What to do if you only have a signed contract when purchasing real estate?

On May 21, 2024, the law "On Real Estate Acquisition by Foreigners" came into effect. The purchase now requires completing certain steps.

Main steps after signing the contract

• The contract must be registered with the Land Registry and tax authorities by November 21, 2024.
• During registration, a stamp duty of 0.5% of the amount and half of the title transfer tax (6%) must be paid.
• If registration is completed more than 21 days after signing, the stamp duty will increase to 1.5%.
• Submitting an application for approval to the Council of Ministers is mandatory.
• After approval, the remaining title transfer tax (6%) must be paid.

Frequently Asked Questions

What is a title deed, and why is it important?

A title deed is an official document that confirms your ownership of the property. In Northern Cyprus, it is called "Koçan" (Taşınmaz Mal Koçanı).

In what order are taxes paid?

First, stamp duty and cadastral fees are paid, followed by VAT, and finally, the title transfer fee. Detailed information can be found in our article on taxes when purchasing real estate.

Where can I find information about the tax authorities in Northern Cyprus?

All contact details of the tax authorities and office locations are available on this page.