North Cyprus benefits from the low taxation compare to other countries. Taxation system is very clear and limited to only 3 types with the lowest rate due to purchase a property. When you buy any property in North Cyprus for property tax you pay 3 Turkish Lira (0.33 Euro) as Council Tax per square meter. Investors if they wish they can open a bank account in Turkish or Cypriot banks and transfer their money from abroad, with a very little transaction fee. Another advantage is no Capital gain, in North Cyprus when you buy property off plan or lower price and sell it in future in higher price you do not pay any tax for your profit.
What Taxes are Being Paid When Buying Property ?
VAT : %5 of the buying price
Transformer Duty : £1500 – £2500 GBP (Electric + Telephone + Water underground works until your property).
Stamp Duty: %0.05 of the buying price
Title Deeds Transfer Duty: %12
Council Tax : 3 Turkish Lira per square meter (0.30 Gbp – 0.33 Eur)
