Buying real estate in Northern Cyprus for Russian citizens is an excellent opportunity not only for profitable investment, but also for purchasing your own home in a unique place with an excellent climate and favorable living conditions. With professional support, this process becomes transparent and convenient. Let's look at the main stages of the transaction, available payment methods and ways to get to Northern Cyprus.
How to get to Northern Cyprus?
Northern Cyprus is an island and can only be reached by air or sea. The main options for Russian citizens are as follows:
1. A flight with a transfer in Turkey is the best option for those who do not have a Schengen visa. The transfer is carried out at one of the international airports in Turkey, after which the flight to Northern Cyprus is carried out.
2. Flight to Southern Cyprus followed by crossing the border - this option is suitable for those who have a valid Schengen visa. You fly into Larnaca or Paphos airport and then cross the border to the northern part of the island.
3. Sea ferry through Turkish ports - this method will be convenient for travelers planning to arrive with their own vehicle.
Stages of purchasing real estate
Step 1. Selecting a property
At the first stage, you need to decide on the choice of a suitable property. At this stage, all terms of the transaction are discussed, such as price, payment terms and possible additional conditions. All agreements are recorded in a preliminary agreement, which will become the basis for the subsequent execution of the transaction.
Step 2. Preparation and drawing up of an agreement
The lawyer prepares a purchase and sale agreement, which specifies the following data: the cost of the property, payment terms, passport details of the seller and buyer, 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 contract is drawn up in two languages - English and Turkish. After agreeing on the document, it is signed by both parties.
Step 3: Pay stamp duty
After signing the contract, you must pay stamp duty, which is 0.5 percent of the value of the property. It is recommended to pay this fee at the same time as legal services, since registration of the contract with the Land Department is possible only after paying this fee. Registration of the contract must be completed within 21 days of signing to ensure the protection of the buyer's rights. After registration, the seller cannot dispose of the property.
Step 4. Registration of the agreement with the Land Department
After registering the contract, the buyer officially becomes the owner of the selected object. A lawyer accompanies the entire process and carries out registration in the name of the new owner.
Step 5. Payment of value added tax
After handing over the keys to the new owner, it is necessary to pay a value added tax in the amount of 5 percent of the value of the property. This stage confirms the completion of the transaction and legal ownership of the property.
Step 6. Registration of legal title (head of cabbage)
Russian citizens who are not residents of Northern Cyprus must obtain a special permit to purchase real estate. A lawyer applies for this permit to the Home Office on behalf of the buyer and guides the process through to completion. After this, it is possible to register the title in the name of the new owner.
Payment methods
For Russian citizens, various payment options are available, which allow you to choose the most convenient method.
1. Bank transfer from Russia - You can transfer money directly from your bank account in a Russian bank 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 payment method that is becoming increasingly popular.
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 verification of property rights and registration of the contract, will cost approximately 1,600 British pounds.
2. Stamp duty - 0.5 percent of the property value.
3. Title transfer tax - Is 6 percent of the value of the property upon registration of the contract (the full amount of the title tax is 12 percent, but discounts are possible).
4. Value added tax - 5 percent of the value of the object.
5. Transformer Fee - Depending on the site, this ranges from 1500 to 2500 pounds.
6. Water and electricity connection - The cost depends on the municipality and ranges from 3800 to 18 thousand Turkish lira for water and 2800 Turkish lira (deposit) and 75 pounds for electricity.
7. Police clearance certificate - You will need a police clearance certificate from your country of residence. It must be translated into Turkish and notarized.
Conclusion
Buying real estate in Northern Cyprus for Russian citizens is a convenient and transparent process, especially with professional support. NAVITSKI Investment LTD agency is ready to support you at every stage of the transaction, from choosing real estate to obtaining title. Contact us to start your journey to purchasing property in Northern Cyprus today!
