Declaration of surplus property

Changes in Legislation for Foreign Property Owners in Northern Cyprus

From May 21, 2024, foreign property owners in Northern Cyprus face new regulations. They are now required to declare their properties in accordance with legal requirements.

How to Submit the Declaration?

To submit a declaration, you must own at least one property registered with the land committee. Additionally, an application to the Council of Ministers is required. If you own multiple properties, each subsequent property after the first one will incur a state duty of 1% of the value listed in the contract.

It is important to note that the declaration imposes an obligation to sell the property within 24 months from the date of November 21, 2024. Upon sale, the owner will be required to pay a tax, amounting to half of the seller's tax based on the contract price.

What Documents Are Required to Submit the Declaration?

• Completed application form.
• Copy of passport.
• Copy of the sale and purchase agreement.
• Payment of a 1% duty on the contract value of the property.

We recommend that foreign property owners familiarize themselves with the new requirements and comply with them to avoid potential issues.

For more detailed information or assistance with submitting a declaration, please contact our real estate specialists in Northern Cyprus. They will help you understand the new regulations and complete all the necessary paperwork.