If you plan to stay in Cyprus for at least a year, long-term renting an apartment or house will be the best solution.
There is nothing complicated in this procedure, it is regulated by the law and, as a rule, it takes no more than 1-2 weeks to find a place to live.
As in the case of short-term rentals, the services of intermediaries involved in long-term rental real estate transactions are paid by the homeowners. Accordingly, it is better to contact the management companies or real estate agents directly.
When the suitable options are selected, a viewing is organized and, if the tenant makes a positive decision, an agreement is signed. This agreement contains the basic conditions for the lease of the selected option: the amount of the rent and the frequency of its payment, the list of utilities that the tenant must pay, the term of the contract, penalties for its premature termination, and so on.
A characteristic feature of long-term rental housing in Cyprus is the fact that almost all lease agreements are subject to mandatory registration with the tax authorities (this is done either personally by the owner of the property or by a real estate agent, the tenant only signs the documents).
When it is necessary to certify the lease of real estate, you can take note of one of the proposed options.
A long-term contract in the amount of more than 500 euros per month is certified by the tax department Τμήμα Φορολογίας (Tax Department) within 30 days from the date of signing. Contract up to 500 euros per month doesn't need to be certified.
At the time of this writing, the secretary confirmed at the office of the Migration Service that today it is enough to certify the lease agreement with the mukhtar "κοινοτάρχης" of your area.
The purpose of this kind of procedure is to ensure the purity of the transaction. The notary checks the legal capacity of the parties, and also explains to the participants the legal consequences of the contract concluded between them.
According to the Law on Authenticators of 2012 N (165 (I) / 2012), the authentication of signatures and seals on documents is carried out by official certifiers.
It should be noted that the notary does not bear any responsibility for the content of the document, but certifies the signatures of the tenant and tenant with his signature and seal.
A fee of €2 is payable for each signature or seal. If the certifier certifies the signature or seal outside the head office, the fee is increased to €5.
Under the Cyprus Stamp Law, contracts with an annual value of more than €5,000 must also be stamped with stamps. The number of stamps is calculated by a special calculator on the tax website. For every thousand euros, one stamp costs €1.5-2. You can buy the required number of stamps at the post office or at the tax office and stick it next to the signature on the document.
Why certify a Real Estate Lease Agreement?
Here are some options:
- When applying for a residence permit in Cyprus, a certified original of the lease agreement in English or Greek must be submitted to the Immigration Department.
- A certified rental agreement is included in the package of documents needed for connecting electricity and water in rented housing.
- When officially applying for a job, they can theoretically ask for a certified contract as proof of a long-term plan to live on the island.
Document processing rules and prices may change over time. In general, there is a tendency in Cyprus to simplify requirements in this direction.
Nevertheless, it will not be superfluous to know that the lease agreement for real estate in Cyprus usually indicates:
- Name and details of the parties between whom the agreement is concluded
- The subject of the contract, i.e. premises for rent: address, its characteristics (area, floor, number of rooms, etc.)
- Lease term. Such agreements are usually concluded for 12 months with subsequent automatic prolongation, if none of the parties declares its intention to terminate it no later than one month before the expiration of the contract.
- The amount, payment terms and frequency of payments are described. Usually, payment for the use of residential premises is made from the 1st to the 5th day of each month.
- Terms of payment for telephone communications, cable TV, Internet, water and electricity. Before signing the contract, be sure to ask the landlord to show the last paid invoices for the above services. This will allow not only to avoid unpleasant surprises in the form of debts, but also to present a real picture of the cost of maintaining the rented property.
- Community expenses included in the rent. In some cases, the tenant may additionally be required to pay for garbage collection, gardening services, pool cleaning, municipal fees and taxes
- Obligations of the lessee and the lessor: the procedure for troubleshooting, minor and major breakdowns, repairs, etc.
- Deposit return conditions. It is advisable to carry out an inventory of the property and indicate the condition of the property even before arriving at a new home, so that later you do not get into an unpleasant situation when you have to pay the entire deposit made to compensate for material damage.
- Possibility and conditions of early termination. Typically, in the event of early termination, the tenant will be charged a penalty in the amount of the deposit. However, you need to be careful, since the contract may also contain the condition of mandatory payment for the entire period of residence.
- The right of the landlord's visits. Without specifying such conditions, the owner of the real estate at any time can enter the apartment or house and stay there as long as they want.
A detailed fixation of all the nuances in a lease in Cyprus can subsequently play an important role, both for the lessor and the tenant.
You can download the lease agreement by following the link.
Interested in housing in Cyprus? Visit the DOM Real Estate website. The portal has the largest database of real estate in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
Read also:
- TOP 5 areas of Limassol for real estate investment in 2021 (link)
- Permanent residence permit in Cyprus (link)
- Why is it better to buy property in Cyprus in winter? (link)
- TOP 6 apartments in new buildings with breathtaking views in Cyprus (link)
- Limassol District Beaches (with Photos) (link)
- Rules for inspecting an apartment / house you want to rent in Cyprus (link)
