Cyprus Northern Property: Properties For Sale In North Cyprus -  Real Estate Agency in North Cyprus -  North Cyprus Properties
RE/MAX Cyprus, Northern: Properties for sale in Northern Cyprus
Request CALL BACK from RE/MAX Golden Estate Agents in North Cyprus!
  

North Cyprus Property FAQ & Legalities

 Print this page!  Email this page to your friend!  Cyprus Northern Property Home Page 
  
Join Remax - Become An Agent
RE/MAX Golden - Cyprus Northern Property - Properties for sale in North Cyprus
Best Estate Agent Award 2008 Nobody in the world
sells more real estate than RE/MAX

Follow the links below for the details.

Other frequently asked questions are below:
About the Annan Plan. The Annan Plan, which was prepared by United Nations General Secretary Kofi Annan and which until very recently lit the way for the Cyprus problem is for now shelved as a result of a referendum to which Turks said “yes” and Greeks said “no“.

According to the Annan Plan, how many Greek Cypriots shall be able to come into the TRNC? In the event that the number of residents who came from the other constituent state reach 8% of the population of a village or town between the 5th and the 9th years and 18% between the 10th and 15th years, in line with the law qualified as the Constitution, the State can limit the residence of persons who do not have the internal citizenship statue.

Actual Procedure For Land and Property Purchase The actual procedure of property or land purchase would entail the following procedure:

How are the rights of Aliens reserved until the transfer of the title deed? If the necessary permits from the authorized offices are not ready by the time the title deed is to be transferred, the Alien person and/or Company may have to take some measures to reserve his/its rights because in such a case, although the Alien has paid all the amount due, the title deed of the immovable property is still under the name of the previous owner.

How would the Cyprus Republic structure according to the Annan Plan? According to the Annan Plan, Cyprus is a sovereign state with a non-annullable partnership structure that consist of one Common state and two constituent states; one being Greek Cypriot and the other Turkish Cypriot.

Is acquiring property issues unrestricted in the regime that will be established after the acceptation of the Annan Plan? If not, what are the restrictions? Those who have resided for 3 years can acquire property freely.

Is it possible for aliens to establish a company and buy immovable property as a company? Limited or joint stock Companies established in foreign countries can be registered as a Foreign (or Overseas) Company to establish an office (or branch) in the TRNC, provided that the consent from the Ministry of Economy and a permit from the Board of Ministers is obtained.

Is it possible for aliens to have shares in Turkish Companies? For a company to be considered a Local Company, 51% of its shares must belong to a TRNC subject.

Language in Northern Cyprus The official language in Northern Cyprus is Turkish.

Law regulating the Acquisition of Immovable Property in the TRNC by Aliens Law regulating the Acquisition of Immovable Property in the TRNC by Aliens (Cap 109)

Leasehold Title Deed There is also the method of leasing land or property from the Government.

Money and Banking in Northern Cyprus HSBC has a full service presence here.

Passports and Visas in Northern Cyprus A valid passport is necessary for entering and a visa is granted on entrance to Northern Cyprus.

Postal Services in Northern Cyprus Incoming mail must be suffixed “Mersin-10, Turkey”.

Regulation on the residence permits in TRNC for aliens. It is possible for an alien who has bought immovable property in the TRNC to obtain a residence permit.

Some important points aliens should pay attention to when buying immovable property in the TRNC The most important point to be paid attention on this subject is that the alien himself or a lawyer he will appoint collects information from the relevant District Land Office about the land to be bought.

The cases brought related with the immovable property in the TRNC and their scope. The Loizidou Case The Loizidou decision of the European Court of Human Rights, with the satisfaction by Turkey as was due, has been removed from the agenda at the meeting of the European Council Representatives Committee of 2nd December 2003.

The concepts of Allocation Property and Allocation Title Deed. Some Greek property has been allocated to Turkish subjects from Turkey, to be used as residence.

The definition of equality according to the Annan Plan. According to the Annan Plan, the Turkish, Greek and the Common States are of equal status.

The legal procedure aliens should follow when buying property from the TRNC For aliens to acquire immovable property in TRNC and becoming “the owner” on the title deed of the immovable property, it is necessary that some documents (title deed, site plan taken from the authorized office etc), some forms consisting of personal details of the alien are submitted to the Ministry of Internal Affairs and an application in person or via a lawyer is made to the same office.

TRNC Freehold - Title Deed This is property or land that was in Greek Cypriot ownership pre-1974.

Turkish (Foreign) Freehold – Title Deed Turkish Cypriot, British or foreign owned pre-1974.

Value Added Tax in Northern Cyprus Applied VAT rates are: 0%, 3%, 5%, 10%, 15% and 20%.

What does equivalent title deed mean? In 1974, after the division of Cyrus as North and South the Turkish government in the North has assigned to its nationals, who had left property in the South, property with equivalent quality on the North.

What does Turkish title deed mean? Turkish title deed, as can be seen from the term, is a document that shows that the first owner of an immovable property is a Turkish subject person and/or Company.

What is the amount of VAT aliens are liable to pay when acquiring immovable property? Upon obtaining the legal permits for the acquired immovable property from the Ministry of Internal Affairs, Police and Security Investigation and lastly from the Board of Ministers, its time for the transfer of the title deed of the immovable property to the name of the alien at the relevant District Land Office.

What is the validity of acquiring immovable property through allocation or with points granted for the military or national resistance services in the TRNC? If the properties held by these persons or their heirs or persons who acquired them by way of donation-sale, with the title deeds given by the authorities in the TRNC are among those that shall be returned, they shall be returned to their Greek Cypriot owners.

What is to be understood from the "1 donoum" limitation for aliens? When we look at Cap 109 which is the law regulating the acquisition of immovable property by aliens in the TRNC, we can see that this is possible only under certain circumstances.

What kind of regulations will be made for Greek Cypriot immovable property acquired by Turkish Cypriots through equivalent points in return of the immovable property they owned in South Cyprus? Turkish owners who had left immovable property in the South shall have alternative choices.

What will happen in cases where new buildings were made on Greek Cypriot property or where unfinished Greek Cypriot owned buildings were completed or where Greek Cypriot properties were improved/developed in any other way? Those who have improved any Greek property by the real value of the property among those who have constructed new buildings on a Greek owned land, and those who have completed unfinished buildings, can continue to have the property provided that the original value of the property is reimbursed to the Greek owner.

What will happen to Greek Cypriot public buildings or ones on Greek Cypriot property on the North Constituent State? If the public buildings in the North Constituent State are on Greek property, these properties shall be expropriated and the Greek shall be indemnified.

What will happen to immovable property acquired through equivalent property and then sold to third persons? These persons, just like those who have equivalents, shall be treated as though they themselves had left property in the South.

What You Should Know About Buying Property in Northern Cyprus Dengiz KURSAT (Broker).

RE/MAX Golden Estate Agency LTD.,

Kyrenia, Northern Cyprus

www.cyprus-northern-property.com

Will the decisions of the Property Commission be final? The decisions by the Property Commission (Ownership Committee) shall only be subject to the supervision of the Immovable Property Court to be established.

Will the economic embargoes and sports embargoes removed with the Annan Plan? With the coming into effect of the Foundation Agreement, it is ensured that both the economic and the sports embargoes are removed.

Cyprus Northern Property - Frequently Asked Questions RSS
© 2003 - 2008 RE/MAX Cyprus Golden Estate Agents in North Cyprus.
All rights reserved and protected by International Copyright Laws.
Site Map: [Cyprus Northern Property Home Page]  [Properties For Sale In Northern Cyprus]  [Off Plan Investment Properties In Northern Cyprus]  [About Cyprus Northern Property]  [Cyprus Northern Property Services Offered]  [Cyprus Northern Property News]  [Frequently Asked Questions]  [Northern Cyprus Guide]  [About Kyrenia (Girne) City]  [North Cyprus Property Buyer's Guide]  [Free Inspection Trip to North Cyprus]  [Contact RE/MAX GOLDEN ESTATE AGENTS]  [RE/MAX] 

[Advertisements]  [Resources]  [Links - North Cyprus]