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Changes in property buying process


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"

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16.02.2014

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