The favorable climate of Cyprus and its membership in the European Union make the property of this country very attractive for foreign buyers. Investors wishing to purchase a house or an apartment on the territory of the island state can familiarize themselves with the catalog of objects of our company, which also offers to rent apartments in Limassol.
As a first step, you need to apply for a tourist visa, which will allow you to stay in Cyprus for 90 days. During this period, the buyer will need to decide on the choice of real estate and settle all the legal issues of the transaction. Office work in Cyprus is completely conducted in Greek, so the buyer must find a lawyer in advance for the documentation support who can act as a translator.
Further, an investor planning to purchase real estate in Cyprus needs to conclude a financing agreement with one of the local banks. To do this, the buyer must first provide the financial institution with documents confirming that the client has income, at the expense of which the debt obligations will be covered.
The bank may also require a recommendation from the place of work, copies of the architectural plans of the object, data on previously taken loans and others. The purchase of real estate in Cyprus in installments requires the payment of an entry fee of at least 30% of the declared value of the property.
Therefore, foreign buyers need to choose in advance the optimal scheme for the import of capital into the territory of the island state, taking into account the limits on the withdrawal of money abroad. So, part of the funds can be taken with you in cash in euro currency, and the remainder can be kept in the current account.
The average duration of cooperation with a bank when buying a house or apartment in Cyprus in installments is 7-10 years. The optimal interest rate on loans varies from 5 to 7% per annum. In this case, debt obligations can be repaid both in cash and using electronic transfers to an open account. It is necessary to formalize the ownership of real estate at the registration authority, having previously paid the title fee.
