How is a property deed in Cyprus? If you are thinking of buying a property in Northern Cyprus to get residency, you should familiarize yourself with the property deed in Cyprus because it is necessary to get residency. Due to the different conditions that prevail in Cyprus and there are no uniform laws for the title deed; We see all kinds of property documents in Cyprus. Join us to tell you the essential and important points of the property ownership document in North Cyprus. Join Arya Queen!
Why are there different types of property ownership documents in North Cyprus?
In the distant past, North and South Cyprus did not exist; Rather, they all formed a single government in the name of the Republic of Cyprus, but with the passage of time, the Greeks living in Cyprus planned to take over the government and remove the Turkish people from important government positions. This caused a conflict between the Turks and the Greeks, which resulted in the creation of North and South Cyprus.
Considering that part of the people lived in North Cyprus but had land in South Cyprus and vice versa. New rules were created for the property ownership document to solve the problems in this field.
Types of real estate documents in Cyprus
The government of Northern Cyprus announced in 2021 that the national document of the Republic of Northern Cyprus will be the only existing document in the future; Of course, the other documents are still valid. Before buying a property, you should consider the type of document, which includes 4 different types of documents:
1. Turkish property document
The most expensive real estate document in Northern Cyprus is the Turkish real estate document. Properties located in Northern Cyprus and owned by a Northerner have this type of document. In this case, there is no exchange, and you get the property from its Turkish owner. Due to the expensiveness of these types of properties, you should set aside more funds to buy them.
2. Foreign property document
The value and validity of foreign documents are similar to Turkish real estate documents. This document is specific to properties owned by Europeans who owned the property before the war between the northern and southern parts of Cyprus; Therefore, residents of North and South Cyprus do not have authority over these properties. When Cyprus is united in the future, these properties will remain intact.
Due to the small number of foreign documents, their price is high.
3. Exchange property document
As it is clear from the name of these documents, there has been an exchange between northern and southern residents, that is, northern Cyprus residents who owned property in southern Cyprus, sold it to southern people or gave these properties to people who owned property in the north. And instead, they have taken their property for themselves.
4. Pending property document
Another type of documents are pending properties, which means that their ownership status is not clear, they do not have a specific owner yet, and they may be exchanged in the future.
If you are thinking of immigrating to North Cyprus, we suggest you not to look for pending properties because their assignment is not clear and your contract may be terminated in the future. Also, the unification of North and South Cyprus has an effect on the conditions of ownership of these properties.
Ownership document rules in Northern Cyprus
According to the property purchase rules, each person can only own one property in Cyprus; This property must be residential and have a specific area. Of course, to get the property, you must have the permission of the Council of Ministers.
We advise you to consult skilled legal experts before buying a property in North Cyprus and do the work under their supervision so that you do not encounter any problems during the process of buying a house, immigration and obtaining residence in North Cyprus.
Ancillary costs of a property document in Cyprus
In Cyprus, like in other countries, you pay additional costs in addition to the price of the property so that the desired property is transferred to your name. These costs include stamp duty, value added tax, property transfer.
The tax stamp fee depends on the price of the property and is usually only half a percent. You can pay this fee before signing the contract or during it.
Value added tax is also half a percent, which is taken from you according to the contract price of the house. You can pay this fee after receiving the house documents.
The municipal tax and the annual property fee are also part of the additional costs that you have to pay 1 lira per square meter.
Get advice before, during and after buying a property
Usually, properties have a high price and you have to spend a lifetime’s savings to buy them, so if a mistake occurs in the process, you may lose a lifetime of effort. For this reason, we suggest you to consult an expert before buying to check the property, its authenticity and validity, the proposed value, etc.
While buying a property, get help from an expert to check the validity of the contract, the parameters mentioned in it and the compatibility with the physical property.
Follow up the post-purchase tasks such as the ownership transfer process, etc., under the supervision of an expert, so that the transfer process is done correctly.
It is interesting to know that about 10% of properties in Northern Cyprus are Turkish or foreign properties; These properties have more chances when buying and selling and local people also buy it better.
If you are thinking of buying a property deed in Cyprus, this article will help you to get a better property and get a residence permit by stating the types of property deed in Cyprus. In a part, we discussed the advice and rules of the property ownership document in North Cyprus, because this familiarity is necessary for every property buyer from Cyprus. If you have a question in mind, express it in the comments section so that our experts will respond as soon as possible.