Tutorials on Northern Cyprus: Buying property in North Cyprus
The Property Commission for Northern Cyprus
Property Commission for Northern Cyprus
Legal certainty for foreign property buyers in Northern Cyprus: The Property Commission of Northern Cyprus
In recent years, Northern Cyprus has attracted the interest of many foreign investors due to its attractive property prices and pleasant climate. The Property Commission for Northern Cyprus, also known as the Immovable Property Commission (IPC), was created to clarify legal issues surrounding property purchases in the region and provide investors with legal certainty.
Founding history of the IPC - European Court of Human Rights
The founding of the Property Commission for Northern Cyprus (Immovable Property Commission, IPC) has its origins in a decision by the European Court of Human Rights (ECHR). In 2005, the ECHR heard the case of Myra Xenides-Arestis, a Greek Cypriot who had left her property in Famagusta, Northern Cyprus, during the Cyprus conflict in 1974. The plaintiff demanded compensation for the loss of her property and the violation of her human rights.
The ECHR found that the Turkish government, which supports the Turkish Republic of Northern Cyprus (TRNC), was responsible for the violation of Xenides-Arestis' human rights and should pay compensation. Moreover, the court called on the Turkish government to provide an effective legal remedy to handle similar cases of expropriated Greek Cypriots.
In response to the ECHR's judgment, the TRNC founded the Property Commission for Northern Cyprus in 2006 to handle such cases and provide a solution for the numerous expropriated Greek Cypriots. Since then, the IPC has handled a variety of compensation and return procedures to address the claims of former Greek Cypriot property owners and offer foreign investors legal certainty when purchasing property in Northern Cyprus.
How the Commission Works
The IPC is an independent authority that deals with disputes and claims related to properties in Northern Cyprus. In particular, it helps resolve problems arising from the Cyprus conflict, during which many plots and properties were abandoned by Greek Cypriots.
The IPC provides foreign investors who wish to acquire properties in Northern Cyprus with a certain degree of legal certainty. Here are some aspects the Commission covers:
- Clarification of property claims: The IPC reviews and processes claims from former Greek Cypriot property owners who lost their properties during the Cyprus conflict. Investors can approach the IPC to obtain information about the legal status of the property and clarify potential claims.
- Compensation and return of properties: The IPC is mandated to determine compensation for expropriated properties or, in some cases, arrange the return of properties to their original owners. Foreign investors should inquire with the IPC if such cases are relevant to the property they have chosen.
- Legal assistance: Investors who require legal support for property transactions can turn to the IPC. The Commission provides legal advice and support to ensure all transactions proceed smoothly and in accordance with applicable laws and regulations.
The Property Commission for Northern Cyprus ensures that foreign and Cypriot investors looking to acquire properties in the region receive the necessary legal certainty. The IPC plays a crucial role in clarifying property claims, compensation and return of properties, as well as providing legal support. By collaborating with the IPC, foreign investors can be confident that they are investing successfully and legally protected in Northern Cyprus.
- The Property Commission for Northern Cyprus (IPC) was established to provide legal clarity and security for foreign investors interested in purchasing properties in the region.
- The IPC was founded in response to a decision by the European Court of Human Rights (ECHR) that held the Turkish government responsible for the violation of property rights of a Greek Cypriot during the Cyprus conflict.
- The IPC assists in the resolution of disputes and claims related to properties in Northern Cyprus, particularly those arising from the Cyprus conflict.
- The IPC clarifies property claims, provides compensation or restitution for expropriated properties, and offers legal support for investors.
- Foreign investors can rely on the IPC for legal assistance and security in investments in Northern Cyprus.
Tables and Lists
Significance of the Property Commission for Northern Cyprus:
- Clarification of property claims by an independent commission.
- Compensation and return of properties.
- Legal assistance.
Relevant to the topic: Reasons for the lack of fiscal sovereignty of the Republic of Cyprus in Northern Cyprus:
- Linking to facts in the occupied territory is not feasible.
- Enforcement of tax claims is practically impossible.
- Jurisdiction cannot exercise its authority due to the division.
New article on Northern Cyprus: New DTA Regulations for Northern Cyprus: An Analysis
Consequences for investments in Northern Cyprus:
- DTA-Cyprus not applicable to the Turkish part.
- Temporary non-treaty status in Northern Cyprus.
- Legal certainty for foreign property buyers in Northern Cyprus.