New law on the acquisition of real estate in Northern Cyprus

New law on the acquisition of real estate in Northern Cyprus

The law on the acquisition of real estate by foreigners in Northern Cyprus has changed.  Here is the new property acquisition law:
The ‘Immovable Property Acquisition and Long-Term Leasing (Foreigners) (Amendment) Bill’ was adopted by the TRNC Republican Assembly. A quota of 3 per cent on a country basis and 7 per cent on a district basis according to the ‘TRNC surface area’ was introduced for the sale of property to foreigners. On the other hand, the ‘right to buy a house’ of the citizens of the Republic of Turkey was increased from one to three.

What is in the new law?

• Immovable property cannot be sold to foreign real or legal persons in agricultural lands and forest lands.
• No more than 7 per cent of the surface area of the districts and in any case, no more than 3 per cent of the country’s surface area can be sold to foreigners.
• The Council of Ministers may, by a decision, restrict the purchase of immovable property or long-term lease of immovable property by certain foreigners on security grounds.
• The sale of immovable property and long-term leases by foreigners are subject to the authorisation of the Council of Ministers, provided that the security investigation is positive.
• Foreigners may purchase one immovable property with the permission of the Council of Ministers.
• If the immovable property to be purchased is land, its surface area cannot exceed 1338 square metres and only one residence can be built within this area.
• If it is an apartment, it cannot be more than one.

Turkish citizens can buy up to 3 properties in North Cyprus.

• Citizens of countries recognising the TRNC can purchase three houses.
• If the immovable to be purchased is a detached house, the surface area of the land cannot be more than 3300 square metres.
• The transfer of the properties sold to foreigners shall be made within six months. Otherwise, the decision of the Council of Ministers allowing the purchase of immovable property shall be cancelled and deemed invalid.
• Persons who acquire more property through a contract will apply within six months obtain the title deed of one property and sell the other property within 24 months.
• Foreign real or legal persons cannot purchase immovable property with share stubs.
• At least 20 per cent of the housing projects built in areas open to development can be sold to citizens of the Turkish Republic of Northern Cyprus and natural persons who are nationals of the states that recognise the Turkish Republic of Northern Cyprus and grant the same right to the citizens of the Turkish Republic of Northern Cyprus.
• A maximum of 80 thousand 280 square metres of land can be purchased for investment purposes.
• Investment purchase permits are subject to an investment requirement of at least 20 million euros; however, applications in this direction will not include build-and-sell housing projects; tourism, education, health, industry, agriculture, agriculture, technology or R&D.

Resorce: https://www.diken.com.tr/kibrista-gundem-toprak-turkiyeliler-artik-uc-ev-satin-alabilecek/