Blog (20)
Important information on obtaining a residence permit in the TRNC!
Immigration to the Turkish Republic of Northern Cyprus (TRNC) attracts many foreigners with the opportunity to purchase highly liquid real estate. A residence permit (hereinafter referred to as residence permit) of Northern Cyprus is a document that allows immigrants to stay in the country for more than three months, carrying out certain activities. The rights and obligations of status applicants are specified in the Law “On Foreigners and Immigration”. In Northern Cyprus, several types of residence permits are issued, based on labor, educational, or family immigration. The validity period of the document varies from six months to two years.
The Erbatu Group company in this article explains the two most popular categories for obtaining a residence permit
1. Residence permit when purchasing real estate
2. Residence permit for high income
1. Residence permit when purchasing real estate
In the TRNC, all ...
Media
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The Turkish Republic of Northern Cyprus (TRNC) has recently updated its property purchasing procedures for foreign buyers. These changes have significant implications for both the initial sale contract and the subsequent transfer of the title deed. The total fees payable by the buyer have therefore increased from 6% to 12% of the purchase price.
Under the new procedures, the registration of the sale agreement in official offices proceeds as follow: after signing of sale agreement by both sides (Buyer and Seller) the contract must be registered first at Land Office where the Buyer must pay %6 sale agreement price of title deed fee, and only after that the Buyer has to pay stamp tax fee %0.5 of sale price at Tax Office. The remaining %6 of title deed fee will be paid by Buyer during transfer title deed to Buyer’s name after getting Property permission from the Ministry of Interior Affairs .
It's important to note that the VAT percentage has not changed, and remains at 5%. The buyer must pay this amount to the company at the delivery of the property.
These changes hav ...