What are the costs involved when purchasing a property in Northen Cyprus?
Solicitors Fees: Including drawing up of contract, Power of Attorney, purchase permit application and seeing the sale through to completion = £1000. Stamp duty: 6% of the valuation levied by the Land Registry Office and 1%of the stamp duty charge, paid to the local council. You have the option to be exempt from 3% of the 6% stamp duty on any one purchase. VAT is payable on some new build properties only. Normally this is all told to you by your solicitor.
Solicitors Fees: Including drawing up of contract, POA, purchase permit application, contract stamping & registration and seeing sale through to completion = £1,250 Stamp Duty: Currently at 6% (reduced to 3% on any one purchase) of the valuation levied by the Land Registry Office and 1% of the stamp duty charge, paid to the Local Council. KDV (VAT): Currently at 5% of the valuation levied by the Land Registry Office. Payable on all sales except those where the title is being transferred from an individual and not a company. Contract Duty: Currently at 0.5% of the Contract value, payable at the TAX office within 21 days of the Contract date. 14.
