Taxes Paid in Real Estate Purchase

First tax – Stamp duty. It is 0.5% of the value specified in the contract and is paid to the Tax Inspectorate within 21 days from the date of signing the contract.
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Second – VAT on the purchase of real estate, which in Northern Cyprus is only 5%.
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Third – Transformer collection. This is a fee for connecting all communications to the building site. In each project, the amount of the fee is different, ranging from 1.5% to 3% of the value of the property.
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And the last, but no less important – transfer fee. A fee paid to the District Land Committee for transferring ownership of your name. The amount of the fee is 6% of the cost. If this is your first purchase for you, you have the right to take advantage of a 50% discount from the state and pay only 3%. The discount is provided once.
The percentage ratio in this case is calculated not from the contractual value of the property, but from the estimated value.⠀

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