Deed Fee Reduction
Posted: Tue 02 Jun 2020 7:34 pm
From Kıbrıs Gazete :
The Ministry of the Interior announced that the deed fees were reduced.
Accordingly, for TRNC citizens; For the first time, the title deed fee was 1 percent in the purchase of flats or houses up to 140 square meters. In subsequent purchases, the title deed fee will be 3 percent if the house does not exceed 300 square meters, and 4 percent if it exceeds 300 square meters. In other immovable property sales and donation transactions, title deed fee will be applied as 4 percent.
All fees to be paid by foreigners regarding immovable property under this regulation have been reduced to the percentage paid by TRNC citizens.
In a written statement from the Ministry of Internal Affairs on the subject, “In order to overcome the sectoral stagnation created by the covid-19 epidemic, which started to show its destructive economic effects worldwide, and revive the real estate sector affecting more than 130 sectors in our country's economy. After the consultation and studies of our ministry with the relevant sectors, the Ministry of Land Registry and Cadastre (Charges and Fees) was amended. ”
The statement stated that in this context, special arrangements were made for the crisis period in order to overcome the stagnation in the real estate sector, one of the main sectors of the economy, to revive the economy of the country and to bring the economy to the level with the least damage during this crisis period.
The discount made in the Regulation on Land Registry and Cadastre (Fees and Fees) will remain in effect until 31 December 2020 (including this date).
The Ministry of the Interior announced that the deed fees were reduced.
Accordingly, for TRNC citizens; For the first time, the title deed fee was 1 percent in the purchase of flats or houses up to 140 square meters. In subsequent purchases, the title deed fee will be 3 percent if the house does not exceed 300 square meters, and 4 percent if it exceeds 300 square meters. In other immovable property sales and donation transactions, title deed fee will be applied as 4 percent.
All fees to be paid by foreigners regarding immovable property under this regulation have been reduced to the percentage paid by TRNC citizens.
In a written statement from the Ministry of Internal Affairs on the subject, “In order to overcome the sectoral stagnation created by the covid-19 epidemic, which started to show its destructive economic effects worldwide, and revive the real estate sector affecting more than 130 sectors in our country's economy. After the consultation and studies of our ministry with the relevant sectors, the Ministry of Land Registry and Cadastre (Charges and Fees) was amended. ”
The statement stated that in this context, special arrangements were made for the crisis period in order to overcome the stagnation in the real estate sector, one of the main sectors of the economy, to revive the economy of the country and to bring the economy to the level with the least damage during this crisis period.
The discount made in the Regulation on Land Registry and Cadastre (Fees and Fees) will remain in effect until 31 December 2020 (including this date).
