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Turkish Republic of Northern Cyprus is one of the advantageous points for those who want to invest in real estate. In a country with a rapidly developing economy, there are some issues to learn before making the decision to purchase real estate:
There are 3 different types of title deeds in the Turkish Republic of Northern Cyprus. Before purchasing, you need to find out which title type the real estate has.
Council of Ministers Permission for Foreign Investors
Non-citizen investors must first obtain permission from the Council of Ministers to purchase real estate in North Cyprus. The result of the application made to the Council of Ministers takes between 6 and 12 months. Foreign investors have the right to acquire 1 real estate in the Turkish Republic of Northern Cyprus. This real estate can be a property not exceeding 5 decares or a land not exceeding 1 decare.
It is useful to learn about the tax amounts to be paid to avoid any surprise expenses during the purchase process. There are 4 types of taxes to be encountered when acquiring real estate in the country.
If a house is purchased, electricity and water connection expenses will be added to the fees to be paid.
You can contact us for more information and assistance.