Deed Fee Reduction

[come_on_aylin]

From Kıbrıs Gazete :

The Ministry of the Interior announced that the deed fees were reduced.
Accordingly, for TRNC citizens; For the first time, the title deed fee was 1 percent in the purchase of flats or houses up to 140 square meters. In subsequent purchases, the title deed fee will be 3 percent if the house does not exceed 300 square meters, and 4 percent if it exceeds 300 square meters. In other immovable property sales and donation transactions, title deed fee will be applied as 4 percent.
All fees to be paid by foreigners regarding immovable property under this regulation have been reduced to the percentage paid by TRNC citizens.
In a written statement from the Ministry of Internal Affairs on the subject, “In order to overcome the sectoral stagnation created by the covid-19 epidemic, which started to show its destructive economic effects worldwide, and revive the real estate sector affecting more than 130 sectors in our country's economy. After the consultation and studies of our ministry with the relevant sectors, the Ministry of Land Registry and Cadastre (Charges and Fees) was amended. ”
The statement stated that in this context, special arrangements were made for the crisis period in order to overcome the stagnation in the real estate sector, one of the main sectors of the economy, to revive the economy of the country and to bring the economy to the level with the least damage during this crisis period.
The discount made in the Regulation on Land Registry and Cadastre (Fees and Fees) will remain in effect until 31 December 2020 (including this date).

[13roman58]

Well about time!
All that cash waiting to be collected, now all is needed is permission to purchase speeded up.

[Groucho]

Well about time!
All that cash waiting to be collected, now all is needed is permission to purchase speeded up.

[MnM]

Well about time!
All that cash waiting to be collected, now all is needed is permission to purchase speeded up.

And preferably given before any potential purchase, subject to restrictions.

[13roman58]

The last time there was an attempt to stimulate the economy via house purchase, it was limited to NEW builds.
I hope that doesn't apply this time.
Because of that particular policy I held onto the purchase tax for five years. Better in my bank.

[RAZR63]

Where would I find the size of my property?

[Keithcaley]

On the Koçan

[RAZR63]

On the Koçan

Thanks, Found it on the Kocan. 1500 Ayakkare - 1500 square foot = 139.3546 m². So I reckon that I will only have to pay 1%?

[Keithcaley]

So I reckon that I will only have to pay 1%?

That's what I understand from what has been stated.

Unless I am mistaken, this is one of the amounts payable when the Koçan is transferred into your name - the announcement wasn't very specific...

[13roman58]

On the Koçan

Thanks, Found it on the Kocan. 1500 Ayakkare - 1500 square foot = 139.3546 m². So I reckon that I will only have to pay 1%?

If it is your first purchase.

[kerry 6138]

“In order to overcome the sectoral stagnation created by the covid-19 epidemic, which started to show its destructive economic effects"
How about sorting out the issues with Kocans, would have a greater impact on property sales confidence.!

[Smiler]

Typical! I paid my transfer tax just before lockdown

[Thomas]

A group of us owe About £65,000 in tax, we are unable to pay this because the landowner owes personal tax, so we are unable to complete the transaction.

Any ideas please to resolve this.

Cheers

Thomas

[13roman58]

A group of us owe About £65,000 in tax, we are unable to pay this because the landowner owes personal tax, so we are unable to complete the transaction.

Any ideas please to resolve this.

Cheers

Thomas
[/quote calculate the difference between 1% and 3% = the amount you all are going to save.
Balance this against the landowner,s tax debts, if close you maybe able to sort something out
I personally hate this type of deal ,but it may be a way forward.
Good luck.

[divesups]

How about sorting out the kocan after parcilisation. Individual kocans not all the relevant parties together.

[ozankoys]

Thomas I am presuming you have formed a group with the other owners on your site?
Is the landowner being cooperative i.e. would he sign the transfer documents or provide POA?
If so & providing the land is not mortgaged you may be able to do a deal with the Tax Office they are always keen to raise revenue. You will need representation to negotiate on your behalf, as mentioned above it is a good opportunity for the next six months while the rates are reduced.