Taxes of Northern Cyprus on the purchase of real estate

About taxes in Northern Cyprus

When buying a property in Northern Cyprus, you need to take into account several basic taxes:

1. Stamp duty. This fee is about 0.5% of the price of the object under the contract and must be paid within 21 days from the date of registration of the transaction.

2. VAT. The value added tax is 5% of the property price.

3. Tax on the transfer of a certificate of ownership and title. This tax is 12% of the total cost and is divided into two parts: the first 6% is paid upon registration of the contract, and the remaining 6% is paid upon registration of the title.

Note that the registration of a title in your name is not necessary, especially if you plan to resell the property, which can save on taxes.

In addition to taxes, you will need to pay for the connection of communications (electricity, water) after completion of construction:

- Transformer collection (trafo). About €1500-3000 (depending on the property).

- Payment for the connection of counters. Approximately 500 euros (depending on the facility).

The services of a lawyer on average cost about 1,800-2,000 euros.