Sellers Costs

When you sell a property here in North Cyprus, there are some taxes and costs that you should be aware of to ensure that there are no nasty surprises. Listed below are some of what will be expected of you:-

• Legal Fees - if you have decided to employ the services of a lawyer then you should enquire about these costs before instruction
• Estate Agency fees - these vary so please refer to the marketing agreement that you will have signed prior to marketing your home
• Sellers Tax (known locally as "Stopaj") - either 2.8% or 4.8% depending on the sellers status, will be charged of the valuation figure placed on the property by the Land Registry (known locally as the"Tapu")

Please note: If you are selling your first property you are entitled to a one off Tax free sale - enquire at the Tax office for your exemption notice

Also if the property/Title Deed is in the name of a Company or a Trust Company the taxation rate will be 4.5% on the day of completion to guarantee a swift and smooth sale you will be required to supply the following:

• Annual Property Tax (known locally as "Emlak Vergi") Paid to that date of completion - paid at the Belediye (local municipality)
• Electricity Bill - Paid until that date of completion (paid Kibtek - Electric company of North Cyprus)
• Water Bill - Paid until the date of completion - paid at the Belediye (local municipality)
• Service bills - E.g. swimming pool, service charges, communal fees etc all paid upto and including the date of completion

Please Note: Receipts will be required by the purchaser/purchasers lawyer.