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New bill regarding foreigners owning real estate in the country

New bill regarding foreigners owning real estate in the country

Interior Minister Dursun Oguz said that a new bill is being developed regarding foreigners owning real estate in the country.

Answering questions from media representatives, Oguz said that although foreign citizens have the right to buy only one house according to TRNC laws, the number of real estate purchased under agreements concluded between the parties has increased significantly.
"There is a serious tax loss"
Explaining that the contracts were concluded using loopholes in the legislation and that the state suffered serious tax losses due to these contracts, Minister Oguz emphasized that with the start of the new legislative year a new resolution will be adopted on this issue.
Interior Minister Dursun Oguz said they are working to prevent the construction industry from becoming a victim of new legal regulations affecting foreigners owning property in the country.
Minister Oguz noted that the regulation on the purchase of real estate by foreigners is being prepared as a study in accordance with the economic and social structure of the country, and said: “This will show us what needs to be done to solve the accumulated problems. Our Prime Minister is very sensitive to this issue. These are studies that were started before us. We continue to do this. “We are working on both citizenship and property purchases for foreigners.”
“Legal research on the issue of citizenship has been carried out, but it is too early.”

Answering a question about what work is being done on citizenship issues, Interior Minister Dursun Oguz said that work is being done, but there can be no talk of any statements at this stage. Stating that he does not want to create expectations in society by making a statement before a final decision is made, Oguz said the necessary statement will be made by the Prime Minister after completion of work on the matter.


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