Frequently asked questions
General FAQs
Answer:
Land is measured in Donums and Evleks. One Donum is 1,338 square meters and there are 4 Evleks to a Donum. One Donum is equivalent to 1/3 acre
Answer:
You must use a solicitor based here in North Cyprus to transact the purchase. You can instruct your own solicitor in the UK to advise you along the way but they will not be allowed to deal with any of the transactions. You can use a local solicitor of your choice, however, we do have solicitors we would be happy to introduce you to.
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Solicitor fee: Including drawing up of contract and seeing the purchase through to completion, approximately £1000.
Stamp Duty: 6% of the valuation levied by the Land Registry Office. You will have the option to be exempt from 3% of the 6% Stamp Duty on any one purchase.
VAT: 5% is payable on new build property only.
Contract Stamp Duty: 0.5% of the purchase price of the property is payable within 21 days of the signing of the contract.
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You will need to apply to the authorities for permission to purchase. This can take quite a time to obtain and currently, you are looking at around 2 years, however, permission will not hold up any property purchase.
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You are required to submit an application to apply for residency in North Cyprus. When you arrive on the island you are automatically given a 90-day visa and if you intend to stay beyond that date you must apply to the immigration office for a temporary residency permit this can take up to 3 months to obtain but is just a formality.
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All types of banking services are provided. There are branches of local banks represented in many of the major cities of the world. HSBC Bank has branches here. There are numerous ATMs in all of the major areas across Northern Cyprus and credit/debit cards are widely accepted.
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There is an international telephone system, excellent mobile coverage, and internet and wireless internet connections available.
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Water is by mains supply connected to water tanks usually fixed on house roofs and in some properties supplemented by wells. However, it is recommended that bottled water is purchased for drinking.
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Turkish Lira is the legal tender and official rates for the TL are adjusted daily according to changes in the international monetary markets. All foreign currencies are acceptable at trading or tourist outlets.
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Turkish is the official language. English is the second language and is widely used and understood
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The capital of the TRNC is Lefkosa, where the main administration and business is centred. Other towns include Famagusta; the country's principal port, Kyrenia; a picturesque harbour town and tourist spot and Guzelyurt; which is the centre of the country’s citrus industry.
Answer:
Verification of documents. The registration documents of the developer company and the documents of the owner of the land plot, title documents for the real estate (Titles), and permission for the construction of this real estate must be attached to the contract. If the real estate is already built, then a Final Approval document should be received, and individual titles should be ready within a year from the completion of its construction.
Answer:
- View the already constructed properties of the same builder (if there are none, look for another developer).
- Look at the quality of construction and finishing of previously constructed properties of the same builder to know exactly what quality awaits you.
- Check the presence of water and electricity meters for already constructed properties (if they do not exist, look for another developer).
- Evaluate the work of the management company. If the already constructed complex is managed poorly, your property will have the same history, then you need to look for another property and another developer.
- Get a full list of costs for the acquisition and maintenance of the real estate. The acquisition cost is approximately 10% of the value of the property. And there are costs for its maintenance. It is necessary to have this information before you make a purchasing decision so that these expenses do not become an unpleasant expensive surprise for you in the near future. If these costs are hidden or silenced by you, safely change the agency at this stage of your work and look for another.