Instead of renting a vacation home every summer, why not purchase your own? It can seem like a scary investment to jump into, and a pricey one, but in the long run you will be very satisfied with your decision.

Requirements Before Purchasing Property

The process of purchasing property in North Cyprus can seem ver difficult for any investor. Unlike years past, we cannot find the property that we want, pay for the property and then receive the deed to the property. The law is much more strict now, with a lot more paperwork involved. There are also large legal fees and other price obligations for the purchaser. North Cyprus has only been involved with the property market for 6 years. Therefore, it is still very difficult for a foreigner to purchase property in Northern Cyprus.

In order for the foreigner to invest in a piece of property, they have to appoint a Power of Attorney to represent them and accept the deed. The Power of Attorney is required to be a Cypriot citizen. Many people choose their lawyer in North Cyprus as their Power of Attorney. After the foreigner has paid for property taxes for at least 2 years, then the deed can be transferred into their name.

The amount of land that the person can purchase is also limited. The foreigner can only purchase one “donum”, or plot, of land. A donum of land equals 1338m or 14400 feet squared. The same goes for a house or building. If the building is being used for commercial use then it must be specified when the purchase is finalized or else they could face serious penalties. Cypriot citizens are not restricted to how many plots of land that they can purchase, except for when they are acting as Power of Attorney.

The application process:

Once the person has chosen the property that they want to purchase, an application has to be submitted to the Council of Ministers. This process is usually required to be taken care of by the foreigner’s lawyer. The application process is just a procedure and many applications are accepted. If more than one plot of land is required, then the Council will discuss the issue and work out a negotiation. The request is usually not granted to those wanting to build a vacation home. However, if the development is going towards the improvement for tourism then the Council will usually approve the plan. This type of situation is usually only approved for industrial companies.

An application is also required to be submitted to the District Lands’ Office. This is also the responsibility of the lawyer appointed. However, a purchase permit has to be given through the government before the District Office will approve the application. For the permit to be granted, the foreigner has to apply to the government with the help of their lawyer. This is a strong legal process and the lawyer should have experience with the process. It is usually a lengthy process, taking anywhere from a few months to a year. The extremities of the case base the time it takes for the grant to be approved. The fee for the permit to be submitted costs anywhere from 750 to 1,500 pounds. The information required to be reported on the permit application is the name and address of the foreigner as long as the name of the Power of Attorney. A passport number or identity card information is also required.