Azant Services Ltd is a company whose partners have attained many years of Business experience and are experts in numerous fields including Real Estate and Insurance.

Our staff are highly qualified and realise that expertise is not enough in this competitive market, they understand that customer service and satisfaction is the most important attribute and they focus on this with every customer interaction.

Q What type of Title does the property have?

After the division of the island, in 1974, North Cyprus has developed its own rules and regulations and a different legal system has been constituted by the Turkish Cypriots in relation to conveyancing procedures. The first and foremost issue which should be clarified is the various types of title deeds that exist in the TRNC today.

The various Title Deeds are as follows:

Turkish Cypriot or other foreign ownership pre -1974: these type of title deeds are considered to be totally safe.

Greek Cypriot owned pre -1974 known as TRNC Freehold also called Esdeger or Exchange Land. This is the land that was given to Turkish Cypriots by the TRNC Government in exchange for land that they lost in the South when the island was divided. Based on 1983 TRNC Constitution, all the deeds are rectified and named as TRNC deeds and are freely transferable to locals and/or foreigners

Tahsis (TMD) Deeds: This is land originally owned by a Greek Cypriot prior to 1974. Tahsis title deeds were issued by the TRNC North Cyprus government post-1974 to a Turkish Cypriot refugee or to a Turkish mainland settler.

Leasehold – Properties owned by the TRNC Government who will grant long-term leases of 49 years.

Q Taxes in Relation to Property Purchase

There are four main taxes involved in any property Sale/Purchase transaction, these taxes are as follows:

V.A.T - The Tax Office requires a copy of the Contract of Sale to be presented prior to transfer of title. It will then calculate the VAT based on the Contract value of the property and is currently set at 5% of the contract value. The payment of VAT depends on whether or not the transaction is subject to VAT. This depends on whether the Vendor (the person who has title to the property not simply contractual ownership or possession of the property) is deemed by the Tax Office to be a ‘Professional Vendor’ (i.e. whether the transaction is of a commercial nature or for profit). If the Vendor is deemed to be a Professional Vendor, the transaction will be subject to VAT. If the Vendor is a private individual, not a Professional Vendor, the transaction will not be subject to VAT.

Transfer Fee - Transfer Fees are payable to the Land Registry Office just before transfer of title takes place is usually paid by the purchaser and is currently 6% of the property assessed value. However, if you are purchasing for the first time, you have the right to exercise your discount for “once in a lifetime option” which is 3% of the assessed value of the property.
The Land Registry will view the Contract of Sale before transfer of title to assess the value of the property and will calculate the Transfer Fee on the basis of the assessed value. The Transfer fee is generally payable by the Purchaser, although this can always be varied by the parties by an express clause in the Contract of Sale.

Stamp Duty - Stamp duty which is payable to the Tax Office and is calculated on the contract value of the property. Generally, Stamp Duty is payable by the Purchaser, although this can always be varied by the parties by an express clause in the Contract of Sale.
All Contracts of Sale must be registered at the District Lands Office within 21 days of being signed and it is now compulsory for the Stamp Duty to be paid at the rate of 0.5% before registration can take place.

Capital Gains Tax - Capital Gains Tax (Stopaj) which is payable to the Tax Office is generally payable by the Vendor although this can always be varied by the parties by an express clause in the Contract of Sale. The Tax Office requires a copy of the Contract of Sale to be presented prior to transfer of title. It will then calculate the Capital Gains Tax based on the basis of the assessed value of the property and is currently 4%. It should be noted that Capital Gains Tax is payable on the full sales price and not just profit from the sale. You do also have the right to waive paying this tax one time only so you should choose wisely as to when you do this.

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