Foreigners soon will be able buy up to three properties in North Cyprus. The new law, which will boost the economy of the TRNC, is discussed in parliament. One-time property tax will be also reduced.
Currently, foreigners are allowed to purchase no more than one property per person or family. The government's plans also include tax cuts for receiving of the title deed. Currently the tax is 6% of the property value and is expected to fall to between 1 and 3 percent.
Interior Minister of the TRNC, Teberuken Ulucay commented: "We decided to do this in order to further develop the economy and the construction sector, and to restore the confidence of foreigners"
Mr. Ulucay, also said that the aim is also to reduce the cost of property tax (VAT), which currently is 5 % of the purchase price .
"Our plan is to reduce the tax to 1% on the new property, which has not been registered previously in the land registry. The property tax changes will be in force for a six-month period"
Share on social networks:
More than 21 thousand houses are waiting for buyers in Northern Cyprus
As of the end of March, it was established that in Northern Cyprus there were more than 21 thousand houses offered for sale waiting for buyers. Economists note that stagnation in the real estate sector has led to an increase in the number of homes for sale.Karpas Research Station opened on Ronnas Beach
A research station has opened on Ronnas Beach, on the Karpaz, one of the most important spawning grounds for sea turtles. It will now host numerous studies, including turtles, migratory birds and wild donkeys.Marash is a billion pound project.
a consortium of billionaire businessmen from around the world, as well as the world's most successful hoteliers, has prepared a billion-pound project for Maras.Multi-storey parking projects in Kyrenia
The Mayor of Girne, Murat Şenkul, made a statement about the multi-storey parking projects initiated to solve the parking problem in the center of Girne and areas of Kervansaray.
