You will be required to pay the following taxes when purchasing property in North Cyprus.

1) VAT You will pay a 5% Value Added Tax on your purchased property and will be liable to pay this within 3 months before you get the keys.
2) Stamp Duty This is one of the mandatory taxes and should be paid within 21 days after you sign the contract of sale. It consists of only 0.5% of the value of your purchased property. Once the contract is signed, you are payable to the Tax office for the registration of the contract of sale in the Land registry.
3) Transformer Charge Just like VAT, this is also to be paid within 3 months before receiving your keys. The amount of transfer charge depends on various factors such as the provision of electricity, water communication, telephone, etc. Thus, its value or rate is not fixed.
4) Transfer Fee This is the last step before transferring the title of the property to your name. The rate of the transfer fee is 6%, which is payable to the local Immovable Property Commission. If you are buying property for the first time in North Cyprus, however, you have the right to reduce this tax to only 3%.