Title deed transfer tax Increase to 12% for North Cyprus Title Transfer Fees – overseas buyers.
You may have heard about the transfer of title deed tax Increase to 12% by the TRNC government for overseas buyers. From February 2023 this does away (for the time being) with the previous maximum of 6% for overseas buyers as well as the one time reduction to 3%. This has obviously not been well received by either buyers or property professionals and there may be future legal challenges to this extra tax.
Turkish nationals, Turkish Cypriot citizens and any overseas buyer using a Trust registered in North Cyprus for the purchase can still pay 6%. If you want more information about buying via the Trust – please call us.
NCI will continue to try to find ways to keep buying fees as low as possible for our clients and please understand this is completely out of our hands. Again if you call us we can explain what we suggest. We will update you if the situation changes.
For a comprehensive guide to Costs of Buying click HERE