Foreigners Can Buy Up to Four Apartments in North Cyprus Now!
The new law regarding property acquisition by foreigners in North Cyprus has been published in the Official Gazette of the Turkish Republic of Northern Cyprus. Despite the former law which limits the number of properties with one apartment, the new legislation allows foreign investors to buy four apartments.
The latest amendment came into force as of May 27, 2022, and is valid for 6 months. Investors should act fast to benefit from this limited-time opportunity.
According to the new law regarding real estate purchases in North Cyprus;
• A foreign investor can buy land with a plot size up to 1338 sqm and build one property on the land.
• A foreigner can make multiple purchases on apartments up to four flats. The former law limited it to a single apartment.
• A foreigner can buy a detached house with a plot size up to 6691 sqm. If the buyer purchases a detached house, they also have the right to buy 3 additional apartments.
• If a foreigner invests over 3.000.000 €, the rules above can be modified according to the business plan and security check. The Council of Ministers can give permission for the purchase if the investor deposits at least 3.000.000 € in a bank in North Cyprus.
Property investors who have already deposited a minimum of 3.000.000 € in a bank in North Cyprus can apply to the Council of Ministers for permission with an investment agreement. However, the agreement should be authorized by the Revenue Administration and Tax Department. The investor should make use of this money only for investment purposes.
If the Council of Ministers detects that the money is used for reasons other than the investment, the permit will be canceled. If the deed transfer won’t be completed within six months from the permission, the permit will also expire.
The new amendment is valid for a limited time and will be abolished on November 27, 2022. Take a look at the immovable properties in North Cyprus now to benefit from this great opportunity and buy your dream home in North Cyprus under the sun!