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The Turkish Republic of Northern Cyprus (TRNC) attracts foreign investors with its natural beauty, warm climate, and affordable real estate prices. However, as a foreign investor considering property acquisition in TRNC, there are some important real estate laws and procedures that are beneficial to know.
Property Acquisition Rights: Foreign nationals can own property in TRNC, but there are certain restrictions. The amount of land or residential property a foreigner can own is limited.
Required Documents: For foreigners to purchase property, documents such as a copy of the passport, criminal record, and other necessary papers must be provided.
Title Deed Approval: In TRNC, a title deed (koçan) is the ownership document of a property. When a foreign investor purchases property, government approval is required for the transfer of this title deed.
Restrictions for Foreigners: The TRNC government may limit foreigners from acquiring property in certain areas or near military zones.
Taxes and Fees: When purchasing a property, certain taxes and fees, such as the sales tax, VAT, and title transfer fee, must be paid.
Types of Ownership: In TRNC, property ownership can be in two different types: ‘old Turkish title deed’ or ‘old Greek title deed’. Each type of ownership may carry different risks and advantages for foreigners.
Choosing a Real Estate Agent: Working with an experienced and trustworthy real estate agent during the property acquisition process can help ensure a smooth transition. Most real estate agents in TRNC are trained to understand the needs of foreign investors and provide appropriate guidance.
For foreign investors considering property acquisition in Northern Cyprus, it is important to be well-informed about the process. This will help you avoid potential pitfalls and make the most of the advantages of owning property in TRNC.
