North Cyprus Property, Buy Villas For Sale, Kyrenia, Girne, Famagusta, Northern Cyprus, TRNC - Ian Smith Estate - North Cyprus Estate Agents

FAQ's - Property Sales and Rentals in Cyprus

Pre-Purchase

Q - Can we fly direct to North Cyprus?

A - At the moment, all flights have to stop in Turkey for approx. 45 minutes. However, you are able to fly into Larnaca on the South side and cross the border by taxi to the North side. You can also rent a vehicle at the airports in the south and cross the border as long as you inform the hire company as they will have to arrange insurance.

Q - Are you able to arrange inspection flights?

A - We are able to help organise flights, accommodation and car hire and also recommend Ankara Travel, ankaratravelagency@hotmail.com, Tel (00 90 392) 815 2193

Q - What are the approximate costs to rent a 2/3 bedroom furnished house?

A - Most tenancies are minimum 6 months and start from £250 per month. Villas with pools usually rent from around £500 per month. You would pay for electricity, water, gas and telephone.

Q - I don't really know the areas very well, how will I know that I am choosing an area/location that I want?

A – Our experienced and knowledgeable negotiators will provide you with all the support that you need to identify your ideal location and property.

Q – I’ve heard different things about the type of land and title deeds - I would like to understand this more – how do I find out?

A - Our experienced and knowledgeable negotiators will provide you with all the support that you need to identify your ideal location and property.

Purchase

Q - What documents are required when purchasing property?

A - Your passport is all that is required to purchase a property.

Q - Can I pay for the property from home?

A - All monies can be transferred into our account and we then transfer the money to Cyprus for you, saving you the hassle and reducing your banking costs.

Q - Can I get a mortgage in the TRNC at present?

A - Although there are no official mortgage companies here as such, there are some developers who offer easy payment terms on their properties. Resales properties tend to be cash purchases.

Q - When do I pay for the property and what are the instalments?

A - You will pay a £1000/£1,500 holding/reservation fee which is usually non returnable. A contract will then be drawn up detailing the agreed staged payments, which are usually 10% on signing contracts followed by stage payments as the build progresses or if a resale property is being purchased, the balance is normally paid on possession of the property.

Q - When I have found the property that I want, what happens next?

A - You will need a solicitor and a contract drawn up detailing the vendor, property you are to purchase and any other details that you have agreed. We can provide you with the names of independent solicitors to act on your behalf.

Q - What taxes are involved in purchasing a property in the TRNC?

A - If you have chose a new property the taxes applicable are usually different than in the case of a resale. Our staff can explain the implications and we also have an information sheet on taxation.

Q - Whilst the property is being built I will mostly be abroad. How will I monitor progress and will there be a need for me to come out and view progress regularly and if so how frequently?

A - At each stage of new build properties we take photographs of your property and supply these to you so that you have evidence your next payment is due. If you identify anything that is wrong we will notify the developer on your behalf. It is advisable to come out at least once during the build and you will also need to choose tiles, wardrobes, kitchen finishes etc if you purchase a new build.

Q - Is it best to ship my goods over or purchase locally?

A - This depends on the purpose of your purchase, if you are intending to live here then you may prefer to have your familiar personal goods brought over, if you are purchasing as an investment to rent out the property it will be more economical to purchase locally.

Shipping Goods

 Shipping costs are based on the cubic meter – we have a list of agencies that we can forward to you.

Purchasing Locally

We have negotiated reduced rate furniture packages for our clients and can organise this on your behalf once you have selected the package you require.

Q - Do I need to bring a car over?

A - Again this is a personal preference. If you bring a car into the country and intend to keep it here you will need to pay import tax (up to 60%) which is based upon the value of the car and it is only possible to bring a car into the country that is less than 3 years old. Cars are generally more expensive to purchase in TRNC than in England. However, classic cars (any cars over 25 years old) are tax free.

Q - If I buy a plot of land, do you have plans/designs etc?

A - We have a variety of plans available at the office and can take you to a reputable architect to browse through 3D plans, designs etc.

After Purchase

Q - Once the property is completed how do I ensure that I am satisfied with the property before making the final payment?

A - We are happy to take photographs in the same way that we do over the staged payments. However, this is a considerable investment on your part and this is probably the most crucial time that you should if possible come out and view your property.

Q - What about utilities? When does the electric, water etc get connected? Are the costs of these included in the purchase price? If not how much will these be?

A - Connection of utilities takes places when you make an application to the appropriate authority. The procedures are not difficult but can be a little daunting if you have not done it before. We have therefore produced a Fact Sheet to assist you, please ask if you wish to have a copy.

Q - Once the utilities are connected when do I start paying and how much is it?

A - After a month, the first bills will be delivered to your property and need to be paid within a couple of months. Otherwise, you will be penalized and could be disconnected!

Q - Can we pay our bills by standing order?

A - You can pay electricity and phone by standing order. You can pay in advance for your water to the local council.

Q - Do I have to make a new will in Cyprus?

A - Only wills drawn up by a solicitor and sealed by the Courts within the Turkish Republic of Northern Cyprus are recognised. It is therefore strongly advisable that you make a will for your property and estate in the TRNC.

Q - Am I required to take out medical insurance?

A - You are not required and we find that most ex-patriots rely on the local medical care which is good and extremely reasonable.

Q - Are there tax implications if I decided to sell up and return to UK/Europe etc?

A - At present, your first sale is tax free so there are no taxes to pay and no restrictions on repatriation of funds. Please ask for our Fact Sheet if you want further details.

Q - How long are we allowed to stay on the island legally?

A - You are issued a 3 month tourist visa when you arrive, after which you must apply for a residents permit (see information page).

Q - Who looks after my property whilst I am away?

A - We have a list of several management companies that we can recommend.

Q - Can I own more than one property at a time?

A - At present you are only allowed to own one property at a time, per married couple.

For any other information please contact us >>