Law on Real Estate Acquisition by Foreigners Passed in TRNC

During the session of the Republic's Assembly, the majority voted in favor of the "Bill on Foreigners Acquiring Real Estate and Long-Term Leasing."

The document was presented by Yasemi Öztürk, Chair of the Committee on Law, Political Affairs, and International Relations.

According to the adopted bill, certain restrictions have been placed on real estate purchases by foreigners. Additionally, a provision has been introduced stating that contracts become invalid after two years.

The debate on the bill was quite intense: not all parliamentarians agreed with certain aspects of the document. Some political parties expressed concerns that the bill does not adequately protect the interests of Turkish Cypriots. As a result, some deputies requested the president to send the document back to parliament for revision. However, this proposal was rejected by the majority vote.

One of the most debated provisions was the one allowing citizens of foreign states recognizing the TRNC to purchase up to three apartments in Northern Cyprus.

After the session, the bill was passed by a majority vote: 8 individuals voted against it, 16 abstained, and 26 voted in favor. Following parliamentary approval, the president must sign the bill, which will then come into effect upon publication in the "Official Gazette."

Additionally, several other bills were passed by a majority vote, including the "Amendment Bill on Real Estate Registration and Transactions," the "Amendment Bill on Ownership of Floors and Subfloor Easements," and the "Amendment Bill on Contracts."

Furthermore, the "Amendment Bill on Temporary Rules for Conducting Elections and Referendums" and a resolution defining the voting day for additional elections to local government bodies were unanimously approved.

Consequently, elections for the vacant positions of head and council of elders will be held on Sunday, June 30.

The next session of the Republic's Assembly is scheduled for today, May 21.

It is worth noting that several bills aimed at restricting real estate purchases in Northern Cyprus by foreigners have been under discussion for some time. Last week, these documents were approved at the committee level and submitted for approval to the Parliament.

Read also: Who is entitled to conduct real estate transactions in Northern Cyprus.