Purchaser pays the following taxes
Stamp Duty (0.5 %)
Stamp duty is payable to the Tax Office when registering the contract at the Land Registry office – currently at 0.5% of the contract price and must be paid within 21 days from the date of signing the contract, or it increases to 1.5% if paid after this time.
Title Transfer Fee (3 % or 6%)
The Title transfer fee is payable to the North Cyprus District Land Registry Office at the time of title transfer. Currently the rate is 6% of the contract price. However, each person has a ‘once in a lifetime’ option to purchase a property at a reduced rate of 3% instead of 6%.
VAT (KDV) (5%)
When you purchase a property from a Construction Company, or from any other professional seller, VAT applies. VAT is currently 5%. VAT (KDV) is payable to the Tax Office at the time of Title Deed transfer. However if you are purchasing a resale property from a non-professional Title Deed holder no VAT is applicable.
Seller pays the following taxes
Capital Gains Tax (4% or 2.8%)
Capital Gains Tax is payable to the Tax Office by the seller - currently at 4%. If the seller is not a professional, i.e. private homeowner, the Capital Gains Tax drops to 2.8%.
Again each individual has a ‘once in a lifetime’ option to sell one house and one plot (up to 1 donum) without paying any taxes. Therefore, in the future, if the buyer wants to sell the property in which the Title Deed is registered on the buyer’s name, the buyer (now becomes the seller) won’t pay any tax – of course, if this rule stays the same. Apart from the Stamp Duty, which needs to be paid within 21 days of signing the sales contract, the remaining taxes are paid at the transfer of the Title Deed, which can take approximately six months to be granted.
Gİrne Merkez'de Havuzlu Ve Gym Olan LÜks Apartmanda S
|90m²||2 Beds||1 Baths|
Royal Estates is a member of the Cyprus Turkish Estate Agents Union - KTEB.