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North Cyprus is situated in the Eastern Mediterranean , it is the third largest island in the Mediterranean sea. Its excellent infrastructure, high quality of life, low cost of living and generous tax incentives attract people from all over the world. Mountainous villages, crystal clear waters sandy beaches, green valleys and landscapes, 340 days of sunshine a year and most important of all the smiling genuine hospitality of local people North Cyprus has it all and more. You can discover rare plant and wild life, such as orchids and Greenback turtles, or you can simply curl up with a good book in the warm sunshine under your very own tree of he idleness. The possibilities are endless in North Cyprus.
PROPERTY OWNERSHIP AND TITLE DEEDS
The process to own a property in North Cyprus takes place in a several possible ways. There are three types of title deeds that the purchaser must be aware of these are;
1) Freehold Title
a) TRNC Title
The owners of these properties are Turkish Cypriots who owned these properties after 1974.The council of Ministers carries out of few checks and this checking process takes approximately 6 months.
b) Foreign Title
The owners of these properties are European ( e.g. German, British, Spanish…) This title deed is recognized world wide. The Council of Ministers carries out of few checks and this checking process takes approximately 6 months.
C) Turkish title
The owners of these properties are Turkish Cypriots who owned these properties before 1974.The council of Ministers carries out of few checks and this checking process takes approximately 6 months.
BUYERS GUIDE FOR FREEHOLD TITLE
The following is the process to follow when purchasing a Freehold title;
1) The validity of the Freehold title deed is checked by us or by the Notary public and also an agreement about the price takes place at this point.
2) The Notary or a solicitor prepares a contract stating the terms of the conditions of the sale (i.e. payment, time scale, materials, any special conditions etc.) These processes can take place through the power of Attorney assigned by the purchaser.
3) Vendor and purchaser sign the contract.
4) Purchaser pays 10% deposit.
N.B The foreigners are restricted to purchase only one (1) donum of land. However, this rule is not applied to Freehold Title properties.
2) TRNC Title
The previous owners (before 1974) of these properties were Greek Cypriots. Again, the council of ministers carious out a few checks and this checking process takes approximately 6 month. It must be mentioned that TRNC title deeds are sate to purchase.
3) Leasehold title
These properties are owned by the Government. The Government grants long-term leases .It is necessary to make an application to the Ministry of Tourism in person or with a solicitor in order to transfer the lease.
BUYERS GUIDE FOR LEASHOLD TITLE
1) The validity of the Freehold title deed is checked by us or by the Notary Public and also an agreement about the price takes place at this point
2 ) The Notary or a solicitor prepares a contract stating the terms of conditions of the sale(i.e. payment, time scale, materials, any special conditions etc).These processes can take place through the power of Attorney assigned by the purchaser.
4)The Vendor must apply to the Tourism office in order to transfer the lease.
3)Vendor and purchaser signs the contract.
PROPERTY TAXES-FEES RATES
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The transferee is responsible for the tax payment. The rates are on a graduated scale.
-6%VAT is due to Registry office.
-1%Municipalitiy tax.
PROPERTY OWNERSHIP
The foreigners are restricted to purchase only one (1) donum of land. However, this rule is not applied to Freehold title properties.
Outside the main town boundaries, there is restriction of on only 20% of the land area. Buildings are restricted to a height of only two storey. This is a further example of the Governments goods forward planning to preserve the environment.
WEIGHTS AND MEASURES
In North Cyprus the weight and measures system used is metric (kilos, litres, kilometres an meters). Shopping in North Cyprus is less hectic than in most European countries and it is a casual and relaxed experience offering you time to browse around at your own leisure. The measure scale in North Cyprus:
- 1 donum= 1388m2 or 14400 ft2
- 1 donum= consists of 4 evleks
- 1 evlek= 3600 ft2
- 1 acre= 3 donums
BUILDING COSTS
Building costs vary in North Cyprus its started from £280 per m2 depending on quality of the materials, standards and extras, this costs vary can be change £350 per m2 depending on construction period, customer have an opportunity to use material from all of the world (etc. UK, Germany, Italy, Turkey)
REASONS THAT MAKE NORTH CYPRUS UNIGUE
1. North Cyprus is a paradise island of income parable natural beauty, full of unique historical treasures.
2. There is virtually no crime, no vandalism, no pollution and no traffic congestion.
3. Everyone drives on the left.
4. You are allowed to own a duty free car.
5. The sun shines for approximately 340 days of the year.
6. North Cyprus is the island of leisure and entertainment.
7. The cost of living is much lower than the UK
8. The law is based on British law.
9. North Cyprus contains some of the best antiquities of the world and it is the full of culture.
10. North Cyprus enjoys lovely sea and mountain areas with sandy beaches.
11. North Cyprus is one of the place which make your dream come true in the world.
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