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No time to explain! We introduce a tax on tax!

by proxy on Jun 7, 2020
No time to explain! We introduce a tax on tax!
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Today we will raise a very important topic – taxes on the purchase of real estate in Northern Cyprus. Be careful, they are not included in the value of the property, but are paid separately‼

✅ First tax – Stamp duty. It is 0.5% of the value specified in the contract and is paid to the Tax Inspectorate within 21 days from the date of signing the contract.

✅ Second – VAT on the purchase of real estate, which in Northern Cyprus is only 5%.

✅ Third – Transformer collection. This is a fee for connecting all communications to the building site. In each project, the amount of the fee is different, ranging from 1.5% to 3% of the value of the property.

✅ And the last, but no less important – transfer fee. A fee paid to the District Land Committee for transferring ownership of your name. The amount of the fee is 6% of the cost. If this is your first purchase for you, you have the right to take advantage of a 50% discount from the state and pay only 3%. The discount is provided once.
The percentage ratio in this case is calculated not from the contractual value of the property, but from the estimated value.

Still have questions? Write to Direct or call by phone and we will select the best option for you and tell you all the details

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