We have made an analysis of the changes in the law on purchase or long-term lease of real estate by foreigners (39/2024) in North Cyprus. Julia Ozerje, lawyer, owner of Veles Enterprises Tic.Ltd, gave her Comments on upcoming changes.
Effective Date: 21/05/2024
Changes to the real estate law published in May 2024 have greatly alarmed the North Cyprus market. Let’s figure out together, is everything so scary? In the attached files below you can find all the information in a language convenient for you: 1) Overview of the law and brief comments: can be downloaded here: in Russian and in English. Inside there is information about:
Clause 2 of the Definitions
p. 4 (2) Real estate in prohibited areas
Clause 4 (3) Land owned by foreigners
Clause 4 (4) Permission to purchase real estate for companies with foreign capital.
Clause 8 (1) Purchase of real estate by foreigners
Paragraph 8 (2)–(15) Authorization of the Council of Ministers
Temporary Provisions 1: Exceeding the limit of objects allowed for purchase.
Temporary Provisions 2: Protection of Rights
Temporary Provisions 3: 1 year to apply with a Building Permit
Temporary Provisions 4: Foreign-Owned Companies
p.16 Violations and fines.
2) The translated law from Turkish into Russian (Amendments) can be downloaded here: Turkish Law and Russian Translation Lawyer and owner of Veles Enterprises, the leading real estate agency in Northern Cyprus, Julia Ozerce, analyzed the changes in the law and personal cases live. See the link: https://www.youtube.com/watch?v=ktjBVPjifuA&t=5s https://www.youtube.com/watch?v=zhndK3SfJp0 Until August 31, there is a SPECIAL PRICE of £50 for consultation with a lawyer.For more information about the appointment, please call this number. Ask your question directly to Veles experts. For a residence permit +90 (533) 826-04-49, buying or selling real estate +90 (542) 882-84-49, issuing apostilled powers of attorney +90 (542) 879-84-49, translation of documents +90 (533) 840-84-49, obtaining visas to the USA, Canada and other countries +90 (533) 833-33-98 – please contact Veles Property.
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