New Real Estate Law in Northern Cyprus for Foreigners: What You Need to Know

In the spring of 2024, a new law was passed in Northern Cyprus, which slightly changed the rules of property ownership for foreigners.

To understand the new law, we spoke with a practicing lawyer in Northern Cyprus specializing in real estate and business. In particular, we found out what to do when buying property.

• What is the deadline for registering the sale contract?
• How can you find out if the contract is registered with the tax office?
• How can you find out if the application has been submitted to the Council of Ministers?
• What should you do if the property is purchased on an installment plan?
• What should you do if more than one property is purchased?

What is the deadline for registering the sale contract?

You need to register the sale contract and submit an application to the Council of Ministers for approval of your purchase within 6 months from the date the law comes into force, that is, by 21.11.2024.

How can you find out if the contract is registered with the tax office?

The confirmation of registration with the tax office is indicated by two stamps on the last page of the contract: a rectangular stamp with the date and amount of the stamp duty, and a round stamp of the tax office with the inscription "KKTC Maliye Bakanlığı".

How can you find out if the application has been submitted to the Council of Ministers?

To find out if an application has been submitted to the Council of Ministers on your behalf, contact a lawyer. If you completed the transaction without a lawyer, you can go to the Ministry of Interior and check the status of the review.

What should you do if the property is purchased on an installment plan?

If you have an installment plan, the issuance of the title deed is possible only after the debt is paid off.

What should you do if more than one property is purchased?

When purchasing more than one property, you need to declare the "excess". When submitting a declaration within 6 months from the date the law comes into force, 1% of the property value will be withheld; after 6 months, 3% will be withheld.

After declaring the property, you have 24 months to sell or re-register the property.

When selling excess property, you need to pay 1/2 of the seller's tax if declared within the first 6 months. If declared later, the full seller's tax is to be paid.