Gifting movable and immovable property

In Northern Cyprus, according to the law, parents are allowed to gift movable and immovable property to their children. This gift is not subject to taxation. However, other types of gifts undergo the same process as a buying and selling transaction and are subject to taxes.

Parents can gift their children movable property such as cars, as well as immovable property like villas, apartments, shares in companies, and other assets.

Speaking specifically about real estate, an important addition is that if two or more individuals have acquired a property, one or each of them has the right to renounce their ownership rights in favor of another person. In such a case, the other person has the right to transfer the property solely to themselves. However, in this situation, the process is called “Renunciation” rather than “Gift.”

To discuss your specific situation, please contact a lawyer from Veles company.