Frequently Asked Questions

Currently, Northern Cyprus is officially recognized only by Turkey, therefore the official currency of Northern Cyprus is the Turkish lira. However, transactions are also accepted in British pounds, US dollars, and Euros. This means you can confidently use any of the listed currencies for payments at shops, cafes, and hotels. It's important to note that Northern Cyprus is rapidly becoming a Crypto currency hub, where all operations with Crypto currencies are officially permitted, including the purchase and sale of various goods, vehicles, and properties.

When acquiring property in Northern Cyprus, the following types of taxes are paid in stages:

1. Stamp Duty: Stamp duty is mandatory and must be paid to the Tax Office for the registration of the real estate sales contract in the Land Registry within 21 days from the date of signing the contract. The fee is 0.5% of the property value as stated in the contract. Payment is made at the contract signing stage.
2. VAT (Value Added Tax): VAT is 5% of the property value as stated in the sales contract. Payment is made three months before receiving the keys.
3. Transformer Fee: The transformer fee includes the provision of electricity and water supply connections. The payment amount varies depending on the property acquired (from £1500 to £3000). Payment is made three months before receiving the keys.
4. Title Deed Fee: The title deed is a document confirming ownership rights not only to the property but also to the land on which it is built. The fee must be paid to the District Land Committee before transferring the property to the buyer's name. The fee amount is 12% of the property value. Payment of the fee is made in two stages: 6% must be paid at the first stage when registering the real estate in the Land Registry, and the remaining 6% before transferring the title to the buyer's name.

The Turkish Republic of Northern Cyprus (TRNC) is located in the northeastern part of the island of Cyprus. There are no bridges or railways connecting this state to the mainland, so the only ways to reach it are by air and sea.
There are two airports in Northern Cyprus, but only one of them is operational. That is Ercan Airport, situated 25 km from the capital city of Nicosia, 35 km from the resort town of Kyrenia, and 50 km from the legendary Famagusta. This air hub handles nearly 90 flights daily. In 2023, a new modern terminal was opened at Ercan Airport, which is much larger than the previous one.

1. Flight through the Turkey
   Ercan Airport can only be reached with a stopover at one of Turkey's airports (Istanbul, Antalya, Ankara, Izmir, Adana, Bodrum). In this case, you can only visit the Northern part of the island of Cyprus. A visa is not required to enter Northern Cyprus; it is issued by the immigration police at the airport upon arrival.
   Important! If you arrived in Northern Cyprus through Ercan Airport, you cannot cross over to the southern part of Cyprus.
2. Direct Flight via Southern Cyprus
   The closest airport to Northern Cyprus is Larnaca Airport. In this case, you can freely visit both the Northern and Southern parts of Cyprus. To do this, you need a valid Schengen visa or an EU passport.
3. From Turkey by Ferry
   You can also fly to Turkey and take a ferry to the island. You can choose the most convenient ferry route: Tasucu–Kyrenia, Mersin–Kyrenia, Mersin–Famagusta. Some ferries only carry passengers, while others also transport vehicles to the island. Travel time ranges from 4 to 8 hours.

There are two ways to obtain a residency permit in Northern Cyprus: residency through property purchase and residency through high income.
Steps to obtain residency through property purchase:

1. Preparation of necessary documents: Property purchase agreement, application submitted to the Ministry of Interior for permission; Copies of the purchase agreement and owner's passport; Certificate of residence from the Muhtar.
2. Opening a bank account with a required deposit of $7,500 per adult. The entire amount cannot be withdrawn, but the account can be used.
3. Registration on the Ministry of Interior's website to schedule an appointment (rendezvous).
4. Personal submission of the complete set of documents for the appointment.
5. Payment and completion of medical tests, obtaining insurance.
6. Payment of the residency permit fee.
7. Waiting for the results (1-1.5 months) and receiving the electronic residency permit through the personal account on the Ministry of Interior's website.

For residency through purchasing a ready-made apartment, it is necessary to deposit $7,500 per person for one year. If the apartment is built but the title deed is not obtained, proof of payment for the apartment is also required.
Steps for residency through rental agreement:

1. Searching for and signing a long-term rental agreement.
2. Obtaining a certificate from the Muhtar for approximately 20 Turkish liras per person.
3. Opening a bank account and depositing $30,000 per adult.
4. Translation and notarization of foreign documents.
5. Registration on the Ministry of Interior's official website and document submission.
6. Personal interview at the police station.
7. Receiving notification for payment of medical tests and insurance. Payment and completion of the tests.

Important:

• Payment for tests and insurance is only possible with a TRNC bank credit card.
• The cost of medical examination and insurance is 4,700 Turkish liras.
• The residency permit is issued electronically through the personal account after payment of the government fee.

If you are considering buying property in Northern Cyprus, here are several steps to help you plan your purchase wisely:

1. Research the Market: The first step is to study the real estate market in Northern Cyprus. Familiarize yourself with different regions, types of properties, and prices. Our team has already done extensive research and gathered all the necessary information about developers and projects. You can view a sample report here.
2. Choose a Reliable Agent: Finding a reliable and experienced real estate agent in Northern Cyprus is crucial. Real estate agencies in Northern Cyprus often offer free tours of the island, which will allow you to explore the island and its real estate market within 3-5 days. You can find a list of our verified partners here.
3. Consider Legal Aspects: Before signing any documents, it is essential to conduct a thorough legal check of the property. Consult a qualified lawyer or real estate specialist to ensure that the transaction is safe and free from unforeseen problems.
4. Sort Out Financial Matters: Determine your budget and discuss how you will make payments, whether through bank transfers, SWIFT, crypto payments, or cash. Make sure you fully understand all the expenses associated with the purchase, including taxes, fees, and commissions.
5. Inspect the Chosen Property: Before making a final decision on purchasing real estate, be sure to visit the developer's office, meet with the company's manager, inspect the construction site or the finished property in person, or arrange a virtual tour.
6. Finalize the Deal and Sign Documents: After careful analysis and verification of all aspects of the transaction, conclude the sales contract and sign the relevant documents. Ensure that all the terms of the deal are clearly defined and protect your interests.
7. Follow the Payment Plan: If you have purchased real estate on an installment plan, after paying the down payment and signing the sales contract, follow your payment plan as specified in the contract to avoid any arrears.