TRNC Extends Property Purchase Deadline for Foreign Buyers

The TRNC government has extended the validity period of property purchase contracts for foreigners by 90 days. The decision, approved by the Council of Ministers, has been officially published in the Official Gazette.

The extension aims to prevent state revenue losses, ensure the collection of taxes and fees, and support the economy by allowing more time for completing property transactions.

Originally, the six-month contract period was set to expire on February 21, 2025, but with this extension, foreign buyers now have an additional 90 days to finalize their payments and paperwork.

Authorities noted that many foreign individuals and companies face difficulties in paying all required taxes and fees on time due to various legal and administrative challenges. These delays result in lost revenue for the state.

The decree emphasizes that tax and fee collection is crucial to maintaining state revenues, supporting economic growth, and covering essential public expenses.