Changes in the law on the purchase of real estate in Northern Cyprus

The TRNC Parliament amended the law on the acquisition of real estate by foreigners. The main amendment concerned the value of the tax on the acquisition of real estate. This rate has been reduced from 3 to 1%. The amendment also provides for an increase in the number of real estate objects that a foreign citizen can issue on his name. Previously, it was just one object, in the form of a land area, villa or apartment. The new law allows the ownership of 4 objects. For example, you can own 4 apartments, 1 villa and 3 apartments, 1 land are and 3 apartments in your name.