STAMP DUTY
In the first week of March all customers were sent information about the changes to TRNC legislation.
In brief, if you have not already paid the stamp duty on your property, you have until the 31st March 2008 to make payment at 0.5% of the contract price. After this date, for existing agreements over 6 months old you will have to pay 1.5%. Stamp duty must be paid irrespective of whether you register your contract or not.
REGISTERING CONTRACTS
The North Cyprus Government now allow foreigners who purchase 'off plan' properties to register their contract at the Land Registry Office once the stamp duty has been paid. This has been brought in to protect a purchaser against any financial loss should their developer go 'bust', as purchasers who have registered their contracts, are first in line for compensation.
The deadline for contracts dated prior to the 1st January 2008 has been extended to the 30th of April 2008.
Should you require further information on these issues please contact your solicitor for up to date information.