The northern area of the Republic of Cyprus, under military occupation by Turkey since 1974, has been experiencing an unprecedented construction and “property sale” boom. … Anyone who has “bought” or is seeking to “buy” Greek Cypriot owned property in the occupied part of the Republic does so illegally.
Can I buy a house in Northern Cyprus?
There are two types of land deed in North Cyprus on which most new properties are built and which are considered very safe to purchase. Pre-74 Turkish or British Deed properties are built on land which was always part of Northern Cyprus and upon which there can be no claim or property loss.
Can foreigners buy property in Northern Cyprus?
Non-nationals require a purchase permit from the government in order to buy property in Northern Cyprus, and such permits may take four to 12 months to come through. Taxes are usually payable at the end of the transaction after a purchase permit has been granted and title deeds transferred into your name.
Can Brits buy property in Northern Cyprus?
UK citizens can buy a property in Cyprus following the same rules and regulations as any other non-EU citizens. … You can stay in any of the EU member states for 3 months out of every 6 months without a visa. If you want to stay longer, you will have to apply for permission to do so.
Is buying property in North Cyprus a good investment?
There are fabulous opportunities for property investors in North Cyprus, with the best performing North Cyprus property investments achieving over 10% rental return per year. We at North Cyprus International (NCI) can guide you as to the best investment properties to suit your lifestyle and your needs.
Is Northern Cyprus safe?
Despite political tensions, an often-noticeable military presence and geographic proximity to troubled areas, North Cyprus is currently perfectly safe and a vast majority of visitors will experience no problems during their visit. The political situation is somewhat tense, but not violent.
Can I live in northern Cyprus?
North Cyprus Residence
When entering the TRNC (the north), you are given a 90-day permission to stay visa. However, if you decide to stay longer, you must apply for a temporary residence permit as soon as possible. Until you obtain Permanent Residency, all residency visas are classed as “Temporary”.
Is there inheritance tax in Northern Cyprus?
Taxation of the will
Property under 100 000 pounds sterling is not subject to taxation, the property over 100,000 is taxed at 1%. The process of transferring the property to the heir in North Cyprus takes up to 6 months if the will was made.
How much does it cost to buy a house in Cyprus?
Other costs for the purchase include independent legal fees of €4,165 (1 percent of purchase price, plus VAT), a stamp duty of €620, and land registration and other disbursements of €120. The total cost of purchasing a €350,000 resale property in Cyprus would be in the region of €365,505.
Can I retire to Cyprus after Brexit?
Now that the UK has left the European Union, British citizens no longer have the right to settle in EU countries like Cyprus without a visa or residency documents. … With this permit, you can live in Cyprus but you can‘t work – this makes it a good option for retirees.
Can I sell my land in northern Cyprus?
Any purchased property abroad, including in property in Northern Cyprus, should be easy to sell at any given time. This is an important issue when buying property abroad. In Northern Cyprus, title deeds for property make it so much easier to sell it in the future.
How long can Brits stay in Cyprus after Brexit?
The European Commission has already stated that British nationals would be able to visit any Schengen as well as EU countries, including Cyprus, without a visa, provided the stays are limited to three months within any six-month period.
Is North Cyprus a good place to live?
North Cyprus must be one of the least expensive places to live in the Mediterranean. It is exceptionally good value when compared to living costs in the UK. Electric, water and council tax are relatively inexpensive making your Pound go further.
Is North Cyprus recognized?
International status and foreign relations
No nation other than Turkey has officially recognised Northern Cyprus as a sovereign state. The United Nations recognises it as territory of the Republic of Cyprus under Turkish occupation.
Is Famagusta in the Turkish part of Cyprus?
Famagusta, Greek Ammókhostos, Turkish Gazi Mağusa, a major port in the Turkish Cypriot-administered portion of northern Cyprus. It lies on the island’s east coast in a bay between Capes Greco and Eloea and is about 37 miles (55 km) east of Nicosia. The port possesses the deepest harbour in Cyprus.