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North Cyprus attracts attention because of its lifestyle, climate and easy access to luxury products. Life in Cyprus, which is described as an island of possibilities, is very enjoyable. However, some legal procedures must be fulfilled in order to legally start this pleasant life. Legal procedures in each country are about Our company, which has a command of all legal procedures and adopts an innovative approach, brings you together with the services you need in Cyprus.

One of the ways to obtain a residence permit in Cyprus is to purchase immovable property (property). But there are various procedures for this. You can examine the procedures and details to be carried out in order to obtain a residence permit by buying a property in Cyprus under the following headings.

Residence Permit

Foreigners who are not Cypriot citizens must obtain a residence permit to stay in Cyprus for more than 90 days. For this, a property worth at least 125 thousand EURO must be purchased. Thanks to this property, a one-year residence permit can be obtained for the first 3 years and a two-year residence permit in the following period. However, at the end of the first 3 years, it is required that the title deed is definitely taken. There are also various procedures for buying property in Cyprus. Completing them in order helps to get the residence permit easily. The steps and details to be followed in purchasing real estate are as follows.

Stamping the Contract at the Tax Office

When purchasing immovable property in Cyprus, you can directly do the transactions yourself or you can get service from our company for the process to progress faster and more efficiently. During the property purchase process, a draft sales contract is prepared to be signed between the parties. In order to approve this draft, we examine the details of the real estate in question, such as the site plan, features, and layout. We also question whether the real estate is free from pledges, annotations, mortgages, obstacles and other restrictions. If there is no obstacle to the sale, the draft of the sale contract is approved and signed by the parties in the presence of witnesses. In order for the contract to be registered and registered, it must be stamped at the tax office within 21 days following the date of signature. Stamp duty must be paid within 30 days from the date of signing the contract. A fine will be issued if it is not paid within 30 days. Stamp tax for real estate in Cyprus is 0.5% of the sales price.

Registration of the Contract at the Land Registry Office

Registering the sales contract with the relevant land registry protects the property and the buyer from mortgages, other obstacles and sales to a third party. Contract registration is made to the relevant accident land registry office. After registration, an annotation is placed on the immovable and it is ensured that the buyer is safe. If you are planning to buy real estate from Cyprus for residence or investment purposes, but you want the process to be followed reliably, you can get service from our company.

Application for Permit to Buy Immovable Property

Before purchasing immovable property in Cyprus, it is necessary to obtain permission from the Ministry of Interior. For this, the stages detailed above must be carried out and completed. The documents to be submitted to the Ministry of Interior are as follows:

  • Power of attorney
  • Passport/ID photocopies
  • Purchase authorization application form
  • Criminal record from the country of citizenship

Criminal record must be in English or Turkish. Criminal records in other languages ​​must be translated into Turkish or English, certified and sealed with the Apostille stamp.

After the application, controls are provided and evaluation is made accordingly. Criminal record plays an important role in the decision process. If the criminal record of the purchaser is clean, the purchase of real estate is allowed by the Council of Ministers.

Opening a Bank Account in TRNC

There are many advantages for investors in Cyprus. The easy incorporation procedures and attractive tax regime of companies especially attract the attention of Turkish investors. At this point, we assist you with establishing a company and legal procedures with our experts. To open a bank account in Cyprus, certain documents must be submitted. Opening an individual account is easier than opening a corporate account. Because more documents are required to be submitted to open a corporate bank account.

The documents required to open an individual bank account in Cyprus can be listed as follows:

  • Passport or identity documents
  • Reference letter from a different bank
  • A utility bill for the last 6 months (required for proof of address)
  • New account opening form or application form

In order to open a corporate bank account in Cyprus, banks request additional documents. These documents may vary according to the banks. Therefore, information about additional documents can be obtained from the bank in question. The general documents required to open a corporate bank account in the TRNC can be listed as follows:

  • Company Certificate
  • Main contract
  • Memorandum Of Understanding
  • Documents approval of directors
  • Document proving registered business center in Cyprus

The request to open an individual bank account may be rejected by the banks. Even banks have the right to reserve the reason for refusal. When opening a corporate bank account, charges can be made according to the bank and the types of services requested.

Make Legal Transactions Easier with Rocs Homes

Our company, which provides its services with both an innovative and professional perspective in the Northern Cyprus real estate sector, which is growing day by day, has brought a new dimension to the sector. Apart from the traditional real estate agent approach, we are working to give you the best in the most accurate way. We enable you to have the house you want or more in this beautiful and livable island country, by handling your transactions without any problems in detailed and complex legal processes in the Cyprus real estate market. With our customer-oriented business approach and tailor-made services, you can safely and easily own the real estate you want in Northern Cyprus.

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