The Transfer Tax Has Been Reduced

Starting from 3rd June 2020, the Transfer tax payable for the transfer of title deeds of immovable properties has been reduced significantly. This reduction will apply to both TRNC citizens and foreigners.  In the case of a purchase of property for the first time in TRNC, the Purchaser will have to pay a transfer tax of 1% instead of 3%.

This reduced rate of transfer tax will be applicable only until the end of the year (31 December 2020).

To recall:  This tax is has to be paid by the purchaser. The Transfer Tax is payable to Land District Office after getting the Permission to Purchase and before the transfer of the title deed into the name of the purchaser.