Some of Frequently Asked Questions
How many Types of titles deeds are there in the TRNC?
There are 4 types of title deeds offered in Northern Cyprus. The process to purchase your property is dependent on which title deed your property holds.
Freehold – Foreign Title
This is property owned by European residents, (eg. British, German, Dutch). The title deed is internationally recognised. There are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete.
Freehold – Turkish Title
This is property Turkish Cypriot owned prior to 1974. There are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete.
This property was previously Greek Cypriot owned prior to 1974. Again there are a number of checks to be carried out by the Council of Ministers, which means the sale will take approx. 3-6 months to complete. TRNC Title Deeds are considered safe to purchase.
The Government owns this property. Long-term leases are granted for 49yrs. You can apply directly or via a solicitor to the Ministry of Tourism to transfer the lease.
How safe are these title deeds?
If you mean ‘would my investment be safe regardless of the type of title deed?’ than the answer is yes. However we do warn you make sure you deal with bona-fide developers or agents. Check them out and invest safe.
What about the conflict between Greek Cypriot authorities and their Turkish Cypriot counter parts and claims over property rights?
Without getting drawn into politics of Cyprus it is difficult if not impossible to envisage the problem continuing for many more years to come. Hence, the reason why so many foreigners are buying and investing in Real Estates in North Cyprus. In 2003 the numbers of foreign buyers multiplied six fold. Surely they can’t all be wrong?
You may be thinking ‘what if someone else at some point in the future turn up and make claim on the property you are about to buy?’
It is widely expected that the issue of property rights is likely to be resolved by way of compensating those who lost land and property following since 1963 (in accordance with the Annan Plan). Do remember that both Turkish Cypriots as well as Greek Cypriots have lost their homes and lands.
At this stage everyone returning to where they lived prior to 1963 is not a realistic option (politically as well as practically). In any case many of the homes and properties once accommodated many thousands of Cypriots (Turkish or Greek) are demolished and in some cases new properties built in their places. It appears that the only option left is to settle this long going dispute over property by way of compensation (If you are about to panic because you have suddenly though ‘will I end up paying compensation?’. Do not worry, your net gain on any home have purchased will more likely than not be greater than the total amount you would end up paying for the purchase.
Is any of the land likely to exchange in the event of a solution?
There is a possibility that there will be some degree of land adjustments with certain parts of the land currently under the control of the Turkish may be returned to the control of the Greek Cypriot authorities, so if you do decide to buy a property or land make sure you are not buying from those areas ‘earmarked’ for negotiations.
How easy is it to purchase home in North Cyprus?
Purchasing a home in the North Cyprus is in general terms much less complicated than in many other countries. The type of ownership rights and deeds are described in more detail in our brochure
The single most important factor is to ensure that you developers selling Real Estate property to you are use experienced and sound, able to provide references.
Although our headquarters are based in the United Kingdom, we have offices in Cyprus and we employ people with extensive knowledge and experience of property development.
I am concerned that when I visit North Cyprus I may not view the best properties that are suitable for my personal requirements. How can I be sure that any decision I take is in my best interests?
This is a concern shared by many prospective purchasers. Don’t decide until you are absolutely sure that what you are about to buy is what you really want. The best possible assurance you can have is to ensure that you select a reputable company like Troy Lake UK (Cyprus) Limited that is qualified and experienced on every aspect of property development, purchase and sales and management.
FSI guarantees to oversee the complete transaction, from the time that you first decide to buy or invest to when your home is ready for occupation and after (i.e. maintenance and management of your home if you desire).
This includes initially helping you to find the most suitable property, handling the legal aspects of the purchase, monitoring construction and taking photographs, liaising with the lawyers and ensuring that the final paperwork is in order, carrying out the preoccupation inspection, co-ordinating the delivery of furnishings, organising the connection of all services and arranging the final occupation licenses, legal paperwork etc.
These services are completely free to each of our customers.
What about finance? Can I raise finance to buy a home in North Cyprus?
Many of the international financial institution are unable to offer finance for a property in the TRNC because it is not an internationally recognised country. However subject to status and equity in the UK a mortgage or a loan to purchase a property in TRNC is becoming relatively more straight forward.
Loans of up to 80% are also possible from Turkish financial institutions for non-residents and are generally secured against the home you are buying.
As a Company we also begun to offer our customers a repayment plan for up to 5 years. plan which could mean to 5years repayment plan arrangement to our customers.
We will be pleased to provide you with further information on request.
How much deposit do I require to reserve a property?
In most instances, a “good faith deposit” of just £1,000 is sufficient to reserve a property and fix the price. This generally enables us to ‘withdraw’ from sale a property to allow you to carry out an inspection visit before deciding whether or not to go ahead with the purchase.
However, when you are absolutely sure that you are happy to go ahead with the purchase you are asked to pay 1/3 of the purchase price up front and agree a payment plan for the duration of the development stages of the property with a final pay on completion and exchange of contracts.
Special discounts are always available for upfront payments.
What are the tax implications of owning a property in TRNC?
This is dependant on both individual circumstances and whether it is intended to let the property.
We will be pleased to discuss implications with you prior to your initial visit to the TRNC and can provide advice on the best methods of making your investment tax efficient
Is purchasing a property in TRNC a sound investment?
Yes. In comparison with other similar destinations North Cyprus offers almost immediate return on purchase value. Providing that you purchase the correct type of property in a location, which is ‘sought after’ and also suitable for short-term rentals, property in a north Cyprus is one of the best property orientated investments currently available anywhere in the world.
Not least because north Cyprus is recognised as a potential new market for property investments.
We would like to meet with your property prior to visiting Turkey or Cyprus. Can you arrange to meet with us at our home?
Yes. We spend much of our time visiting our clients at their homes or offices, and we can meet you during the daytime or in the evening. We have available brochures and catalogues of different property developments and homes and we will provide you with information on every aspect of home purchase and management in TRNC.
Can I visit and see what I am buying before deciding to buy?
YES. Simply call our Cyprus office with your preferred dates for travel and we will book flights and accommodation for you. Depending on the time of year, we can normally make the necessary arrangements with just a few days notice. However, at certain times, particularly Christmas, Easter and all school holidays, we may require longer notice to ensure flights and accommodation are available