Foreigners Can Now Purchase Up to Three Apartments in Northern Cyprus

Northern Cyprus has introduced a new amendment to the law regulating property purchases by foreign nationals. The updated rules allow foreigners to buy up to three apartments or two villas, while also reducing taxes on property purchases and title deeds.

According to the document published in the Official Gazette (link), foreign nationals are now entitled to purchase:

• A maximum of three apartments,

• Or two villas.

Citizens of the Republic of Turkey benefit from even more generous limits:

• Up to six apartments,

• Or three villas.

Updated Tax Rates

When registering a property purchase agreement:

• First apartment: 6%

• Second apartment: 3%

• Third apartment: 3%

Title deed fees:

• First title: 3%

• Second title: 6%

• Third title: 6%

If a contract is registered without paying the standard taxes (only the stamp duty is paid):

• Title deed transfer fee: 9% for each title

Residency Incentives for Property Owners

The Prime Minister of the Turkish Republic of Northern Cyprus (TRNC), Ünal Üstel, recently announced additional benefits for property owners.

Previously, residence permits issued to property owners were valid for one year. That duration has now been extended to two years. If the Council of Ministers grants permission for a property purchase, the residence permit can be extended to five years.

To apply, individuals must still demonstrate a minimum income equivalent to one monthly minimum wage.