No, a foreigner cannot give loan and cannot take a property as collateral. Unless he first obtains the approval of the Council of Ministers.
It is not always necessary. If no will is left, TRNC local laws will be applied. To change the situation you can make a will. There is no limitation for foreigners and they may dispose of their property by will, as they wish.
“Kochan” is the registration certificate of an immovable property. It is also called as “Taşınmaz Mal Koçanı” and “Title Deed”. It is prepared by the District Lands Office and gives a desctiption, shows the owner and any impediments.
On the day of the transfer, the purchaser has to pay a nominal fee, which is currently 24,00 TL for each copy of the title deed.
Yes, individual purchasers have an exemption right once in their lifetime, which allows them to pay half, when buying a building site and a house or a flat.
These fees are paid by the purchaser on the day of the transfer of the ownership from the vendor to the purchaser. Normally it is 6% of the contract price. The exemption right given to foreigners to pay 3% is not in force since the 12th of October 2011.
Purchasers buying property from a professional owner or a company have to pay 5% of the contract price as K.D.V. (V.A.T.)
Professional owners and companies do not have any exemption rights. They have to pay 6.25% of the cortarct price. Now is changed as 4%.
Individual property owners have two exemption rights. These rights are to be used once in a lifetime; one is for a building site and the other for a house or a flat. If not exempt, the vendor has to pay 2.8% of the contract price.
This is a tax collected by the Municipality annually. Tax is levied on the property dependent on the property location. Tax has to be paid by the registered owner, whoever is registered on the 1st day of January, and may be paid in two installments.
Each contract has to be stamped duly within a month from the day of the signing of the same. The purchasers, to make sure that their contract is registered at the District Lands Office, are paying this duty, which is 0.5% of the sale price.
Annual Immovable Property Tax, Stamp Duty, Capital Gains Tax Payable By Tax Withholding System, K.D.V. (V.A.T.), Transfer and Registration Fees, Municipality Fee, Fee For Title Deed.
Any new contract has to be registered within 21 days from the day of the signing.
According to the new law, all the sale contracts have to be registered at the appropriate District Lands Office. In private sales, one person to another, this contract may be exempt.
We acting as your Solicitors will obtain the purchase permit and draw up the legal contract in due corse.
Foreigners can only buy a flat, a house (on a land up to five donums) or a donum of land. Married persons are counted as one person and therefor can only buy one of these.
First of all, any foreigner who wishes to purchase and register his ownership of an immovable property, has to obtain a permission from the TRNC Government.