- STAMP DUTY – 0.5% of the contract price payable at the time of registration.
- VAT – 5% of the contract price payable to the vendor at key handover (normally applies to new properties only. In the case of a resale, VAT is only payable if not previously paid).
- TITLE TRANSFER TAX – 12% (for foreign Buyers). 6% payable at the time of registrations. The 6% left are payable at the time that the title is transferred to the name of the purchaser (provided the full amount has been paid, the permission to purchase (see NOTE i below) has been granted and the title deed is ready for the transfer).
- SOLICITORS FEE – £1,500 to £2,000. The level of fees depends on the level of services offered and whether there is a single or multiple properties being acquired.
- TRANSFORMER CONTRIBUTION – £2,500 to £3,500 (a one time contribution towards the connection of utilities and electricity on site).
- PROPERTY TAX – 2.2 TL per sq. m (approximately £18 per annum for a property of 100 sq. m, based on current exchange rate).
- RENTAL INCOME TAX – 13% to 16% of the rental income.
Property Related Fees, Costs And Taxes North Cyprus (As Of May 2023)
STAMP DUTY – 0.5% of the contract price payable at the time of registration. VAT – 5% of the contract…
