A stamp duty of 0.5% (as at January 2011) of the contract price must be paid within 21 days from the date of signature on the contract.
Value Added Tax (VAT) is currently 5% and is paid to the Tax Office by the time the house is completed.
The Title Transfer Fee is paid to the North Cyprus District Land Registry Office when the transfer of the title is made. The rate, as at January 2011, is 6% of the contract. However, each person has a “one-time-only” option to purchase with the Title Transfer Fee at 3% instead of 6%.
After choosing the property you would like to purchase and agree on payment terms, a sales agreement (contract) is signed. This sales agreement will include details of the total price, timescale, conditions of payment and any requested extras of the buyer.