What are the costs involved when purchasing a property in Northern Cyprus?
– Lawyers costs are in the region of 1,000-1,200, however, please note that some lawyers charge an hourly rate which could increase your costs dramatically. We can recommend you to one of several lawyers who is conversant in your language. – Stamp Duty (0.5%) is paid on signing of contract, VAT (5%) and Transfer fees (3% option for first purchase) are paid once permissions are granted. These three taxes are generally paid by the purchaser. Capital Gains Tax is paid by the Vendor. Percentages are based on the contract price of the property. – Electricity, water and gas installation costs should also be considered, especially if your purchase is in isolation to the main road, a village or other construction. In effect, you can expect to add a further 10% onto the purchase price to cover the above items but please see our Buyers Guide for more information. WHAT TYPE OF TITLE DEEDS ARE AVAILABLE? Similar to the UK there are leasehold and freehold properties, however, leasehold properties a
A. Solicitors fees: including drawing up of contract, Power of Attorney, purchase permit application and seeing the sale through to completion = £1,000. Stamp duty 6% of the valuation levied by the Land Registry Office, 1% stamp duty charge, paid to the local Council. You will have the option to be exempt from 3% of the 6% stamp duty on any one purchase. VAT is payable on some new build properties only.
