Cyprus Property | North Cyprus FAQ


Cyprus Property | North Cyprus FAQ

“North Cyprus FAQ taken from the Internet

Frequently asked questions about Northern Cyprus The purchase of property in Northern Cyprus surprises no one today. Low prices, attractive investment perspectives, wonderful climate and excellent conditions for living and leisure attract many Russians to this wonderful island. But, as when purchasing any foreign real estate, our clients have a lot of questions about all sorts of nuances of purchasing real estate on the island and living there. We will try to give comprehensive answers to all these questions. **Comment:   Oh yes, that is so true, how many Russians are now facing problems?

Is there an ability to purchase real estate on credit? Yes, such ability exists. Local and international banks don’t provide credits for buying real estate in Northern Cyprus because the country is not recognized by the world community. This problem was successfully solved by the building companies that provide you an ability to purchase a flat or a villa on credit with 7-10 yearly percentage rates. The purchased property will be a mortgage loan. Such approach is beneficial by the fact that you don’t need to collect lots of different documents. Only your passport is required.  **Comment…what, just your passport.   What about due diligence and checking the borrowers ability to repay?

How to buy real estate without a visit to Northern Cyprus? What documents are required for making a purchase? Executing a deal without your presence can be done by any jurist who will provide the general authority notarized in Turkish embassy. In this case you even don’t need to visit Northern Cyprus. In any case, the package of documents required for purchasing a flat or a villa on the island includes only your passport and a certificate that approves the absence of previous convictions. You can get this certificate in your local police department.  **Comment…..after the terrible experiences of part build, no build, no electricity, no water, builder gone walkabout, mortgages after sale by builder/landowner/bank.   Do people really still do that?     Get real, be here if you buy, but rent first if you wish to ‘test the water’.

How to make a payment for the real estate in Northern Cyprus? You can pay for the purchase even staying in your house – you just need to transfer the money online to the account of your jurist or building company in any bank of the island. Also you can use the services of foreign banks. In order to do this you just need to provide the copy of the sale contract for the approval of the purchase of a flat or a villa in Northern Cyprus.  **Comment.  money money money, always money.   It’s a rich man’s world   It makes Permission to Purchase sound so easy. duh..

Living in Northern Cyprus: language, currency, education system In spite of the fact that national language of Northern Cyprus is Turkish, English can be heard from everywhere. Also, over the last time Russian speech is often met here – the purchase of real estate in Cyprus becomes more and more popular among our compatriots. The official currency of Northern Cyprus is a Turkish pound, but you can use dollars, euros or British pounds for making payments. In any bank you can easily open an account in any of these currencies. The education system of Northern Cyprus is well developed. International schools and universities in Kyrenia, Famagusta, Nikosia and other cities attract lots of students from all over the world. The main language for studying in all these establishments is English. **Comment.   Remember if you have children of school age it will be private education…costs.   Also if you are in that age range, do you need to work?   Work permits are not given easily.   The theory sounds easy, the practice is not.

How to get the driving license in Northern Cyprus? You can use your own driving licence for three months period. When this period runs out you will need to change it for the license of local standard. Remember that there is left driving in Northern Cyprus, as in Britain.  **Comment:   Usually have to have residency to apply for driving licence.

Is there proper medical servicing in Northern Cyprus? The island has a developed network of state medical facilities and private clinics. That is why you can always get the required medical assistance in any of them. Northern Cyprus is famous for its low-cost but high-quality European level medical servicing.  **Comment.  Again at a price…to you.

Religion in Northern Cyprus The main country’s religion is Islam, but there is no any kind of religious discrimination in Northern Cyprus. Europeans and Russians who live here profess various religions. Catholicism and Christianity are the main of them. Hospitable Turkish-Cypriots respect all religions and attitude patiently to them.  ** Comment  yes this is a secular country.

How to choose the building company in Northern Cyprus The choice of building company defines the quality of building and the safety of the purchase deal. That is why when choosing such company, try to collect all possible information about it. Find out how long does the company builds real estate, what areas are built on, how attractive for investments these areas are. Also you should know what standards regulate the building process and how many objects have already been built. It is useful to make inquiries about these objects, if possible. This is only a part of questions that the customers ask about purchasing real estate in Northern Cyprus. If you didn’t find the answer on your question on this page, you can ask our consultants and be sure that you will get a comprehensive answer.

** Comment.   Get your mine sweeper ready.   This is a minefield.”

My advice, rent whilst you decide if this really is for you.  Do not burn all your bridges.

Pandora S Box

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