Buying property in Northern Cyprus for Polish citizens is an excellent opportunity to invest or find their own home in a unique location. This process becomes simple and convenient with professional support. Let's look at the main stages of the transaction and available payment methods, and also briefly look at how you can get to Northern Cyprus.
How to get to Northern Cyprus?
Cyprus is an island, so it can only be reached by air or sea. There are several ways, described in detail in the article How to get to Northern Cyprus :
1. Flight with a transfer in Turkey - for those who do not have a Schengen visa.
2. Flight to Southern Cyprus with border crossing - for citizens with a Schengen visa.
3. Sea ferry - via Turkish ports, suitable for travelers with transport.
Step 1. Selecting a property
The first stage is choosing the property you like. At this stage, all terms of the transaction are agreed upon, such as price, terms and special conditions. Everything is fixed in the contract, which is the basis for further registration.
Step 2. Preparation and drawing up of an agreement
The lawyer draws up an agreement that specifies the price, terms, passport details of the seller and buyer, as well as any additional conditions. To prepare the contract, the lawyer checks the legal purity of the property, requesting the necessary documents from the seller. The agreement is drawn up in English and Turkish. After agreement, the contract is signed by both parties.
Step 3: Pay stamp duty
After signing the contract, you must pay stamp duty, amounting to 0.5% of the value of the property. It is recommended that this fee be paid at the same time as the legal fees, as it must be paid before the contract is registered with the Land Department. The contract must be registered within 21 days from the date of signing, which protects the rights of the buyer: after this, the seller cannot dispose of the property.
Step 4. Registration with the Land Department
After registering the contract, the buyer becomes the official owner of the property. The lawyer accompanies the entire registration process and carries it out in the name of the new owner.
Step 5. Payment of VAT
After transferring the keys to the new owner, VAT in the amount of 5% of the value of the property must be paid. This step confirms the completion of the transaction and ownership of the property.
Step 6. Registration of legal title (head of cabbage)
Polish citizens who are not residents of Northern Cyprus are required to obtain a special purchase permit. The solicitor applies for this permission on behalf of the buyer to the Home Office and guides the process through to completion, allowing the title of the property to be placed in the name of the new owner.
Payment methods
For the convenience of Polish citizens, various payment methods are provided, which allows you to choose the most convenient option:
1. Bank transfer from Poland - You can pay directly from your bank account in Poland to the account of the developer or lawyer (for secondary market properties).
2. Payment with cryptocurrency - In Northern Cyprus, some developers accept cryptocurrency. This is a modern and convenient payment method that is becoming increasingly popular.
3. Cash payment - Cash payment is acceptable up to $10,000 per person, which is in line with international standards.
Additional costs when purchasing real estate
• Legal services - Full support of the transaction, including verification of property rights and registration of the contract, will cost about 1,600 British pounds.
• Stamp duty - 0.5% of the property value.
• Title transfer tax - Registration of the contract requires payment of 6% of the value of the property (this is part of the title tax, the full amount of which is 12% of the value).
• VAT - 5% of the property price.
• Transformer Fee - £1,500 to £2,500 depending on site.
• Water and electricity connections - Costs vary by municipality and range from TRY 3,800 to TRY 18,000 for water and TRY 2,800 (deposit) and GBP 75 for electricity.
• Certificate of good conduct - A certificate of good conduct from your country of permanent residence will be required. It must be translated into Turkish and notarized.
Conclusion
Buying property in Northern Cyprus for Polish citizens is a convenient and transparent process, especially with the right support. NAVITSKI Investment LTD agency is ready to provide professional support at every stage of the transaction, helping you not only complete the purchase, but also choose the most profitable payment method. Contact us today and we will help make your dream of property in Northern Cyprus come true!
