New residence rules with the purchase of property in Northern Cyprus 2024

Buying property in any city or country is one of the most beneficial economic activities that can be considered as a long-term investment. Now imagine that this long-term investment is made in a country like Northern Cyprus. It means a country that is growing and developing. From the past, Cyprus has gone through many ups and downs. These ups and downs have caused many changes in the way of life and laws of Cyprus. For example, the new residence rules with the purchase of property in North Cyprus are one of the changes that have been made in North Cyprus recently.

Maybe many people are not familiar with the new rules of residence and property purchase, and even many feel afraid of them considering that they do not have correct information about these rules, but we must say that these rules are not difficult at all, but anyone who intends to immigrate has to Northern Cyprus, he should increase his information in this field.

Until now, Northern Cyprus had approved easy conditions for residence and property purchase in this country. For this reason, life in North Cyprus was very easy for many people. But since the residence rules have changed with the purchase of property in this country, we intend to review these rules completely. So join us…

Northern Cyprus, a country dominated by Türkiye!

You may be a little surprised by reading the title, but this is what happened in Northern Cyprus and unfortunately, many of the laws of Northern Cyprus are determined by the Turkish government. But where is the root of this dominance and control? In 1974, a war broke out between Turkey and Greece. The goal of this war was to take over the Republic of Cyprus. During this war, Cyprus was divided into northern and southern parts. Depending on the geographical location of the two countries, Northern Cyprus was under the rule of Turkey and South Cyprus was under the rule of Greece.

Since then, many rules and living conditions in Northern Cyprus were determined by the Turkish government. Of course, the situation in South Cyprus was the same, and the Greek government determined the conditions and rules of life in South Cyprus. But South Cyprus grew and developed in a shorter period of time compared to North Cyprus.

After the war, many cities in Northern Cyprus suffered a lot of damage. Because most of the cities of Cyprus were used as a military zone to attack Greece. For this reason, it took a long time for the North Cyprus government to rebuild its cities. But now it has very good growth conditions and Cyprus has become a safe and peaceful environment for life.

Rules for buying property in Northern Cyprus

Buying property in North Cyprus

As we mentioned at the beginning of the article, buying property in North Cyprus is one of the most profitable activities and a suitable investment in this country. Of course, investing in a country like North Cyprus is done in different ways. But buying property is one of the very simple ways. You probably know very well that property buyers in Northern Cyprus could obtain permanent residence in this country by purchasing a property.

Of course, there were rules for this. For example, the rules for buying property in North Cyprus were such that each immigrant could only buy one property in North Cyprus. For example, property buyers had to pay between £100 and £200 as a down payment to the property owner. Or they had to pay about 5% of the property price to the notary office to transfer the document from the name of the seller to the buyer.

Currently, according to the conditions that exist in Northern Cyprus, new residence rules have been approved with the purchase of property. In this way, property buyers have to follow new rules to obtain residence in this country and buy their property.

New residence rules with property purchase

The new residence rules for buying property in Northern Cyprus are divided into different categories. In fact, things like the way of document registration, the amount of property tax, etc., all have new laws. In the following, we refer to the new rules of residence with the purchase of property:

Document registration rules

The first thing we should mention in the new rules for residence with the purchase of property are the rules related to document registration. At this stage, the document is registered manually. In this way, the contract is written and registered by immigration companies or lawyers and sent to the registry office. Then the registry office will issue a receipt for the property tax and the percentage of document registration in the office.

After these amounts are paid, three forms related to the property must be filled and completed. These forms must be viewed, checked and registered by the registration office. Then the registry office gives a QR code to the persons. You must bring documents for the final registration of the property. These documents include the original of the contract, the original of the passport and the invoice of the expenses paid, such as the property tax, the invoice for the percentage of the office, etc.

Property tax laws

Regarding the property tax rules, which is one of the main new rules for living with the purchase of a property, we must say that this amount is calculated according to the number of months you have paid since the first installment. For example, if someone has paid ten months of installments, his tax amount will be determined based on the same number of months.

Expats living in Northern Cyprus only have the rent to buy one property, but if for any reason they buy their second or third property, they have to pay a 1% tax. Also, they only have two years to sell their property.

The percentage rules for document registration in the office

Another thing that is important in the new rules of residence with the purchase of property is the rules related to the percentage of the registry office from the registration of the document. This amount is about 6% of the total value of the property. Previously, the property tax percentage was 5%, but now with the approval of new laws, buyers must pay about 6% to the tax office and bring the payment invoice with them for the final registration of the document and transferring it to their name. .

Immigrant laws

Regarding the rules for immigrants to buy property, we mentioned that they can only buy one property, or if they buy more property, they must sell it within two years. But another thing we should mention is that if an immigrant has traveled to Northern Cyprus for the first time, he can provide half of his financial ability in Iran, or ask the official translation office to translate all the documents. delivered

After that, upon entering North Cyprus, every person who is 18 years old must deposit 5 thousand dollars to a bank account in North Cyprus.

Rules of residence in Cyprus with the purchase of property

Payment rules

Finally, we must mention the payment rules, which are one of the most important new rules for residence with the purchase of property. In the contract that is registered, the date of the first installment of the property is written, from the same date for one month, the buyer must pay half a percent of the specified amount. If this percentage is not paid within the specified period, the person enters another period of six months.

During this period, half a percent is added to the previous amount, and the person has the opportunity to pay the specified percentage within six months. If a person does not pay even one percent during these six months, another half percent will be added in the next month.

In terms of financing, individuals must have $17,000 for move-in properties with no installments, $25,000 to $28,000 for move-in ready properties, and $38,000 for rental properties.

Required documents to receive QR code

As we mentioned in the previous section, to register the document and upload the documents to the registry office, individuals must have an official code. Obtaining this code requires documents. These documents include: the impression of the first page of the passport, all the pages of the registered contract, the date of first entry to Cyprus, the address of the residence and the contact number of the property, the image of the aerial map (harita) and the official translation of the certificate of no criminal record with the approval of the Ministry of Foreign Affairs and Justice. This part of providing documents is very important in the new residence rules with the purchase of property.

Documents required for residence of all types of property

In a part of the previous section, we mentioned that the financing for ready-made properties with installments and without installments is completely different. In addition, the required documents for each of these properties are completely different. For this reason, in this section, we mention the documents required for the residence of each of these properties:

Required documents for pre-sale units:

Original passport with valid expiration date
Copy of the first page of the passport
Copy of passport entry stamp page
A piece of passport photo
Mukhtar’s letter with stamp
Original official lease
Copy of the official lease
Providing financial support along with 2 sets of copies from Iran worth half of the required support (must be in English with the original equivalent mentioned) only in the first year
Printout of the account balance in the Bank of Cyprus for each person 18 years old and above $5,000
Print the account balance in the Bank of Cyprus worth $38,000 for the second year
The original and copy of the translation of the marriage certificate with the approval of the Ministry of Foreign Affairs and Justice
Celibacy certificate for children over 18 to 25 years old (otherwise, their names must be recorded in the contract)
Copy of previous residence (if you have a previous residence)

Required documents for units ready for delivery:

Original passport with valid expiration date
Copy of the first page of the passport
Copy of passport entry stamp page
A piece of passport photo
Mukhtar’s letter with stamp
The original and copy of the registered contract of the purchased property
Original and copy of Tashinmaz sheet with QR CODE
Providing financial support along with 2 sets of copies from Iran worth half of the required support (must be in English with the original equivalent mentioned) only in the first year
Printout of the account balance in the Bank of Cyprus for each person 18 years old and above $5,000
Print the balance of the account in the Bank of Cyprus worth 17,000 to 25,000 dollars for the second year
The original and copy of the translation of the marriage certificate with the approval of the Ministry of Foreign Affairs and Justice
Celibacy certificate for children over 18 to 25 years old (otherwise, their names must be recorded in the contract)
Copy of previous residence (if you have a previous residence)
Buying property, the best way to invest in North Cyprus

There are many different ways to invest in North Cyprus. But buying property in this country is one of the best investment methods. In fact, investing in North Cyprus, both short-term and long-term, has its own advantages, but buying a property, in addition to being profitable and a long-term investment, requires obtaining permanent residence in this country.

Maybe the new residency rules have already been approved by purchasing the property. But the rules are not such that no one can buy a property in this country or obtain permanent residence. So by checking the new residence rules by buying a property in North Cyprus, give your family a stay in this country.

Ready made properties in North Cyprus

last word

Despite the new laws of residence with the purchase of property in Northern Cyprus, which were approved in 2024, the process of purchasing property and residence in this country will proceed in a more legal and official manner. This is very useful for both property buyers and the government of Northern Cyprus. Because people with the right financial ability and in a legal and official way buy their desired property in Cyprus. Maybe the rules for buying property and staying in North Cyprus have become a little stricter, but it is definitely more secure and formal.

For this reason, we recommend that if you are looking to immigrate and buy a property in another country, make sure to take a trip to North Cyprus and learn about the new conditions and rules for staying and buying property in North Cyprus.