The action that needs to be taken if a foreigner purchased multiple properties in light of the change of law in May 2024.

As of May 2024, a foreigner in North Cyprus is only allowed to have and/or keep one Contract of Sale for immovable property only. This means that any extra property readily purchased by a foreigner through a Contract of Sale must be declared and then transferred within the stipulated timelines.

If you own more than one property and all or some are registered.

        i.  You need to choose one property to keep and declare all others, showing that you own more properties than you are legally entitled to. Please check the deadline with your lawyers.

        ii. This declaration requires 1% of the sale price to be paid as declaration tax.

        iii. Within 24 months from this declaration, you need to sell or transfer the declared exceeding properties. Please note that the properties subject to sale or transfer should have its own individual title deed.

        iv. There is a 7 year ‘usage right’ you can choose when declaring the extra property. Please note that this requires payment of 12% transfer fee in advance.

If you own multiple properties yet none of them are registered.

        i.  You need to choose one property to register by paying 6% registration fee and 0.5% stamp duty. Please check the deadline with your lawyers.

        ii.  All other properties will first need to be declared by paying 1% of the sale price to the relevant authorities.

        iii. Within 24 months from this declaration, you need to sell or transfer the declared exceeding properties.

        iv. There is a 7 year ‘usage right’ you can choose when declaring the extra property. Please note that this requires payment of 12% transfer fee in advance.

If you own multiple properties, one registered on your name and other(s) on trust.

        i. You can choose one property to transfer to your own name from trust (provided that the separate title deed is available) and deem others as extra.

        ii. You need to declare your extra properties by paying 1% declaration fee(1% of trust deed price)

        iii. Any number of properties exceeding the legal limit (1) will need to be transferred within 24 months from declaration.

For further detail please, contact with us.