How to buy property in Cyprus?

Как купить недвижимость на Кипре?
14 September 2020 DOM LiVE
2429

Every year, many foreign tourists in Cyprus think about relocation to the Medeterrenian island and buying a house here.

We have made for you detailed instructions on how to buy property in Cyprus and make your dream come true.

First things first.

STEP 1 is choosing a property.

The first step is to decide for what purpose the property is being purchased in Cyprus. For example: moving to Cyprus with the whole family, obtaining permanent residence, commercial purchase for the purpose of further renting out, or a summer cottage option with arrival in the warm months.

In order to buy, have you decided how to find a suitable property in Cyprus?

The selection and study of offers for the sale of properties in Cyprus is carried out using open sources such as the Internet, specialized printed publications or thematic exhibitions. On the latter, you can chat with sales agents and developers, as well as get advice from them.

OR you can not waste your time, and familiarize yourself with the current available offers for real estate in Cyprus on the DOM.CY website. Here is a complete database of real estate objects for rent or purchase, with high-quality photos and videos. You can also get quick advice on the acquisition and registration of real estate from the company's specialists. And if you haven't found a suitable option, don't be discouraged. Write to us and indicate specific parameters, then the DOM real estate agency in Cyprus realtors will find options for you and provide all the details.

You can learn more about life on the sunny island of Cyprus, and read the news of the Cyprus real estate market on the news portal of DOM LiVE.

STEP 2 - preliminary agreement.

After choosing a property to purchase, you must sign a preliminary agreement and make a deposit, the amount of which varies from €1,000 to € 10,000 (it depends on the specific case). This deposit is not refundable if you finally refuse to purchase.

Then the property will be blocked for legal due diligence and agreement on the terms of the transaction. The buyer must select a lawyer. Most often, licensed real estate agencies in Cyprus offer good specialists, but you can choose a lawyer to represent your interests and prepare the sales contract.

STEP 3 - opening a bank account.

Once the deposit has been received and the property has been reserved and a lawyer has been selected to represent the buyer's interests, it is possible to open a bank account at a bank in Cyprus. This procedure is required for subsequent payments to the seller. You can see the list of available banks at the following link. The account must be opened in Euro currency. If you are an individual you need a passport. The minimum deposit in a bank account in Cyprus is € 10. This condition is optional. You can make a transfer to the merchant's account from any of your other bank accounts located in another country.

STEP 4 - Signing the purchase and sale agreement in Cyprus.

After completing all the above steps, the next stage is signing the purchase and sale agreement between the buyer (you) and the current owner of the property (seller). When signing the contract, both the buyer and the owner, accompanied by lawyers, and only their authorized representatives (if there is a power of attorney to carry out this operation) can be present.

The sales contract can be signed in the presence of a notary both in Cyprus and in Russia, at the representative office of a Cypriot company. The contract is signed in duplicate and is binding for both the buyer and the seller, and must be executed on all points.

After signing the contract, you must pay a state fee - stamp duty for legalizing the transaction. Also, at this step, 30% of the total amount of real estate or the full amount is paid, depending on the conditions specified in the contract.

The legal system of Cyprus is based on the British system. When buying real estate, according to the officially adopted standard, the contract is drawn up in English. But if the buyer wishes, in addition to the English one, a copy in another language can be prepared and notarized.

STEP 5 - payment for the transaction.

When making transactions, payments must go through bank transfers. At the time of signing the sales contract, the buyer must pay the seller 30% of the value of the property. The rest of the amount minus the deposit payment (STEP 2) is transferred after submitting an application to the Council of Ministers of Cyprus, for the subsequent receipt of permission to purchase real estate. A lawyer is in charge of filing an application and subsequent issues related to it.

STEP 6 - transfer of Title Deeds from the seller to the buyer.

The title deed is the main document of the owner of real estate or land in Cyprus, which confirms and secures the owner's right to a particular object.

Only after the transfer of ownership rights can the buyer be sure that their property will not be resold, rented out or mortgaged. Upon receipt of the title, the personal presence of the buyer and the seller is mandatory. The transaction is registered with the Cyprus Land Committee and takes about a week, but the new owner can already use the property in full. The plot of land on which the property is located is also registered as part of property.

It's simple! Now all that remains is to equip and furnish the purchased house for a new life in Cyprus!

Still have questions or need classified professional help? On our portal, you can always ask any question you are interested in about Cyprus real estate here, or in the comment section under this article and get a quick answer.

Read more:

  • Where to live in Limassol? Coastline vs mountains (link)
  • Limassol city overview: a place to live, relax and invest (link)
  • Paphos vs. Limassol. All the pros and cons (link)
  • Paphos Real Estate Market Overview (link)
  • First acquaintance with Larnaca (link)
Source: DOM LiVE
Photos: DOM LiVE, pixabay.com
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