With regard to the purchase of land or buildings, here are the different types of property, and the title deeds, which one is likely to be offered. Please note that before the property can be registered in your name, an application must be made to the Council of Ministers for approval. Foreigners are limited to one donum per person (husband and wife count as one person unless they have different surnames). The procedure to obtain approval will take about 10 to 15 months or so.

Tthe Turkish Cypriot refugee could take a relinquished Greek Cypriot house or land in compensation for his lost properties. He would then sign over his properties in the south to the NORTHERN CYPRUS government, who would then hold them pending a negotiated settlement between the north and south Governments. The refugee would then be issued with a title deed for his newly recompensed property. Until he received this title, he would not be in a position to sell. Our feeling is that as the island is heading, albeit slowly, for some sort of solution, then the NORTHERN CYPRUS title deed properties can be considered safe to purchase.

1 - Turkish (Foreign) Freehold – title deed: Turkish Cypriot, British or foreign owned pre-1974. These deeds are 100% safe and are internationally recognized.

2 - TRNC Freehold - title deed: This is property or land that was in Greek Cypriot ownership pre-1974. These were transferred to Turkish Cypriot Citizens either in exchange of their lands left in South Cyprus or for economical development purposes. When the Turkish Cypriot refugees came to the safety of the north after July 1974, they left all their possessions behind in the south. Accordingly, the Government then assessed on a points basis, the value of the refugee's forsaken assets in the south.

3- Leasehold Title Deed: There is also the method of leasing land or property from the Government. These are usually derelict houses, which the Government will lease out for periods up to 49 years to foreigners who renovate the property at their own expense, and who pay a nominal ground rent for the lease period. An excellent example of the manner in which this scheme has been operated can be seen in Karmi Village, which is a credit to the Minister of Tourism and his staff.

This policy is beginning to show encouraging results, as many visitors from overseas are returning to Northern Cyprus to investigate the possibilities of starting new businesses here. At the present time, the majority of these people are from the British Isles, and several have commenced trading in such businesses as water sports, restaurants, holiday home management, shops, estate agents, construction companies, irrigation equipment suppliers etc.

For retired persons, the resident permit is all that is required. Retired persons may bring into the country a full household of furniture. These are virtually tax-free a nominal 2 - 3% tax is levied.