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Leasehold Title Deed

There is also the method of leasing land or property from the Government.

These are usually derelict houses, which the Government will lease out for periods up to 49 years to foreigners who renovate the property at their own expense, and who pay a nominal ground rent for the lease period. An excellent example of the manner in which this scheme has been operated can be seen in Karmi Village, which is a credit to the Minister of Tourism and his staff.

This policy is beginning to show encouraging results, as many visitors from overseas are returning to Northern Cyprus to investigate the possibilities of starting new businesses here. At the present time, the majority of these people are from the British Isles, and several have commenced trading in such businesses as water sports, restaurants, holiday home management, shops, estate agents, construction companies, irrigation equipment suppliers etc.

For retired persons, the resident permit is all that is required. Retired persons may bring into the country a full household of furniture. These are virtually tax-free a nominal 2 - 3% tax is levied.

Frequently Asked Questions

The Immovable Property Commission Following the ruling on the case of Demopoulos vs.Turkey and 7 other cases the European Court of Human Rights on 5 March 2010, the Court upheld that the Immovable Property Commission in North Cyprus was an accessible and effective local remedy for all persons seeking redress and therefore an appropriate forum for deciding on complex matters of property ownership and valuation and assessing financial compensation.

Is acquiring property issues unrestricted in the regime that will be established after the acceptation of the Annan Plan? If not, what are the restrictions? Those who have resided for 3 years can acquire property freely.

Actual Procedure For Land and Property Purchase The actual procedure of property or land purchase would entail the following procedure:

Passports and Visas in Northern Cyprus A valid passport is necessary for entering and a visa is granted on entrance to Northern Cyprus.

Language in Northern Cyprus The official language in Northern Cyprus is Turkish.

Money and Banking in Northern Cyprus HSBC has a full service presence here.

Value Added Tax in Northern Cyprus Applied VAT rates are: 0%, 3%, 5%, 10%, 15% and 20%.

Postal Services in Northern Cyprus Incoming mail must be suffixed ?Mersin-10, Turkey?.

Law regulating the Acquisition of Immovable Property in the TRNC by Aliens Law regulating the Acquisition of Immovable Property in the TRNC by Aliens (Cap 109)

Some important points aliens should pay attention to when buying immovable property in the TRNC The most important point to be paid attention on this subject is that the alien himself or a lawyer he will appoint collects information from the relevant District Land Office about the land to be bought.

What is to be understood from the "1 donoum" limitation for aliens? When we look at Cap 109 which is the law regulating the acquisition of immovable property by aliens in the TRNC, we can see that this is possible only under certain circumstances.

The legal procedure aliens should follow when buying property from the TRNC For aliens to acquire immovable property in TRNC and becoming ?the owner? on the title deed of the immovable property, it is necessary that some documents (title deed, site plan taken from the authorized office etc), some forms consisting of personal details of the alien are submitted to the Ministry of Internal Affairs and an application in person or via a lawyer is made to the same office.

How are the rights of Aliens reserved until the transfer of the title deed? If the necessary permits from the authorized offices are not ready by the time the title deed is to be transferred, the Alien person and/or Company may have to take some measures to reserve his/its rights because in such a case, although the Alien has paid all the amount due, the title deed of the immovable property is still under the name of the previous owner.

What is the amount of VAT aliens are liable to pay when acquiring immovable property? Upon obtaining the legal permits for the acquired immovable property from the Ministry of Internal Affairs, Police and Security Investigation and lastly from the Board of Ministers, its time for the transfer of the title deed of the immovable property to the name of the alien at the relevant District Land Office.

Is it possible for aliens to establish a company and buy immovable property as a company? Limited or joint stock Companies established in foreign countries can be registered as a Foreign (or Overseas) Company to establish an office (or branch) in the TRNC, provided that the consent from the Ministry of Economy and a permit from the Board of Ministers is obtained.

Is it possible for aliens to have shares in Turkish Companies? For a company to be considered a Local Company, 51% of its shares must belong to a TRNC subject.

Regulation on the residence permits in TRNC for aliens. It is possible for an alien who has bought immovable property in the TRNC to obtain a residence permit.

About the Annan Plan. The Annan Plan, which was prepared by United Nations General Secretary Kofi Annan and which until very recently lit the way for the Cyprus problem is for now shelved as a result of a referendum to which Turks said ?yes? and Greeks said ?no?.

How would the Cyprus Republic structure according to the Annan Plan? According to the Annan Plan, Cyprus is a sovereign state with a non-annullable partnership structure that consist of one Common state and two constituent states; one being Greek Cypriot and the other Turkish Cypriot.

The definition of equality according to the Annan Plan. According to the Annan Plan, the Turkish, Greek and the Common States are of equal status.

According to the Annan Plan, how many Greek Cypriots shall be able to come into the TRNC? In the event that the number of residents who came from the other constituent state reach 8% of the population of a village or town between the 5th and the 9th years and 18% between the 10th and 15th years, in line with the law qualified as the Constitution, the State can limit the residence of persons who do not have the internal citizenship statue.

Will the economic embargoes and sports embargoes removed with the Annan Plan? With the coming into effect of the Foundation Agreement, it is ensured that both the economic and the sports embargoes are removed.

What will happen to immovable property acquired through equivalent property and then sold to third persons? These persons, just like those who have equivalents, shall be treated as though they themselves had left property in the South.

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