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Changes in property purchasing laws are discussed


 Changes in property purchasing laws are discussed

TRNC government discusses possible changes in the administrative system of purchasing property . The proposed amendments mean that foreign nationals will no longer need permission to purchase from the Cabinet of Ministers of the TRNC when changing the property in Northern Cyprus. Owners of a "white card" of Northern Cyprus will be able to have the same rights as the citizens of Northern Cyprus. The bill will allow foreign nationals in Northern Cyprus to get "white card" after five years of work or residence permit in the country, with the possibility of further acquisition of citizenship in TRNC after a further five years. The plan is aimed at facilitating a costly and time-consuming process of renewal of the residence permit and work visa. The Minister of Internal Affairs Teberruken Ulucay said: "Once expats secure permission to purchase to buy a property they will no longer have to apply for the approval of the Cabinet in Lefcosa to change or mortgage this property. Work on this issue is under way and we shared our plans with the Economic Co-ordination committee. We believe this will enable expats to benefit from an easier property transaction”. The minister did not rule out the prospective amendments to the existing law for permission to purchase for foreigners. "We might consider making legal amendments on this issue in the future. But our priority is now to carry out our current proposal”.

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17.11.2013

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