Kibkom North Cyprus Forum

Can anyone who has recently obtained their title deeds please give me an indication of the costs to expect
after the permissions have been granted.

Thanks in anticipation.

It depends on the valuation they put on your property, it may be the same as your contract value or it could be more or less. All the taxes are calculated as a % of this valuation. Also whether you have to pay KDV (5%) or not makes a big difference. So best possible way you are looking at 1% plus a few lira, worst scenario if you have to pay your vendor's stoppage, & KDV & you do not qualify for reduction in Purchase Tax you would be paying 17% plus a bit. Whoever is doing your transfer will be able to calculate it for you as they will oviously know all the details.

Thanks Ozankoys for the reply,

Do you know what is the criteria for whether you have to pay KDV or not? I would of assumed that everyone has to pay this tax.
Also do you know at what stage the monies have to be paid.

The KDV has to be paid only once per property so if you are buying from the builder you pay it, but if you buy a resale you do not. When doing a transfer this is paid first as the Tax Office checks the receipt the builder has given you before the stoppaj (vendors tax) is paid.
You then take all these papers to the land office with the kocan, they check it all & do an invoice for the purchase tax which you pay there. Everyone signs & the property is transferred, you then have to wait for the new Kocan to be written.

If you are buying from a professional (builder, or someone who has sold many plots of land) then you will pay KDV. We bought our land from a private individual who was selling for the first time so avoided the tax.

We are in the process of parcellising our site and was told yesterday that they no longer value properties
but you pay the taxes on your contract price. I find this very odd as my neighbour bought off plan but we didn't
and he paid considerably less for his property. It is identicle to our property so how can it be valued less for tax
purposes? I suppose this is one of the benefits of taking the risk and buying off plan.


The butlers wife

The way I understood it was if you buy off plan or a new build you pay the KDV on the contract agreed price for the property and not sure if it applies now but there was a good deal on discount on KDV some years ago which encouraged you to pay up front.

If the builder is classed by the tax office as a professional builder kdv tax is payable.
If he is passed as a private builder no kdv is paid.

I have been told that you can use an option to not pay tax on a one off, once for purchase and once for selling. Does anyone know anything about this please.

Steve C wrote:I have been told that you can use an option to not pay tax on a one off, once for purchase and once for selling. Does anyone know anything about this please.

I recently sold and then bought again. I used my one off exemption on the sale that reduced the rate I would have had to pay on that to 0. I also used my one off exemption on my purchase that reduced the rate I would have had to pay on that from 6% to 3% I think. Basically the exemption on the sale meant no tax and the exemption on the purchase meant a reduce rate of tax. that was at the end of last year.

Thanks for all your replies as they are much appreciated.

Steve