Turkish Lira is used in Northern Cyprus, and foreign currencies such as Sterling, Dollar and Euro are also used to a large extent. Companies generally prefer foreign currency, especially in the sales of homes, cars, electronic devices and many other products.

One of the most important points to consider when driving in Northern Cyprus is that you have to use the left lane of traffic, just like in England or Southern Cyprus. Although it may take some time to get used to this, traffic conditions that are not very busy will help you adapt quickly. Foreign nationals can use their driver's license for a short time, but those who have a work permit or residence permit must replace their driver's license with a TRNC driver's license. Otherwise, he cannot go to traffic or drive.

We can also explain with data that security in Northern Cyprus is much stronger compared to other countries. Since the crime rate is very low, you can easily consider it as a reliable living center. Since the island is not very large due to its structure, crime rates never increase. It is generally more reliable than most European countries and many others.

You can find all the details about the purchasing process of foreign citizens who want to buy real estate in Northern Cyprus in the link below.

Yabancıların KKTC’de Taşınmaz Mal Edinme Koşulları

Citizens of Turkey or foreign countries who want to buy real estate in Northern Cyprus can apply for a residence permit after purchasing the property. After examining the documents to be submitted by the person purchasing the property after this application, if there are no problems, the residence permit is given for 1 year after the first application. A 2-year residence permit is issued after the next application is made after the first year is completed. Upon completion of these two years, an unlimited residence permit is now granted.

After purchasing a property in Northern Cyprus, it is absolutely necessary to register the purchased property with the municipality of the city to which it is affiliated. The documents that must be submitted during the registration application are the stamping of the purchased contract, the title deed record of the purchased property and the document showing the identity details specified in the contract. When registering with the municipality, the tax calculation will be calculated according to the dimensions of the purchased real estate. In order to make electricity and water connections, you must pay the registration fee to the KIBTEK electricity institution, and for water connection, you must also pay the registration fee to the municipality where the real estate is registered.

Title Deed - Title Deed Types Turkish Title Title - Title Deed Equivalent Title Title - Title Deed Allocation Title Title - Title Deed Turkish Title Title: It is the type of title issued for residential land and workplaces owned by Turkish Cypriots and foreign nationals before 1974. EQUIVALENT COB: Turkish Cypriots, who had to leave their real estate in Southern Cyprus and migrate to Northern Cyprus in 1974, were given equivalent real estate by the Northern Cyprus state in exchange for the real estate they left on the Greek side.

With the law that came into force in 2008, for citizens who have a delay in the purchase process, the Land Registry and Cadastre Office records the sales contract of the purchased property in the name of the buyer, eliminating any situation related to the rental or sale of the house by someone else and ensuring 100% protection of the buyer. It must be registered with the Land Registry and Cadastre Office within 21 days after the contract is signed. When performing this transaction, a 0.5% stamp fee calculated based on the sales contract and a registration fee of 65TL are paid.

Withholding tax: It is paid by the seller to the tax office during the title deed transfer. Although 3.5% is applied in non-profit cases, 2.8% withholding tax is paid in current practice. Note: A one-time withholding tax exemption is applied to each person for one land and one house.

Although the withholding tax is 6.25% in profit-oriented cases, it is paid as 4% at the time of transfer. b. Value added tax (V.A.V.): In profit-oriented cases, the VAT rate is 5%, and is paid by the buyer to the tax office before the transfer of the stub to the seller. There is no VAT in cases where the seller does not seek profit, that is, on individual sales.

Title Deed Transfer Fee: It is paid by the buyer to the title deed office during the title transfer. Although the title deed fee is 6%, it is applied as 3% once for a plot of land and a house. Different taxes are applied for transfers by grant: Grant from parents to child 0.2% Grant from spouse to spouse 0.4% Grant from grandfather to grandchild 0.4% + withholding tax is paid to the finance office. D. Stamp Stamp: After the sales contract is signed by both parties, the buyer pays a 0.5% stamp fee to the tax office within 21 days and the contract is recorded in the Land Registry Office, thus the buyer's property rights are secured.

Yes. According to Northern Cyprus legislation, a Turkish company whose representative is registered in Northern Cyprus can purchase real estate.

Title Deed Fee: Housing, workplace, plot, field, land, etc. It is a fee calculated as 4% of the sales price declared in the title deed for all real estate sold. Who Pays the Title Deed Fee: By the decision of the Council of Ministers, 20 per thousand (2%) of the real estate is collected from the seller and the buyer separately.