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PUBLICATIONS

PURCHASING PROPERTY IN THE
TURKISH REPUBLIC OF NORTHERN CYPRUS

Purchasing Property in the Turkish Republic of Northern Cyprus
Guidance for Costs and Taxes payable during Transfer of Title Deeds
Guidance on obtaining necessary police checks for your purchase permit.
Guidance on obtaining residence permit.
Guidance and making a Will in the TRNC and Probate in the TRNC
Guidance on Divorce and Matrimonial Proceedings
Guidance on company incorporation.
Guidance on Forming an International Business Company in TRNC.
Guidance on setting up a company in the TRNC Famagusta Free Zone
Guidance on Immovable Property Commission

INHERITANCE
TAX

Main Taxes on the purchase of real estate by foreigners in TRNC:
Inheritance Tax
Foreign Investors
IBC Companies Incorporation
PUBLICATIONS
Inheritance Tax

In order to determine Inheritance tax a complicated calculation must be made. Every case should be considered on its own merit.

Inheritance tax exempt movable or immovable properties:

a) Properties and income attached to those properties that transferred to trust.

b) Bank deposits (savings or current accounts) only if joint accounts where each one has authority to withdraw separately.

c) Wages, salaries if will be inherited

d) Private goods like jewelries

Land and building valuations are obtained from Land registry Office Bank Loans, creditors and other liabilities can be deducted from assets if proved by official evidence

Tax is %1 on net assets (assets less proven liabilities)

PRACTICE AREAS
Conveyancing, Property
and Construction
Mediterra Tax & Legal deals with all matters relating to freehold and leasehold property, including transactions and disputes involving commercial and residential property. We advise both individual and corporate clients. Areas of work include drafting contracts of sale and purchase for residential and commercial properties, conveyancing, acquisition of property by foreigners, applying for Property purchase permits, property management for non – residents, drafting construction agreements, operating agreements, tenancy agreements, letting agreements, commercial leases, advising on long-leases from the government, advising the construction industry on large scale projects and tenders.
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