Rules for buying a house in Northern Cyprus
Introduction
The island country of Cyprus, which consists of 2 parts, North and South Cyprus, in addition to having many tourist benefits, has attracted the attention of foreign investors more than ever before. The southern part of this country is inhabited by Greeks and the northern part, which we will discuss more about the investment details, is mainly inhabited by Turks.
Simple rules Buying a house in Northern Cyprus And its placement in a favorable state of economic growth has made foreign tourists, especially Iranians, not to neglect this lucrative market and not so complicated residence rules and to take a look at buying a house in North Cyprus.
The common currency in this country is the British pound and all transactions must be done based on this currency, the unique Mediterranean climate of Cyprus, as well as the granting of residence to property buyers in a newly emerging and definitely profitable market, are among the key points. They are considered to have attracted foreign buyers and investors to North Cyprus.
In the following, we will discuss in detail the beauties of Cyprus, how to buy a property in North Cyprus, its advantages and disadvantages, laws, costs and other important categories in order to pave the way for you to choose and buy.
Introducing North Cyprus
Due to the fact that Northern Cyprus is the settlement and living place of Turks, in the past many years, with its declaration of independence, it caused the separation of Cyprus into 2 northern and southern parts, this declaration of independence and the birth of the Turkish Republic of Northern Cyprus was quickly recognized by Turkey. and the population of Turks in its borders caused most of the laws of Northern Cyprus to become similar to Turkey.
The homogeneity of Turkish culture and rule of law in Northern Cyprus does not only mean that this country is under the domination of this country, but it also shows Turkey's maximum support for the independence of Northern Cyprus and help in its growth and autonomy. Over the years, even property laws and currency in Northern Cyprus differed from Turkey and the Turkish Republic of Cyprus made its way to the international arena.
Apart from the history of the emergence of the beautiful natural resources of Cyprus, the mild and not so cold climate of Northern Cyprus, which has more than kilometers of coastline with the Mediterranean Sea, along with its thick forest cover, brings an unforgettable image to its tourists. brings.
In addition, a lot of attention to education in this country has created prestigious and diverse universities and higher education centers that are the basis of education in North Cyprus.
It is noteworthy that the unemployment rate in Northern Cyprus is very low and it has the lowest tax rate among other countries in the region.
As the third largest island in the world, Northern Cyprus is a great place to visit, tour and invest. Istanbul Residence Group suggests that if you are interested in Mediterranean nature with a mild and relatively warm climate, don't miss out on buying a property in Northern Cyprus. do not give
North Cyprus tourist attractions
Below we will briefly introduce the tourist attractions of North Cyprus.
- Kyrenia port and castle
The port of Kyrenia is one of the prominent places in Northern Cyprus to visit and enjoy, this place, along with an old castle in its heart, can be a memorable trip for tourists to Cyprus.
- Alagadi or turtle beach
If you are planning to travel to North Cyprus, we recommend that you seriously include visiting Alagadi beach in your entertainment program, this beautiful beach, which is the place where green turtles live and travel, can be a unique experience for you and your loved ones. figure out
- The old town of Salamis
For those who are interested in the historical buildings of the ancient city of Salamis, it is considered a window to the ancient world, the old architecture and tall columns left from this city have caused a large number of tourists to visit this piece of history and remember moments. experience staying in it.
- Gelpsides Beach
Gelpsides is a beautiful sandy beach in the heart of the nature of North Cyprus, this resonant landscape with the benefit of its cafes and restaurants can host a memorable night by the sea and beach lovers.
- Ancient walls of Famagusta
In the city of Famagusta, there are ancient walls that were built to protect the city from enemy attacks, which today are considered as tourist attractions in Northern Cyprus.
- Karpass Peninsula
This peninsula, which is located in the north of Northern Cyprus, is a pristine place for tourists. The less discovered nature and its mountainous climate have made this peninsula attract the attention of mountaineers.
- Kantara Castle
It is an ancient and ancient castle that was built in the past periods of Northern Cyprus for protection and surveillance. Being located in a high place, this building is able to bring its visitors a panoramic view of the scenic areas of Cyprus.
Why buy property in North Cyprus?
North Cyprus, whose name we hear from investors more than ever these days, is considered a suitable platform for investment or immigration. This amount of attention is not only due to the natural beauty, tourist attractions and warm and favorable climate of Northern Cyprus, but also the ease of Cyprus laws for buying property.
The reasonable price of real estate in Cyprus and the not-so-difficult laws of this country have made it possible for buyers to get a North Cyprus residence card by purchasing real estate and land. we will
It should be mentioned that due to the volume of demand for property purchase and the placement of North Cyprus among the profitable options for investment, it is possible to draw a profitable prospect of investment in the field of real estate in this country.
Regardless of the investment issue, the beautiful climate and social and educational conditions of Cyprus have made many immigrants to choose this country to live and by receiving its residence, create bright tomorrows for themselves and their loved ones.
Istanbul Residence Group aims to accompany and accompany you in building the home of your dreams by examining all the important points in the field of buying a house in North Cyprus.
Privileges for buying property in North Cyprus
Buying a house in any country has advantages and benefits for buyers, which we will examine in North Cyprus.
- Land limitation
Considering the total area of North Cyprus, which is equal to 3354 square kilometers, we find that the land limitation in this country will increase the price of its properties in the coming years, therefore, North Cyprus will be a profitable platform for foreign investors to buy property. .
- A growing market
Due to the new emergence of North Cyprus in terms of capitalization, the economic environment of this country is developing day by day, which has created a profitable investment for home buyers.
- Capital increase due to currency price increase
As mentioned earlier, the common currency of Northern Cyprus is the British pound, and for this reason, with the increase in the price of the currency, the amount of capital of the buyers will also increase.
- Reasonable house prices in North Cyprus
The affordability of property prices in North Cyprus compared to other neighboring countries, especially Iran, is one of the important reasons for choosing North Cyprus to buy.
- Easy rules and conditions for buying and selling property in Cyprus for foreigners
In Northern Cyprus, there are no buying and selling restrictions for foreigners and buyers can easily go through the buying and selling process with local and foreign people.
- Get Northern Cyprus residency through home
Buying a house in North Cyprus is one of the most common and easiest ways to obtain temporary residence in this country, which you can easily obtain temporary residence for yourself and your family after completing the purchase process. It is worth mentioning that buyers can obtain temporary residence for themselves, their spouses, their children under 24 years of age, as well as their parents.
- Very low tax rate
One of the important factors of earning profit in foreign investments is the tax rate and government fees of the investing country, in this case North Cyprus with a very low tax rate in the region can create a suitable profit environment for its real estate buyers.
- Affordable cost of living
- Mild and pleasant Mediterranean climate
- Living with facilities and standards of European countries
- Having high-quality amenities and educational facilities
It is only part of the benefits of living and investing in the beautiful country of Northern Cyprus.
Conditions for obtaining residence in Northern Cyprus through the purchase of property
Buying real estate is one of the most common and easy ways to obtain residency and even citizenship in North Cyprus.
The simplicity of the purchase rules also adds to the ease of this method and enables buyers with foreign citizenships to use this method to obtain temporary, permanent residence or citizenship of North Cyprus for themselves and their loved ones.
Now the question is raised, what are the types of residences that can be obtained by buying a property in North Cyprus, and what is the method of adoption and how are they different from each other?
Istanbul Residence Group will carefully explain all these points below for you, dear ones, so that you can choose your destination country with sufficient nobility during the selection and decision stages.
Types of real estate residences in North Cyprus into three categories
- temporary residence
- permanent residency
- Citizenship (acquiring the citizenship of Northern Cyprus)
It is divided that according to the price of the purchased property, they can be adopted.
The first method: obtaining residence by purchasing a property worth less than 300 thousand euros
If the buyer buys a property with a value of less than 300,000 euros, he can get a temporary residence in Northern Cyprus for himself, his children under 24 years old and his parents.
Temporary residence is usually one or two years and can be extended after the expiry of the validity period. If a person extends his temporary residence for 5 years, he can apply for a permanent residence in North Cyprus after 5 years.
The second method: Obtaining residence by purchasing a property worth more than 300 thousand euros
If foreign buyers buy one or at least two properties with a minimum value of 300,000 euros, they can obtain permanent residency in the beautiful country of Northern Cyprus for themselves and their first-class family (parents, spouse and children under 24 years).
This type of residence does not require annual renewal and after 6 years, people who have permanent residence can apply for citizenship of North Cyprus and obtain citizenship.
The third method: Obtaining citizenship directly from the purchase of a property worth more than 2 million euros
If the buyers buy one or more properties with a total value of more than 2 million euros, they can obtain citizenship of North Cyprus for themselves and their first-class family, including the buyer's parents, spouse and children under the age of 24, which means receiving all the citizenship rights of this country. It will be the country.
It should be noted that obtaining citizenship through the purchase of property deprives buyers of the permission to sell the property for up to 3 years.
Conditions for buying property in North Cyprus
Buying a house in North Cyprus can be considered as a good opportunity to make a profit in the field of investment, and it can also be considered as a place to live for the migration of loved ones who are looking for a peaceful and pleasant life.
Therefore, it is necessary to pay attention to the conditions of buying property in North Cyprus so that as many interested parties can buy with the nobles.
One of the significant conditions prevailing in North Cyprus for buying a house in order to obtain temporary and permanent residence is that each person or couple is allowed to buy only one property in this country and they will not be allowed to buy several properties in North Cyprus, but in order to Obtaining Cypriot citizenship by purchasing a property, applicants can purchase up to 2 properties in order to provide the necessary capital.
It should be noted that applicants for purchase in North Cyprus must not have a criminal record and must be over 18 years of age.
The minimum amount of capital to buy real estate in this country is 300,000 euros to obtain permanent residence and at least 2 million euros to obtain citizenship. The buyer will not be allowed to sell the property for 3 years.
In order to start buying a property in Northern Cyprus in order to obtain residency, the applicant must prove to the Cyprus government that he has an annual income equal to 30 thousand euros from financial sources outside Cyprus, and if he also wishes to obtain residency for his family members, he must Provide an annual income of 5,000 euros per household member from overseas sources in Northern Cyprus.
Be careful that at the time of submitting the application for permanent residence, at least 200 thousand euros of the 300 thousand euros required to receive a real estate residence must have been paid by the buyer.
It is worth mentioning that the properties that are purchased to obtain the residence of North Cyprus must be new and first-hand properties, and the buyers of second-hand properties will not benefit from receiving the residence of this country.
Documents required to buy property in Northern Cyprus
In order to be able to experience a comfortable and peaceful purchase, it is necessary to know the required documents in advance and install them according to the purchase rules.
- The most important document required for foreign buyers of property in Northern Cyprus is to provide a passport and a copy of the passport along with a visa, which fortunately, dear Iranians do not need to obtain a visa to visit Cyprus and can enter the territory of this beautiful country with a valid passport. become
- Obtaining a license and permission to buy from the government of Northern Cyprus is one of the other documents required to complete the purchase process for foreign buyers, who must submit a certificate of no criminal record to receive it.
- If the buyer intends to obtain a residence for his wife by purchasing a property, he must have his contract officially translated and submit it to the Cyprus government along with a copy of the original contract.
- Also, if the buyer intends to receive residence for his children under 24 years of age or his parents through the purchase process, he must translate all the pages of the family members' birth certificates and submit them to the North Cyprus government along with their original copies.
- Having the original and copy of the signed and valid purchase contract that shows the full details of the buyer, seller and the property being traded.
- The buyer is obliged to pay the stamp duty to the government of North Cyprus for the purchase of his property, the cost of canceling the stamp is equal to half of the value of the purchased property.
- It is mandatory for the buyer to provide 2 biometric photos to complete the purchase process.
- The buyer must provide documents and bank confirmation proving his financial ability and annual income.
- It is necessary to have a bank account before starting the purchase process.
- The property tax payment confirmation sheet must be submitted by the seller along with other official and registered property documents and the property valuation sheet.
The cost of buying a property in Northern Cyprus
The cost-effectiveness of real estate prices in North Cyprus is the most important element of welcoming foreign buyers to this country for capital injection.
The cost of buying an apartment in North Cyprus varies depending on the area, facilities, size and local access, but roughly buying a newly built apartment with acceptable conditions costs at least the following price:
- Newly built and modern 2 bedroom apartments in the city of Famagusta with a size of 75 square meters from 75 thousand euros and above
- Newly built 1-bedroom apartments on the beach in the city of Skele (Long Beach) with an area of 50 square meters from 100,000 euros.
- Newly built 2-bedroom apartments in Kyrenia (Kairnia) with a size of 120 square meters from 170 thousand euros and up
- Newly built 2-bedroom apartments on the beach in Lefkada with a size of 100 square meters from 85 thousand euros and up.
- Newly built 2-bedroom apartments in Nicosia (Lefkosha) with a size of 75 square meters from 110,000 euros.
Minimum prices for buying a villa in North Cyprus
- Newly built 3-bedroom beach villas in Famagusta with a size of 340 square meters from 400,000 euros.
- Newly built 3-bedroom beach villas in the city of Skele (Long Beach) with an area of 160 square meters from 330,000 euros.
- Newly built 3-bedroom beach villas in Kyrenia (Kairnia) with a size of 170 square meters from 370,000 Euros.
Keep in mind that the stated prices vary according to the facilities of the property, the area and other comfort factors and these prices will be established on February 13, 2023.
The best areas to buy property in Northern Cyprus
The coastal city of Famagusta is one of the most beautiful and popular cities in Northern Cyprus. Being located on the seashore with its sea activities has made this city more popular among tourists. North Cyprus, despite its small area, has a rich and attractive history, from which the ancient castles of Famagusta can be seen today.
In addition to these, Famagusta can be called the university city of North Cyprus due to the presence of universities and prestigious scientific centers, which has attracted the attention of many families to continue their children's education.
- Yeni İskele Long Beach
This city is known as the nightlife city of Northern Cyprus. The holding of various festivals in the waterfront has made the people living there more interested in art and music. Marine activities and numerous beach cafes of Long Beach have also given this city a special charm and beauty.
- Kyrenia city (Kairnia)
Kyrenia can be called the city of excitement and energy. If you are looking for excitement and nightlife and fun in numerous and luxurious casinos, Kyrenia can be a good experience to visit and live a lively life.
Just like other neighboring cities in Northern Cyprus, Kyrenia is not devoid of natural beauty, beach recreation and historical buildings, and the presence of prestigious universities has increased the popularity of this city by property buyers.
- Lefke city
Among the cities of Northern Cyprus, Lefke has a special calmness, a quiet beach and a pristine and untouched nature.
The farms and gardens that surround the city are one of the sources of fruit and citrus supply in Northern Cyprus. Lefke is full of places to see and with its peace it can be a destination for relaxation and relaxation in the heart of its unique nature.
- Nicosia
Nicosia is the capital of Northern Cyprus and is the cultural, commercial and administrative center of this country. By moving away from the sea, Nicosia has become the main administrative and commercial center of Northern Cyprus. The location of numerous and prestigious universities has drawn many students to this city, and for those interested in living in an urban civilization with access to government centers and offices, Nicosia is considered a unique option in Northern Cyprus.
Advantages of buying property in North Cyprus
The country of Northern Cyprus with a growing market among the countries of the region and with the benefit of social and welfare facilities in accordance with European standards has many attractions as a new place to live and continue education.
According to what was said in the property buying privileges section in this country, the common currency in Cyprus is the British pound, and this gives the buyers the opportunity to gain profit and added currency value.
The Mediterranean climate of Cyprus, which is mild and warm in most seasons, creates a favorable environment for living in its unique nature.
The presence of world-renowned universities and comfort facilities and quality of life on par with Europe are other advantages of choosing North Cyprus as a new place to live and invest.
Also, with the increase in the population of immigrants and foreign investors, the economic market of this country is growing and improving every day.
Simple laws, low taxes and the ease of obtaining residence and citizenship in Cyprus are other issues that reduce the difficulty of immigration and foreign investments and enable people to achieve prosperity and comfort in their investments and purchases by navigating an easier path. .
Important points before buying a property in North Cyprus
We know that Northern Cyprus is a safe country with a high attractiveness for investment and life, therefore, in order to set foot on the path of buying and immigrating to it, we must know and keep in mind the key points in choosing and validating the purchase.
- Targeting and needs assessment
Before any action, you should fully understand your taste, purpose and needs and choose the suggested items according to what you have in mind. Confusion and lack of selection criteria will not only prolong the selection and purchase process, but will also lead to waste of time, energy and sometimes your capital.
- Check the ability to pay
One of the problems that causes disruption in the process of buying a property is the inability to provide funds and repay the installments in case of purchasing the property in installments. Istanbul Residence Group suggests you to consider the required budget before choosing the property and Make sure you are in the next steps of the purchase.
- Check the geographical situation of the property
In addition to the size and area, the location of the property is one of the topics discussed in the selection of the property, which is determined according to the use of the property and the education and employment status of the family members living in it. Note that the location of the property close to your high-traffic places is one of the advantages that cannot be ignored in the selection process.
- Evaluation of property registration and legal documents
The most important step before paying any cost is to ensure the property's registration and legal issues, if this assurance is not achieved in the pre-purchase stages, it can cause irreparable damages.
Therefore, Istanbul Residence Group strongly advises you to take advantage of experienced experts and prominent lawyers during the purchase process to protect yourself and your family from damages caused by the presence of profiteers.
Types of property deeds in North Cyprus
In North Cyprus, there are 5 types of property documents for real estate, each of which expresses specific details of the property and exactly the same as in Iran, their most desirable and popular types in property pricing:
- Turkish type property document
The Turkish Title document is one of the most popular documents in Cyprus. This type of document indicates that a person with Turkish citizenship owned the property and it was not an exchange property. Today, with the increase in construction and the number of buyers to North Cyprus, these documents have become few and rare, but they are still in demand by many buyers.
- Foreign type property document
In ancient times, foreigners with European and especially British citizenships have bought many properties and lands in Cyprus, which we know as foreign documents or international documents. This category of documents, like Turkish documents, are rare and have a high value.
- Allocation type property document
This type of document belongs to real estate and land, which was donated by the Cyprus government in order to compensate the families of the soldiers of the 1974 war.
- Exchange-type real estate document
After the division of Cyprus into 2 northern and southern parts, some owners who lived in one part of Cyprus had real estate in the other part.
Therefore, to solve this issue, they started exchanging their properties with other owners. For this category of immovable property that is exchanged, a real estate document of the exchange type is assigned.
- Pending type of property document
As can be seen from the name of this document, the lands and lands that have this type of documents are suspended and the ownership is not recognized by either North Cyprus or South Cyprus. Based on future policies and agreements between the 2 northern and southern parts of Cyprus, laws may be established for this category of real estate in the future.
Frequently asked questions about buying property in North Cyprus
Is it possible to obtain residence in this country by buying real estate in North Cyprus?
Yes, by purchasing a property, you can obtain North Cyprus residency for yourself and your first-class family, including parents, spouse, and children under 24 years of age.
What is the best type of property deed in North Cyprus?
The Turkish type real estate document is the best and most reliable real estate document in the country.
After receiving citizenship, how many years are we not able to sell our property?
Buyers will not be allowed to sell the property for 3 years after obtaining citizenship, but after 3 years, they can sell the property and acquire a property worth 500,000 euros to maintain their citizenship.
Does Cyprus citizenship mean getting a passport of this country?
No, Cyprus citizenship means receiving a white citizenship card and you will benefit from all the rights of Northern Cyprus citizenship except for its passport.
What is the colloquial language in North Cyprus?
In Northern Cyprus, Turkish and English are the colloquial languages of the community.
After how many years will we be able to sell the property we bought for non-citizen purposes?
If you buy a property for a purpose other than obtaining citizenship, if the property does not have installments, you can sell it whenever you want.
What is the best type of property deed in North Cyprus?
The Turkish type real estate document is the best and most popular document.
Which city in Northern Cyprus is better for buying property?
Considering the amount of sales in the cities of Kyrenia and Famagusta, it has been welcomed by a wider range of people.
During the year, how many months should we stay in North Cyprus so that our stay is not invalidated?
Maintaining a residence in Cyprus does not require a permanent presence in this country and it is enough to be in this country for just one day during 2 years.
Conclusion
By examining the conditions of North Cyprus including climatic, economic, social, educational factors and residence and investment rules, we find that North Cyprus is an unrivaled option in the region for those who are looking for a peaceful place to live and continue their studies and a profitable placement. They are for investment.
Simple rules buildings in this city. Of course, this city has been called the world's divided capital, which is separated And the terms of providing facilities are also not ineffective in this wave of demand, and it gives those interested in North Cyprus the opportunity to benefit from long-term low-interest installments to finance their desired purchase.
Therefore, if you intend to buy and immigrate to the beautiful country of Northern Cyprus, take the opportunity and purchase your ideal housing by using available facilities.