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Purchase&Sale Property

Property for sale.
The first and most important condition: if a foreigner wants to buy a property in Northern Cyprus, in the first place he should apply to the local police and get a document certifying his beskriminalnoe past.
According to the law of the country a foreigner can not acquire more than 1 donyum (1338.7 m2) per person or family of 2 persons. This should be only 1 object (villa or apartment or land plot).
For example: if the husband bought a villa or apartment, the wife having the same surname with my husband, can not buy property in his name. If the wife has a different surname, you can. In order to buy the 2 sites can be written in the names of second child, but only when the children are married.
The process of obtaining a property in Northern Cyprus last from 2 to 3 years. In doing so, the buyer can settle in a house or apartment is right to pass property to rent. When the client and the authorization granted to the District Land management has evaluated, since the owner is obliged to pay local property tax.
Taxes
The buyer, acquiring real estate in Northern Cyprus for the first time (the real estate must not exceed 200m2 net area) pays the following taxes:
1) 3% st tax (Stamp Duty) of the value of the property, estimated the District Land Office;
2) 1% to 3% – Council Tax.
Example: Cost object – 150,000.00 £. District Land Office to assess it in 130,000.00 £. Stamp Duty = 6% of 130,000.00 £ = 7,800.00 £. Council Tax = 1% to 7,800.00 £ = 78.00 £ Total to pay: 7,800.00 £ + 78.00 £ = 7,878.00 £
The buyer, acquiring properties of three or more times a year is considered to be professional and pay the following taxes:
1) 6% Stamp Duty on property values, assessed by the District Land Office;
2) 1% to 6% Council Tax;
3) 5% VAT (VAT) of the value of the property, estimated the District Land Office;
When signing the contract Contract Tax paid in the amount of 0.005% of the value of the property, estimated the District Land Office (in our example = 130,000.00 £.) + Paid a lawyer (*) (usually in the range of 1,000.00 £ to 1,300.00 £.) Signing a contract for you can also arrange a local notary. For its services usually takes up to 500 £, but it can not later assert your rights in court. Therefore, this method of the least recommended. Foreigners bought a villa or apartment have the right to sell without paying taxes only 1 time. Any subsequent sale to be taxed at 3.5%.
Testament (A WILL). If the buyer does not make a will, according to the laws of the country in case of death, stood a contract, the property becomes the property of the State. It is therefore recommended to make a will in any time convenient to the buyer. The cost of processing a will usually is 100.00 £.
To buy 2 or more objects, for example, a block of apartments foreigner must register a local company. There are 2 ways:
1) With the participation of the local promoter (a citizen of Northern Cyprus), of which there can be no less than 51%. To do this, the application for approval of the name of the company. After obtaining the names of the foreign national must block the $ 49,000 in any bank in the country. Next, the process of registration of companies, usually with the help of competent professionals. The statute indicates that 51% owned by citizen of the country and 49% alien. After registration, a document that should be attributed to the bank and release the amount. Usually lasts about 1-2 months.
2) For the 100% foreign company must make a deposit (BOND) to a bank account for 6 months in the amount of $ 100,000.00.
Several years ago, such a deposit is made in the amount of $ 20,000.00, and later $ 180,000 for 2 months. In this regard, many are not 100% of foreign firms wishing to sell their company, created earlier, but the acquisition of such companies is considered to be very profitable.