In Northern Cyprus, the conditions for foreigners to acquire property and for long-term rentals have been revised. The “Property Acquisition and Long-Term Rental (Foreigners) (Amendment) Bill” was passed by a majority vote in the TRNC Parliament, introducing new conditions and restrictions on certain purchases.
With these changes, foreign nationals can now own an apartment or house in the Turkish Republic of Northern Cyprus (TRNC). Similarly, citizens of countries that recognize the TRNC and citizens of countries that grant the right to purchase up to three flats or houses to TRNC citizens can also acquire the same number of properties in Northern Cyprus.
- Previously, foreigners could already buy a flat or house in the TRNC, but the new regulation introduces a land limit for detached house purchases:
- Previously, when buying a detached house, the land area could be up to 5 acres (about 5,000 square meters), but the new regulation reduces this to 2.5 acres (about 2,500 square meters).
- The law, passed by the TRNC Parliament, also changes the rules for foreigners buying land for investment purposes. Previously, foreigners could buy up to 60 acres (about 60,000 square meters) of land with an investment of 3 million euros. The land amount remains the same, but the investment amount has been increased to 20 million euros.
- Previously, the nature of the investment was not considered, but the new law requires the 20 million euro investment to be in the industrial, educational, or health sectors. It is also stated that lands will be confiscated from those who do not make these investments.
- The condition for foreigners to purchase unlimited land through companies or trustees has also changed. Even with a 1% partnership, the company or trustee will be considered foreign and can only benefit from the rights granted to individuals, allowing them to purchase 1 house or 60 acres of land with a 20 million euro investment.
- A registration requirement has also been introduced for unregistered properties owned by foreigners. Foreigners must sell any excess land and properties within 2 years and report their contracts to the Land Registry Office within 6 months.
- Regarding excess properties, the Council of Ministers has been given the authority to extend the 2-year period to 3 years. Additionally, foreigners violating the law will be fined 500 times the minimum wage.
