Buying real estate in Northern Cyprus for Ukrainian citizens is an excellent opportunity to invest their funds or purchase housing for a comfortable life in one of the most picturesque places in the Mediterranean. With professional support, this process becomes simple and transparent. Let's look at the main stages of the transaction, available payment methods and options for how to get to Northern Cyprus.
How to get to Northern Cyprus?
Since Northern Cyprus is an island, it can only be reached by air or sea. The following options are available for Ukrainian citizens:
1. A flight with a transfer in Turkey is a convenient option for those who do not have a Schengen visa. You can fly to Turkey and then connect to Ercan Airport in Northern Cyprus.
2. Flight to Southern Cyprus followed by border crossing - suitable for Ukrainian citizens who have a valid Schengen visa. In this case, you fly into Larnaca or Paphos International Airport and then cross the border to the northern part of the island.
3. Sea ferry through the ports of Turkey - this method is suitable for travelers planning to bring a personal vehicle with them. Ferries depart from Turkish ports and arrive in Northern Cyprus.
Stages of purchasing real estate
Step 1. Selecting a property
The first step is to select a suitable property. At this stage, all terms of the transaction are discussed, including price, payment terms and additional details. After reaching an agreement, a preliminary agreement is drawn up, which becomes the basis for subsequent execution.
Step 2. Preparation and drawing up of an agreement
The lawyer draws up a purchase and sale agreement, which includes all the data: the cost of the property, payment terms, passport details of the parties, as well as additional conditions. Before drawing up the contract, the lawyer checks the legal purity of the property, requesting all the necessary documents from the seller. The agreement is drawn up in English and Turkish, after which it is signed by both parties.
Step 3: Pay stamp duty
After signing the contract, you must pay stamp duty in the amount of 0.5 percent of the value of the property. It is recommended that you pay this fee at the same time as your legal fees. Stamp duty must be paid before registering the contract with the Land Department. Registration of the agreement is carried out within 21 days after its signing. This protects the rights of the buyer, since the seller will no longer be able to dispose of the property.
Step 4. Registration of the agreement with the Land Department
After registering the contract, the buyer becomes the official owner of the selected property. The lawyer fully accompanies this process, including registering the property in the name of the new owner.
Step 5. Payment of value added tax
After handing over the keys, the buyer must pay value added tax, which is 5 percent of the value of the property. This stage confirms the completion of the transaction and ownership of the object.
Step 6. Registration of legal title (head of cabbage)
Citizens of Ukraine who are not residents of Northern Cyprus are required to obtain a special permit to purchase real estate. A lawyer submits a corresponding application to the Ministry of Internal Affairs on behalf of the buyer and accompanies the process until permission is received. After this, it is possible to register the title in the name of the new owner.
Payment methods
There are various payment methods available for citizens of Ukraine, which allows you to choose the most convenient option:
1. Bank transfer from Ukraine - Money can be transferred directly from a Ukrainian bank account to the account of a developer or lawyer, if we are talking about the secondary real estate market.
2. Payment with cryptocurrency - Some developers in Northern Cyprus accept cryptocurrency as payment. This method is becoming increasingly popular and convenient.
3. Cash payment - Cash payment is possible up to 10 thousand US dollars per person. This limit complies with international standards.
Additional costs when purchasing real estate
1. Legal services - Full support of the transaction, including inspection of the property and registration of the contract, will cost approximately 1,600 British pounds.
2. Stamp duty - Amounts to 0.5 percent of the value of the property.
3. Title transfer tax - Registration of the contract requires payment of 6 percent of the value of the property. Full title tax is 12 percent, but discounts are available.
4. Value added tax - Paid at the rate of 5 percent of the value of the object.
5. Transformer Fee - Size varies from 1500 to 2500 pounds depending on the site.
6. Water and electricity connection - The cost ranges from 3800 to 18 thousand Turkish liras for water and 2800 liras (deposit) and 75 pounds for electricity connection.
7. Certificate of good conduct - You will need a certificate of good conduct from your country. It must be translated into Turkish and notarized.
Conclusion
Buying real estate in Northern Cyprus for Ukrainian citizens is a convenient and transparent process, especially if you use the services of professionals. NAVITSKI Investment LTD agency offers full support at every stage of the transaction - from selecting a suitable property to obtaining legal title. Contact us and we will help you realize the dream of your home or investment in Northern Cyprus!
