Taxes to be Paid When Purchasing Real Estate

- Title Deed Transfer Fee

Paid as 3% of the market price determined by the land registry office.

- VAT

This tax, which is valid only for real estate purchased from the project, is 5 percent. Remember, if you are buying a second-hand flat, you do not pay VAT.

- Transformer Contribution Fee and other connections

The costs of electricity, water, internet and telephone infrastructures installed in the project in Cyprus are covered by the customers -once only. This tax, which is valid for real estate purchased from the project just like VAT, is determined by dividing it by the total number of flats in the project, which corresponds to a total of 1500-2000 Pounds per flat.

- Stamp tax

Within 21 days after both parties sign the sales contract, the buyer pays a 0.5% stamp fee and the contract is recorded in the land registry office.

All procedures have been completed and you have obtained the title deed of your real estate. If you ask if there is any additional tax to pay, 'Yes, there is.' There is an annual property tax that is paid once a year in Northern Cyprus, and it is priced based solely on square meters. For example, if your house is valued at £50,000 and is a 110 m2 apartment, the tax would be £110. So, it's £1 per square meter.