1. Is a visa required to live in North Cyprus? |
| Yes. North Cyprus requires a visa for resident status. Persons coming from the U.K.
and other major European countries automatically obtain a 3-month visa upon arrival.
An extension of this time period can be granted, provided you successfully apply
for a residency permit (implying that you plan to settle permanently). Typically,
as the visa process can be long and tiresome, many people opt to hire a solicitor
from their respective government office. Please see the FAQ regarding solicitors
below. |
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2. What is the average price of a solicitor
in North Cyprus? |
| Generally, solicitors charge around £1,000 for a purchase contract and £300
for the permit. This fee covers the handling of all applications
required for living in North Cyprus. Solicitors also help in ensuring the
validity and legality of transactions; see below for more details
on this topic. |
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3. How do I ensure the validity and legality of financial
and official transactions? |
| As mentioned earlier, the employment of a local solicitor is not
required but is highly recommended. For a general fee of £ 1,000 a solicitor will personally
follow-up on transactions at the local government offices. Furthermore, the solicitor
will check your Contract of Sale to be signed by you and the developer of the
property, therefore ensuring its legality and authenticity. A permit for
owning a home is required which usually costs £300 more and
is received about a year after occupancy. |
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4. Are
there any additional taxes, fees, or charges that I should anticipate?
|
|
Certainly, the
last thing anyone wants is to be surprised with unanticipated charges.
We have
created a list below, of common taxes, fees, or charges that apply:
- Foreigners can expect to pay a VAT which, at the moment, is
5%, and a stamp duty, which is 6%. The stamp duty is paid to
the Registry Office once the title is registered under your name,
and can be paid several months after the keys are in your possession.
It is important to note that these percentages are of the government valuation of
the property and not the sales price, and that this value is
usually significantly lower than the actual sales price.
- There is also a small contract stamp duty that buyers must
pay. This estimate can be obtained by your solicitor.
- NOTE: The Tax Authorities have given first time investors the
incentive of a one time opportunity to reduce the stamp duty
to 3%.
|
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5. Other charges? |
| Water & electricity connection fee is around £500
(dependant on the project) |
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6. What typical utility costs should my family anticipate? |
| The average local utility tax (electricity, water, gas, municipal,
etc.) that a four-person apartment household can expect to pay,
is between £50 and £75 per month. In addition, there
is a mobile phone (few order house phones) which is average £50
for normal use. Houses would be 25% more. |
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7. Can I purchase
from abroad? |
| At Nature Bay Developers we aim to facilitate all of our clients
needs, including those who live abroad. If you are interested in
purchasing real estate but are not able to travel immediately,
we would be happy to assist you. Simply submit an inquiry and one
of our consultants will contact you and personally walk you through
the process. |
|
8.What documents are required when
buying property in North Cyprus? |
| Your passport is the only document required. |
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9. What
is the legal system in North Cyprus? |
| The legal system is the British legal system. |
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10. What are the risks of purchasing property in
North Cyprus? |
This is an important question to ask when deciding on the purchase
of property. Today’s situation was dictated by the political
history of the land, and reflective of the past tensions between
the countries of Greece and Turkey. Investing in Northern Cyprus is no more of a risk than investing in the south. The laws, rules,
and regulations are simple and transparent. Understanding these
minimizes the perception of risk.
There are three types of free-hold titles in Cyprus: A Pre-1974,
Turkish Title (best but rare), a TRNC Esdeger Exchange Title (Owner
received land equivalent to that which was owned when he resided
in the South), and a TRNC TMD Title, which reflects no exchange
but which is not treated any differently by the authorities who
consider All title formats equal. According to the Annan plan,
if a settlement were to take place, compensation would be based
on values at 1974 which were a fraction of today’s value.
The
United Nations “Annan Plan” of 2002 put forth an initiative to
finalize the issue. The outcome was the induction of the Greek side into the
European Union, without the Northern, Turkish side, negating all previous claims
to land titles by Greek residents. Since then, the European Union, the United
States, and the United Kingdom have lifted embargoes, instituted FDI—(Foreign
Development Investments) all of which reflect the accelerated growth rate currently
taking place. |
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11. Why should I purchase property
through you? |
| There are very few companies in Cyprus with 30 years of international
development experience in Europe, Middle East and U.K., nor
any known developers who owned a PLC in this field. We use builders
who have local and overseas experience of 20 years and foreign
trained project managers overseeing all our sites. Initial plans
are drawn abroad. We have current projects in Manchester UK as
well. |
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North Cyprus Information
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12. What is the unit used to measure
land? |
| Land in North Cyprus is measured using Donums and Evleks. One Donum of
land is equivalent to 1,338 square metres, which translates into
a third of an acre. The second unit, the Evlek, is a quarter
of a donum or equivalent to 3,600 square feet. |
|
13. What side of the road do cars
use? |
| Left |
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14. Do I need to change my driving license? |
| Persons with foreign licenses are permitted to drive for a period
of three months, after which a local (TRNC) driving license must
be applied for. |
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15. What is the language spoken in North
Cyprus? |
| The official language in North Cyprus is Turkish. However, English
is widely spoken. In fact, it is common for business to be conducted
in English. |
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16. What type of climate
exists in Cyprus? |
| Cyprus is known for its long, hot summers and short, light winters.
The Island typically sees 300 days of sunshine, providing for consistent
summer temperatures up into the 30s. Perhaps equally important,
the sea temperature is quite comfortable year round, with winter
seasons witnessing an average temperature of above 16 degrees. |
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17. What type of education opportunities does North Cyprus
offer? |
| The education system in Northern Cyprus is constantly improving.
It is widely known for its excellence in secondary education and
its adherence to the English curriculum. There are many opportunities
for advanced education, such as the area of Kyrenia which is the
home of the Girne American University (http://www.gau.edu.tr) as
well as four other major universities, all of which can be research
via http://www.cyprusive.com |
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18. Am
I required to open a local bank account in order to buy property? |
| An account at a local bank is not required to purchase
property in Cyprus. However, if one desires to open
a bank account, there is a wide selection of local
and foreign banks, including HSBC for instance, which
offers its full range of services to local residents. |
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19. What is the electricity current? |
| The voltage and the plug sockets are the same as in UK (3 pin). |
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20. Can I bring pets with me? |
| Your pets are welcome here in North Cyprus! The required vaccination
process includes a quarantine period and can be easily coordinated
through your local vet. For further information on this issue,
please contact Margaret Ray, chairperson of Kyrenia Animal Rescue
on 00 90 533 863 1950. |
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21. Can I arrange a visit? |
| to arrange a date for a visit. We’re
refunding up to 700 pounds, when buying property from
us. |
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22. How is North Cyprus accessed from
elsewhere within the country? |
| Due to the political history of the area, North
Cyprus does not have official state-status. However,
de facto recognition by the international community
is steadily increasing, pioneered by private charter
companies providing direct access from Turkey. Travelers
destined to Turkey can choose from Greek or Turkish national airlines
which reach several major areas, or take advantage of several car-ferry
services. In addition, there are bus services providing service
to and from England. One can fly to Larnaca, hire a car for 18
to 20 Cyp. Pounds and drive in an hour to Kyrenia. Third party
insurance is available at the border for 10 Cyp pounds. The process
usually takes 2 to 3 minutes. |
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23. Which are the favorite beaches? |
| Northern Cyprus is known for its attractive sandy beaches ranging
from fast-paced, tourist areas, to even private bays, which are
available for rent for a small fee. Some of the most renowned beaches
near Kyrenia: Nature Bay opposite Nature Bay Village in Alagadi
(free), the Golden Beach and Malibu Beach in Karpas, (30 to 40
minutes east) and Acapulco beaches in east Kyrenia (Entry fee).
For visitor information, visit |
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Property Aspects |
24. What are the property construction dates
? |
| See each property in the Prices and Stages section |
|
25. What are the interior styles of the property? |
| Please
see the pictures of the show houses |
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26. Do all units have parking facilities? |
| All apartments have one car bay as well as visitor parking.
Houses have one car port and space for more cars. |
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27. How can I begin my purchase
today? |
After
an in-depth consultation with our team, you will decide which unit
type or customization you prefer. You will be required to pay a
reservation fee of £1,000. Second, once a price
is agreed upon, a Contract of Sale will be produced dictating the
terms of purchase. This form will require the signature of both
the vendor and the purchaser. Please note, it is recommended that
you hire the services of a local solicitor to follow up on your
applications and paperwork with the local government. For example,
this can also be very convenient for clients who are not able to
travel as frequently to deal with the procedures involved, and
thus rely on their solicitor to represent them legally. The next
step is the submission of the application for a purchase permit through the Interior Ministry. The final step is the assignment
by the vendor of the title deeds, provided that the remaining balance
has been paid by the purchaser.
It is worth noting that certain terms are associated with different
types of titles. For instance, if you are buying a Foreign Title
Property you will not need to obtain a purchase permit. On the
contrary, if you are not buying a Foreign Title Property, but rather
a Turkish Title or TRNC Title, as a foreigner, you will be restricted
to 1 Donum of land (1,388 meters-squared). We can provide further
consultation on these issues if you would like. Our team is always
standing by willing to help you if you need. |
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28. Steps in purchasing |
- The price of the property is agreed.
- Purchaser pays a £1000 reservation fee.
- The purchase contract is signed.
- The purchaser pays the first amount – usually 25% and
balance on progress.
- The solicitor or appropriate appointed person will then apply
for a purchase permit from the Interior Ministry. This can take
approximately eighteen months.
- Once the Purchase Permit has been granted from the Interior
Ministry and title transferred, the remaining balance is due
from the purchaser.
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29. What are the expected maintenance
charges? |
| Expected
maintenance charges are approximately £50
per apartment, per month (depending on unit type and size). Charges
will cover all maintenance of shared and public areas, the gardens,
swimming pools, facilities, security, lighting of shared areas
etc. The site management company will offer additional services
at extra cost, such as laundry and housekeeping, as well as a
rental service for owners wishing to rent out their units. |
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30. Who will look after my property
whilst I am not here ? |
| Any number of independent specialist management agents
can do this for you or the project maintenance company, which
will be on the site daily and can probably provide the service
for you. |
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