Stamp Duty on Property Purchase in North Cyprus

Warbabies


Joined: 18/04/2009
Posts: 165

Message Posted:
11/09/2011 11:58

Due to personal events which have taken precedence, Stamp Duty of 0.5% has not been paid within 21 days of signing contract, and neither has property yet been registered in new owner's name. Advice on what to do would be most appreciated.

Jovial_John


Joined: 31/01/2009
Posts: 1024

Message Posted:
11/09/2011 12:42

Assuming the contract has been signed then the 2 are the same. When you pay the stamp duty the contract is stamped and the details recorded in the Land Register. However, full ownership will not be registered until PTP has been given and a kocan issued in the new owner's name - this takes sevearal years.

Stamp duty should be paid before 1 month or it doubles to 1%. There is a further increase later if it is still not paid - but I am not sure when or how much. Until you register the contract and pay the stamp duty you have no protection (many would say not even after that).

Anybody can do this for you - they need the original contract and photocopy (maybe 2) and the money. You are strongly advised to do it as soon as possible - and not just to avoid the increased charge.

Warbabies


Joined: 18/04/2009
Posts: 165

Message Posted:
11/09/2011 15:24

Many thanks for your helpful reply,--sorry, just one more thing, do we pay and register in the Land Registry near the Law Courts, or is there a new office behind the hospital.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
11/09/2011 16:51

The tax office behind the hospital.

Warbabies


Joined: 18/04/2009
Posts: 165

Message Posted:
11/09/2011 17:57

Many thanks to you both for your help.

Deniz1


Joined: 28/07/2009
Posts: 3829

Message Posted:
11/09/2011 21:17

I seem to remember when i did mine they asked for my passport but it was a couple of years ago now.