The rules for foreign buyers are rewritten by amendment law
Law 39/2024 rewrites the foreigner property rules
· Turkish Cypriot administration (TRNC) · Amendment law
In force since 21 May 2024.
Adopted on 20 May 2024 and gazetted on 21 May 2024, the amendment redefined "foreigner" to include companies with any foreign shareholding and trustees, limited foreigners to one property (three apartments for citizens of recognising states), required unit titles before application, created the online application with a fee of half the gross minimum wage, set six-month transfer and sixty-business-day tax deadlines, capped same-nationality ownership within a parcel, banned trustee agreements used to exceed limits, set a twenty-million-euro investment threshold, and imposed transitional deadlines on existing contracts.
- Before
- The 2008 law with the 2018 Council decision in practice: several units per foreigner and trustee arrangements were common.
- After
- One property per foreigner under the statute, mandatory registration and permission with deadlines, and criminal penalties for evasion.
Rules introduced or carried by this instrument
- Who counts as a "foreigner"In force since 21 May 2024.
- Statutory acquisition limit: one property per foreignerNo longer in force. Applied until 6 August 2026.
- A separate unit title must exist before a foreigner appliesIn force since 21 May 2024.
- Applications are made online with documents set by Ministry circularIn force since 21 May 2024.
- Application service fee: half the monthly gross minimum wageIn force since 21 May 2024.
- Criminal-record certificate and security investigationIn force since 21 May 2024.
- Statutory deadline: transfer within six months of the permission being publishedNo longer in force. Applied until 6 August 2026.
- Statutory deadline: taxes and fees within sixty business daysNo longer in force. Applied until 6 August 2026.
- Trustee agreements may not be used to exceed the limitsIn force since 21 May 2024.
- Investment-purpose purchases outside the limits (statutory threshold)No longer in force. Applied until 6 August 2026.
- Penalties: fines of up to five hundred times the monthly gross minimum wageIn force since 21 May 2024.
Where this record comes from
- Authority
- Official Gazette of the TRNC (State Printing Office)
- Jurisdiction
- Turkish Cypriot administration (TRNC)
- Verification
- Primary source verified. We read the primary text ourselves on 14 September 2026.
- Legal review
- Not yet reviewed by a named legal reviewer.
Concepts
Sources for this event
Numbered in order of first use. Each entry names the kind of source it is and the day we read it.
- [1]Official Gazette No. 102 of 21 May 2024, Supplement I: Law 39/2024 amending the Immovable Property Acquisition and Long-Term Lease (Aliens) Law
Official Gazette of the TRNC (State Printing Office) · Legislation and gazettes · 21 May 2024 · original in Turkish · accessed 14 September 2026 · source record
- [2]Immovable Property Acquisition and Long-Term Lease (Aliens) Law, No. 52/2008, consolidated with amending Law 39/2024
Central Legislation Office, TRNC · Legislation and gazettes · 10 November 2008 · original in Turkish · accessed 14 September 2026 · source record
- [3]2024 – New rules on purchasing immovable property for foreigners (TRNC) (Erginel Law)
Erginel Law, Advocates and Legal Consultants · Professional and legal sources · accessed 14 September 2026 · source record
Cite this record
https://northcyprusreference.com/en/legal-updates/event-2024-05-21-law-39-2024
Identifier event-2024-05-21-law-39-2024 · Open data · challenge