North Cyprus > Property > Additional Costs

Additional Costs

When buying a property in North Cyprus you must know which additional costs do you have to pay. We are explaining all the costs below.

Solicitors Fee

The Solicitor fee is around £1000. The appointed solicitor will apply for the purchase permit from the council of ministers. This can take 4-5 months and maybe longer if they have a back log.

Purchase Permit

A permit will always be issued if you are buying a property in North Cyprus which is legally allowed to be sold to you.
Once the purchase permit is received the remaining balance of the property will be due from the purchaser – often the remaining balance minus 5-10 % will be due before the period if the property is complete before the permit is granted.
The remaining 5-10% will be held back for the purcahasers own security.
The purchaser pays the outstanding balance and the vendor signs the title deeds over to the purchaser to complete the sale. The purchase permit application costs between £ 750 and £ 1,500.

VAT (KDV)

On all property purchases, purchaser must pay an additional 5% VAT (KDV) on top of the purchase price.

Stamp Duty

Stamp duty of 0.5% is due and payable to the Registry Office, if paid within 14 days of signing the contract. If prefered, it can be paid after the title deed transfer but 1.5% instead of 0.5%.

Utilities Connection Fees

Water and electricity connection fee is around £500. These costs may not apply if you are buying an apartment in a development. New telephone connections will probably also incur a charge.

Local Taxes and Utilities

Property tax is under £20 per annum, with electricity and water making up the major running costs at around £25 per month for a couple in a property without central heating.

Property Selling Tax

As you are vendor, when selling your property you need to pay 6% tax.

 

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