What to do if the title is not divided or the installment has not yet been paid off?
If you have received authorization from the Council of Ministers to purchase property in Northern Cyprus, the process is as follows.
Steps to Follow
The buyer and seller must, within 60 working days from obtaining the Council of Ministers' authorization, pay the title transfer taxes and wait until either the installment is paid off or the titles are divided.
Taxes
If 6% was paid at the contract registration, another 6% will need to be paid. If only 0.5% was paid at registration, a payment of 9% is due.
Useful Links
- More information on all taxes when purchasing property in Northern Cyprus
- Steps to follow after paying off the full property cost
Follow us on our Instagram and Telegram channel to stay updated on the latest Northern Cyprus property information!
Vadim Chernyakov
I have been working in the real estate market of Northern Cyprus since 2012. During this time, I have built one of the largest databases of secondary properties on the island. My experience and deep expertise allow me to find optimal solutions for clients, support transactions at every stage, and ensure transparency and security throughout the process.
Phone
+905338824055
Book a call
Leave a request and receive expert assistance from our specialist.
Author
Born and raised in Yekaterinburg, visited more than 40 countries, lived in the USA for some time, and in 2022, moved to Cyprus. Education: Ural State University (now Ural Federal University), Faculty of Political Science and Sociology. Professional Experience: Since 2008, worked in the fields of…
You may also be interested in:
- How to Obtain a Property Title in Northern Cyprus
- Contract with a Developer in Northern Cyprus: Which Clauses Should Be Modified
- Additional Costs When Buying Property in Northern Cyprus
- Falling resale and rental prices in Northern Cyprus: truth and myths
- Is it worth investing in studios in Northern Cyprus?