- Do you organise inspection trips to North Cyprus?
- How much is the K.D.V (V.A.T)?
- What costs are involved in buying property in North Cyprus?
- What are the payment terms for purchasing property in North Cyprus?
- What is the TRNC banking system like? Is it possible to open a sterling bank account in North Cyprus?
- How long are we allowed to stay on the island legally?
- What are the limitations on buying property in North Cyprus for foreign persons?
1. Do you organise inspection trips to North Cyprus?
Mr. Charles Estates can assist you in arranging inspection flights, accommodation and car hire.
Once you have safely arrived in North Cyprus, a member of our team will collect you from your accommodation and personally take you to view a selection of suitable properties.
If you purchase a North Cyprus property through Mr. Charles Estates we will reimburse youtop
2. How much is the K.D.V (V.A.T)?
At present 5% K.D.V (V.A.T) is payable on most new build properties at time of title deed transfer.top
3. What costs are involved in buying property in North Cyprus?
Lawyers in North Cyprus usually have a set standard fee for buying a property in North Cyprus, most often this is aroundtop
4. What are the payment terms for purchasing property in North Cyprus?
Payment terms depend on the property you buy. A resale property is paid fully upon exchange of contracts, newly built or off plan properties depend upon the construction firm. Payment terms can involve an initial deposit of between 10% - 30%, followed by further payments of 20% (for example) payable upon completion of stages in the build process. Alternatively payment maybe able to be made by monthly instalment.
Mr. Charles Estates associate themselves only with reputable construction companies and developers and are confident that we can arrange payment terms to suit your budget.top
5. What is the TRNC banking system like? Is it possible to open a sterling bank account in North Cyprus?
There are branches of TRNC banks as well as branches of Turkish banks. You can open accounts in either Sterling or YTL (Yeni Turk Lirasi), accounts generally offer good interest rates. Mr. Charles Estates will gladly recommend to you some reputable banks. HSBC international has branches in Lefkosa and Kyrenia.top
6. How long are we allowed to stay on the island legally?
You are issued a 3 month tourist visa when you arrive (although this rule is subject to change). After your initial visa expires you must apply for a residents permit. This is renewable annually.
Mr. Charles Estates is happy to provide guidance and assistance through this relatively easy procedure.top
7. What are the limitations on buying property in North Cyprus for foreign persons?
There are limitations that apply to foreigners wishing to purchase land or property in North Cyprus. Land in North Cyprus is measured in Dtop
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