Cyprus is considered to be quite an attractive place to buy real estate.
Why is Cyprus real estate so interesting for buyers?
Some of the main reasons are:
- Mild climate. In Cyprus, summer is almost all year round, about 320 days of sunshine a year.
- Mediterranean Sea. A heavenly place to enjoy the sunshine on a sandy beach while sipping a refreshing frappe or mojito.
- English language. If you want to move to Cyprus, you don't need to know and learn Greek for the first time. Almost everybody speaks English.
- There are good schools in Cyprus, both Greek and English. Moreover, after graduating from an English school, you can go to study at universities in the UK and there is a chance to get a discount on education.
- Profitable investment. Even if you do not plan to live here permanently, you can buy a house / villa or apartment not far from the sea. Then you can come here to bask in the sun in winter. In winter, you can rent out your housing and make a profit from it.
- Quite well-developed infrastructure in cities. There is also a good healthcare system and banking and legal services.
- Safety. In general, we can say that the crime rate is not high. And many residential complexes are located in a closed and protected area.
- The opportunity to officially obtain the Citizenship of Cyprus after 7 years of legal staying by naturalization.
Okay, you decided to stay on Cyprus. And what to buy for housing?
The Cyprus property market is quite diverse. Here you can find studios (three-in-one apartment: kitchen, living room and bedroom), one-bedroom apartments (1 bedroom, living room and kitchen), two-bedroom apartments (2 bedrooms, living room and kitchen), three-, four- and etc., as well as a maisonette (two-storey apartment with a separate entrance), houses, villas, bungalows. Everyone will be able to choose something suitable for their liking and price.
You can learn more about each type of property in Cyprus here.
How to choose accommodation in Cyprus?
Of course, you can search for real estate without assistance, look for a dream home on many websites, advertising boards, in the telegram channel. And the easiest and most reliable way is to contact a licensed real estate agency, tell them about your wishes, and a specialist will provide you with a large list of suitable properties. It will save you a lot of time.
And if you are not in Cyprus, then the company's specialist can make a full photo report of the property you like, and even conduct an online broadcast. And then provide a full range of services for the verification and execution of the purchase and sale transaction. Moreover, for you, as a buyer, the services of a realtor will be absolutely free.
What are the buyer's rights?
The rights of a foreign buyer are governed by Article 109 of Cypriot law. The acquisition of real estate by foreigners is equivalent to investment in the national economy, and is protected by international agreements of Cyprus, in particular, the Vienna Convention for the Settlement of Disputes in the Field of Investments No. 64 of 1980.
When owning real estate in Cyprus, the newly-made owner has the right to obtain a temporary residence permit, which makes it possible to stay on the island for more than 90 days in half a year. And if the cost of real estate is from €300,000 + VAT and it is a new building, then you can get a permanent residence permit, which does not require renewal. And after 7 years, you can apply for a passport for naturalization.
More information about the conditions for obtaining permanent residence can be found here.
What kind of property can a foreigner buy in Cyprus?
Not everything is available to a foreign buyer.
Only one item from the list can be purchased in your name:
- villa with a land plot of no more than 40 acres
- land plot of no more than 40 acres.
But this problem can be solved, for example, by registering real estate in the name of relatives.
Contract of sale
The purchase agreement is the main document that will indicate your rights and obligations.
We advise you to take seriously the preparation of the Sale and Purchase Agreement, find a competent lawyer. The purchase and sale agreement is signed in the presence of a lawyer, there should be two copies: one copy of the seller, the second of the new owner. When signing a contract, payment for real estate is usually made in the amount of 30% or more.
The contract must reflect all the details of the transaction, including the terms of payment, the need for major or cosmetic repairs, and the timing of the transfer of the object. Sometimes the seller refuses to give the buyer a discount on the object, but may take the obligation to pay the costs of transferring the title, this fact also needs to be registered in the Agreement.
If the villa or apartment has its own land plot, parking for a car, storage room or technical room, this must also be reflected in the Agreement.
Do I need to register a Sales and Purchase Agreement in Cyprus?
Yes, after signing the Agreement must be registered with the Land Department. It is better to do this immediately, but no later than 2 months after the signing of the Agreement. From this moment, the buyer is the actual owner of the property, and can apply for a Title of Owner, which we will write about in detail.
What to do after signing the Purchase Agreement?
A foreigner must obtain permission to obtain the so-called title of owner or a passport of the property.
The title of owner is issued after the acceptance of the property by the state commission. And, after each resale, it is reissued in the name of the new owner.
If the buyer of the property is Cypriot, then the title is reissued to the new owner immediately after the signing of the Sale and Purchase Agreement. If the buyer is a foreigner, then it is necessary to obtain permission to reissue the title.
For this, a package of documents is collected, which includes:
- copy of the passport
- a bank statement confirming the receipt of the amount of money for the purchase of real estate from abroad.
When can the buyer get the title?
As a rule, the buyer receives permission to reissue the title within a year. If the Purchase Agreement can be signed at any stage of payment, even if the buyer paid only a small part of the cost of the property, then the title of the owner is different.
The buyer will be given the title of owner only after paying the full cost of the property to the seller. Therefore, even having received permission to reissue the title, before going to the Land Department, it is necessary to prepare the following list of documents:
- bank statement confirming payment of the full value of the property
- copy of the title renewal permit
- a certificate from a bank stating that the money was received from abroad
- receipt of payment of registration fee
- certificate from the seller about the payment of income tax.
If new real estate is purchased from a developer company, then they take care of all the problems of signing the Agreement and registering the title of the owner. If you have chosen a resale property and are dealing with a private person, it is best to find a good lawyer in advance to accompany your transaction from start to finish.
Thinking about buying a property in Cyprus but don't know where to start? - contact the DOM real estate agency. The company has extensive experience in the real estate industry. DOM will provide you with an experienced specialist who will select the property according to your wishes, check all the owner's documents, and provide full support for the sale and purchase transaction. Moreover, it will be possible to do everything online and you don't need to come to Cyprus for this. All these services will be absolutely free for the new owner. All costs are borne by the seller.
Photos: DOM LiVE, pixabay.com, Realty Biz News