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In accordance with TRNC laws, there are some taxes and expenses that must be paid while owning a house. However, the taxes paid when buying real estate in Northern Cyprus are very low compared to many countries. In addition, these expenses are important steps to formalize your sale. So what are the taxes you have to pay when buying a property in Northern Cyprus? You can examine how much you should spend in which areas below.

The first thing to do after determining the house you will buy is the preparation of the sales contract. After the preparation of the sales contract, you can apply for a permit, pay your taxes and own your house. For more information, you can review the Real Estate Purchase Process page.​

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Attorney Fees

As we mentioned on the Real Estate Purchase Process page, the easiest way to get permission to sell real estate in Northern Cyprus is to hire a lawyer. Local Cypriot lawyers will be your best and most reliable guide in the real estate buying process. You will need to work with an attorney to know about the company from which you purchased the property, to confirm the title documents with the records in the local government, and to obtain your property purchase permits. The fees of the lawyers who will serve in the property purchase process in Northern Cyprus are between £1,000 and £1,350. If you give a power of attorney to your lawyer for purchasing transactions, he can carry out the sales process for you even if you are not in the TRNC.

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Contract Registration Fee (Stamp Fee)

In order for the sales contract signed between the parties to be valid, the Stamp Fee must be paid. This fee, generally known as the stamp fee, is 0.5% of the sales price on the sales contract. In other words, there is only a £500 stamp fee for a £100,000 real estate. With the contract for which the stamp fee is paid, you guarantee the sale price and the contract clauses.

 

Value Added Tax (VAT)

Another tax that must be paid when purchasing a real estate in the Turkish Republic of Northern Cyprus is Value Added Tax. VAT is calculated over the sales price on the sales contract and will be 5% of the real estate value.

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Title Deed Transfer Fee

Another tax paid for the title deed transfer is the deed transfer fee, after the permission to purchase your property is issued. It is paid at the rate of 3% of the sales price specified in the contract.

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Subscription Fees and Deposits

You are required to pay some subscription fees and deposits for the connection of water, electricity and other services to your home from the purchase process. These are paid separately to the respective institutions but average between £1,500 and £2,500.

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