The legislation for real estate in Northern Cyprus is complex and subject to changes. In the following lines, we will provide more specific information about some key aspects of the legislation in the field of real estate in the region:
Ownership and purchase of real estate:
To acquire real estate in Northern Cyprus, all you need to do is contact us. The procedures are extremely simplified compared to those we are familiar with in the EU.
The tax for acquiring property in Northern Cyprus may vary depending on the value of the property, but as a rule, they are lower than those in Bulgaria. The tax on profit from the sale of real estate may also be applicable, but it can be exempted under certain conditions.
For rental relationships in Northern Cyprus, a written rental agreement is required. This agreement should clearly outline the rights and responsibilities of both the landlord and the tenant. The legislation guarantees that landlords also have specific rights, such as the unique requirement for the tenant to maintain the property while using it.
It is highly recommended to seek guidance from us when purchasing real estate in Northern Cyprus. We can provide personalized advice and information tailored to your specific situation.