the title deed and whether    there is any encumbrance on it (from Land Registry),

* Always make a contract before making any payment.

ONCE A PROPERTY HAS BEEN DECIDED UPON


After deciding on a property you may wish, a land search should be made and subsequently a contract should be signed with the vendor. It should be noted that according to Property Purchase (Foreigners) Law and the related regulations, Law No: 109, Foreigners' purchase is limited to one donum (donum is a measure of land equivalent to 1600 square yards, 1,338 sq. meters or 14,400 sq. ft., 0.336 acre) of land (unless you form a company or constitute a trust with a local person). A permit to purchase from the Ministry of Interior is then applied to get the permission to purchase. This may take between six and eight months. Once this permit has been issued, remaining balance is then paid to the vendor. After the issuance of the permit, Purchaser is entitled to register his/her name to the land registry as registered legal owner. Purchaser would then need to be in Cyprus to sign the relevant papers; the change of ownership. In case where the Purchaser is not at Cyprus at the time of the transfer, a power of attorney may be issued on behalf of Purchaser's local counsel and transfer may be executed in this way.

A purchase tax is applicable on all freehold property at 6%, in addition a 1% charge of the 6% is also applicable which is paid to the municipality where the property is located.
A purchase tax is applicable on all freehold property at 6%, in addition a 1% charge of the 6% is also applicable which is paid to the municipality where the property is located.



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