COUNCIL OF MINISTERS ANNOUNCES AN EXTENSION TO THE RIGHT TO PURCHASE MULTIPLE PROPERTIES FOR FOREIGN NATIONALS AND DISCOUNTED LAND REGISTRY FEES FOR TRNC NATIONALS
The Council of Ministers has announced that the decision taken on 29th August 2018 to allow foreign nationals to purchase up to 3 properties per person for a limited period until 28th February 2019 shall be extended until 30th June 2020. Under the decision, foreign purchasers have the right to purchase up to 2 additional apartments in addition to the existing right to purchase one property of up to 1 donum in area for vacant land or up to 5 donums in area for a single dwelling. The Land Registry transfer fees payable on the transfer of title to the additional apartments will be payable at the rate of 9% for the first additional apartment and 10% for the second additional apartment. The 3% Land Registry fees on the first purchase of an immovable property by a foreign purchaser remain unchanged.
In addition, the temporary reduction to the Land Registry transfer fees payable by TRNC purchasers has also been extended until 31st December 2019. The Land Registry transfer fees payable by TRNC citizens on a first purchase of a residential property with a maximum internal area of 140m2 will be reduced from the normal rate of 3% to 1%. On a second or subsequent purchase, the Land Registry fees will be reduced from the usual rate of 6% to 4%.