The Decree Law on the Extension of Periods in Paragraphs (6) and (7) of Article 8 of the Immovable Property Acquisition and Long-Term Leasing (Foreigners) (Amendment) Law has brought an important update for foreign buyers and sellers in Northern Cyprus. This change aims to provide more time and clarity in property transactions, giving both parties a better opportunity to complete the necessary steps without rushing the process. Here’s a breakdown of the key deadlines that have been extended and what this means for you.

Extended Time for Property Transfer

Foreign buyers and sellers now have additional time to finalize the transfer of property. Under the new regulations, the transfer must be completed within one (1) year from the date the Council of Ministers' decision permitting the purchase is published in the Official Gazette.

The transfer process will be completed when both the buyer and seller sign the standard transfer declaration form at the relevant District Land Registry Office. The presence of the officer overseeing the transaction is required for this step.

Important Note: If the transfer is not finalized within this one-year period, the Council of Ministers' decision granting permission for the purchase will automatically become null and void. This extension allows for more flexibility in the transaction process but underscores the importance of timely action.

Deadline for Payment of Taxes and Fees

In addition to extending the time for completing the transfer, the new law also establishes a clear timeline for tax and fee payments related to the transaction.

Here’s what you need to know: The buyer and seller must now ensure that all applicable taxes and fees are paid within seventy-five (75) working days from the publication date of the Council of Ministers' decision approving the purchase in the Official Gazette.

If the payments are not made within this extended period, the Council of Ministers' approval for the property transaction will be revoked, and the deal could be rendered invalid. This new provision ensures that the financial aspects of the transaction are settled promptly, preventing delays and complications down the line.

Stay Informed with Mediterra Group

As legal reforms continue to evolve in Northern Cyprus, staying up-to-date is essential. Mediterra Group offers:

• Tailored legal briefings for foreign investors
• Assistance with land registry procedures
• Ongoing updates on relevant legal changes