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NORDZYPERN
FAQ

NORDZYPERN FAQ
DIE WICHTIGSTEN FRAGEN UND ANTWORTEN FÜR SIE ZUSAMMENGESTELLT

  • What are the entry requirements for North Cyprus?
    There is also the possibility for nationals of a member state of the European Union to enter the South-Cypriot border for a few hours on the 30th day of stay at the latest, in order to get a further 30-day residence permit when re-entering North Cyprus. The stay limit of 90 days within a 180-day period must not be exceeded.
  • Do I have to be registered or have a residence permit to purchase a property?
    You do not need to be a resident or have a residence permit to buy property in North Cyprus.
  • When buying a property: what am I buying, for how long am I the owner and am I also buying the land?
    The acquisition of real estate and land in North Cyprus is not limited in time. With entry in the North Cyprus land register, you are the owner of the land and receive the sole right to use the property.
  • Can I buy property in North Cyprus even if I am permanent resident somewhere else?
    The purchase of a property in North Cyprus is independent of the place of residence of the prospective buyer.
  • Do I have to be on site at all times to purchase a property?
    No, you do not have to be on site all the time to purchase a property. We recommend that our clients engage legal counsel to take over all contractual and regulatory matters. The interests of the buyer are safeguarded and the transfer of the property is guaranteed.
  • What is the process once I have decided on a property?
    After paying the deposit, meet your attorney. She will accompany you through the entire purchase process, answer your questions and represent your interests on site by issuing a power of attorney. We will discuss all contract components with your lawyer, such as: real estate details, purchase price, payment plan, possible agreements and much more. Depending on the contract or payment plan, you must then transfer the purchase price or the first installment (usually 30-50% of the purchase price for project properties). But not before your lawyer has drawn up the purchase contract and checked all the documents. Only then can you transfer this sum directly to the owner or property developer or use an escrow account held by the lawyer. We recommend the latter as it protects you against any risk. With the transfer of the legal advice and stamp fee, your lawyer can sign and register the contract for you. For new construction projects, all you have to do is stick to your payment schedule. Your lawyer will continue to take care of all subsequent activities, such as purchasing permits or transfer of ownership.
  • Wie hoch sind die Kaufnebenkosten?
  • How can I reserve or secure a property?
    One can secure the desired property at a fixed purchase price for a deposit of 2,000-5,000 GBP for a period of 2-4 weeks. This down payment will of course be offset against the purchase price.
  • Who is my contact after purchasing the property?
    BelleReve Immobilien is your first point of contact even after you have bought your property.
  • What documents are required to purchase a property in North Cyprus?
    In the first step to buying a property in North Cyprus, all you need is your passport and later a current certificate of good conduct for the purchase permit.
  • When is the best time to buy project real estate and what is the price development during the construction phase?
    It is best to buy project real estate at the beginning of the construction phase, here you have the largest selection and the cheapest prices. In the course of the project planning phase, the prices develop upwards. On average, the price increase is about 30-50% until completion. In most cases, you buy a property during the construction phase according to the building plan, photos and videos. These reflect the project in great detail and truthfully. Of course, you can also look at projects that have already been completed by the developer. This gives you an impression of the construction quality already achieved by the property developer.
  • How is it recorded that I am the owner?
    Once you have been entered in the land register and received the title deed, you are the owner of the property.
  • What types of title deeds are there in North Cyprus?
    There are 3 main types of title deeds in the TRNC:
  • What is the average rental income in North Cyprus?
    Rental income in North Cyprus averages 6-10% for self-letting. However, if you do not live locally and do not have the ability to manage the property yourself, you can use our management services. We take care of all your investment. See the following page for more information.
  • Who takes care of the property (letting, cleaning, etc.) when I'm not there?
    BelleReve Immobilien offers an all-round carefree package for investors. The following services are part of our package: installation, marketing, rental (long and short term), cleaning, necessary repairs and complaint management.
  • How do I receive rental income and how is this taxable?
    Rental income will be transferred to your account in North Cyprus or your home country. Rental income in Northern Cyprus (as of 10/2022) is charged at a rate of 10% taxed.
  • Who is responsible for managing the common areas?
    After completion of the construction phase, developers are obliged to maintain and manage common areas in residential complexes for 2 years. After that, the developer can continue to take care of the maintenance and administration of the system or commission an external company to do this work. The owners of the system are obliged to bear these costs proportionately.
  • Can I get a property loan in North Cyprus?
    It is very difficult and expensive for non-TRNC citizens to get a home loan in North Cyprus. Most property developers offer interest-free payment plans for project properties. For example, 50% of the purchase price until the keys are handed over and the remaining 50% within 2-3 years. But if you want to finance the property externally, you have the option of lending on a property you already own in your home country or taking out a personal loan. If you need help with this, you are welcome to contact us. We work with a reputable financial service provider who can certainly help you.
  • What is the average capital appreciation in North Cyprus?
    On average (as of 10/2022) we expect an increase in value of 30-50% per year. The increase in value of a property depends on many factors: demand, supply, immigration, age structure of the population, infrastructure, interest rates and much more. Advertised increases in value of 80-100% p.a. are not serious and do not reflect the real estate market in North Cyprus.
  • Is it advisable to hire a lawyer based in North Cyprus?
    Yes, definitely. Only resident lawyers are familiar with the legal situation and the bureaucratic hurdles in North Cyprus. We would be happy to introduce you to our reputable lawyer. She has been working in North Cyprus for many years and is happy to take care of your concerns.
  • What are the tax restrictions if I decide to sell my property and transfer the money to my home country?
    Currently the sale of your first property in North Cyprus is tax free and, unless there are sanctions in your home country, there are no restrictions on repatriating funds to your home country.
  • What is the Speculation Tax in North Cyprus?
    The first property you sell in North Cyprus, whatever the period, is tax free. From the second property to be sold, 2.8% (as of 10/2022) speculation tax applies.
  • Is the property insured against natural disasters, fire, burglary, damage, etc.?
    It is possible to take out contents and residential building insurance. We will be happy to help you on site to choose the right insurance.
  • What currencies can I pay with in Northern Cyprus?
    The official currency for daily purchases of goods and services is the Turkish Lira. Hard assets such as real estate are traded in British pounds. The following currencies are accepted in Northern Cyprus: Euro, US Dollar, GBP, Bitcoin.
  • Are there any restrictions on how much land I can buy in North Cyprus?
    Under current legislation in the TRNC, non-TRNC citizens are entitled to purchase ownership of only one property up to a maximum area of 5 donums (1donum=1,338 m²) per household.
  • Can I open a bank account in North Cyprus?
    You can open a current account (in GBP, US Dollars, EUR and TLR) in North Cyprus relatively easily. You can use this account for your rental income or for the purchase of a property.
  • Can I make a will in North Cyprus?
    Yes, your legal advisor can make a will for you in North Cyprus. We would be happy to introduce you to our reputable lawyer. She has been working in North Cyprus for many years and is happy to take care of your concerns.
  • Can I bring my furniture into North Cyprus from my home country?
    Yes, it is possible to import your own furniture duty-free into the TRNC via a forwarding agent in the course of emigration.
  • Can I bring my pet to North Cyprus?
    You can bring your pet to the TRNC. On the website (https://www.kartrnc.org/) Kyrenia Animal Rescue for more information.
  • Can you pay with euros in Northern Cyprus?
    The official currency in Northern Cyprus for goods and services is the Turkish Lira. Hard assets such as real estate are traded in British pounds. However, the euro is accepted as a means of payment almost everywhere. Whether in a restaurant, in a bar, in a specialist shop or at a car dealership, the euro is a recognized currency in the Turkish part of Cyprus.
  • What is the cost of living in North Cyprus?
    Due to the current exchange rate (as of 10/2022) 1€/18.5TLR, the cost of living in North Cyprus is very low. Electricity, water, petrol/diesel or insurance are very cheap by German standards. Food in the Turkish part of Cyprus is not only organic and fresh but also very cheap. As of October 2022, a family of four can live very well with €2,000 a month with all costs such as: rent with all additional costs, health insurance, private school, leisure activities, mobility and groceries.
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