Investment is one of the most important and vital factors in a country. The investors commonly have questions on their mind like how to obtain a residency either through buying a property or by registering a company. The other question which comes to mind when buying a property could be the economic future of the island and whether you can sell your property with profits or not.
Regarding the numerous questions about culture and way of life in Cyprus that most of the buyers doubt and ask, it is notable that from 2014 up to now, the number of immigrants including students and families had 30% increase. Due to the potential of island in investment and due to the geographical and strategic situation, most investors have come to this country. Because of the economic stability compared to neighboring countries, the prices are favorable and it makes the northern Cyprus a reliable investment base.
The remarkable thing is that, according to the decision of the government of the north Cyprus, every foreign person can only buy one property or land, up to maximum of 6,000 meters. If you want to buy more than the limit, you simply have to register a company in this country.
There is no need to establish a company to buy a property in northern Cyprus so the administrative process and legal process of buying property on the island is very simple. The process will start with the payment of 30% of total amount, and then the house or the customer will register property in question. It is possible to do the stages of residence in two weeks. All existing projects with pay_as_you_go payment options from 2_5 years will be available for customers.
- Selection of the property and agreement with the seller regarding the price
- Payment terms and conditions
- Selection of the legal representative
- Receipt of the certificate of accommodation from the police station
- Draft the contract of purchase of the property by the attorney and receiving confirmation from purchaser
- The contract includes terms such as ( price, terms of payment like instalments as well as the date of completion of payment) and other options of the property
It should have noted that the attorney examines the property deed and ensures that there is no mortgage or no demand or debt on the property. The billing of all legal costs and taxes payable by attorney to the buyer is as follows:
- The costs of arranging and signing the contract
- The cost of the tax stamp will be 0.5% of the price specified in the contract
- The attorney will do the official registration of the contract in the real estate registry
- The attorney will apply the purchase license in the name of the buyer by proving that there is no certificate of abuse