Maxim Arte
Reading time
4 min
2 May 2020

How to buy a property in Cyprus remotely?

 Let's try to solve the problem from the school textbook of mathematics.

The boy was genius, so he decided to invest not in PlayStation, but real estate, with the subsequent acquisition of another country's citizenship. After much thought, the place for investment was chosen - the island of Cyprus. Grisha went to the real estate website in Cyprus, where his eyes scattered from the beauty he saw. Luxury villas with a swimming pool in Paphos, luxury apartments on the seashore of Limassol, multi-story apartments with a gym made such a strong impression on the boy that even a strict father could not keep him from buying real estate in Cyprus.

Question: How to buy a property in Cyprus remotely? It is located in another country, so far from the sunny island. And will not be allowed into the airport due to the pandemic COVID-19. Will the boy, can solve his problem via the Internet, online?

To solve this difficult problem, the editors of the DOM LiVE turned to one of the best-licensed agencies in Cyprus. His director agreed to answer our questions.

-Hello! I am speaking to you on behalf of the boy Grisha, who is very interested in the remote purchase of the real estate in Cyprus. What should he do if he cannot fly to the island due to a pandemic?

Good afternoon! Today, to buy property in Cyprus, the buyer's presence is not required. Online you can get photos and videos of the object, conduct a video viewing, and get all the information of interest in the nearby infrastructure.

- Sounds great. Is the real estate buyer getting a residence permit or something similar?

-If the purchase amount is equal to or exceeds 300 000, then the owner receives a visa category F, which entitles him and all family members to reside in Cyprus.

-It turns out that 300 000 is the minimum purchase amount?

-Not certainly in that way. You can also get a category F visa by purchasing real estate in the amount of 90 thousand euros, for example. But the process of obtaining it will take a long time and may take a year or even more. If you buy real estate worth 300 000, then an accelerated program is in effect, and the procedure for obtaining a visa will take three months. You will only need to deposit an amount of 35 000 at a local bank.

-So, what to do for those people who are not satisfied with such a visa and need to obtain Cypriot citizenship?

-For those who want to obtain Cyprus citizenship by investment, there are two ways. The first is to buy residential real estate worth 2 000 000 and more - it can be one residential property or several. There is only one condition - the cost of your own residence in Cyprus (permanent residence for the buyer - ed.) Should not be less than 500 000, and the rest of the property required to collect the amount can be of any value.

-Very good, but you mentioned two ways. What is the second?

-The second way - you can buy commercial real estate in Cyprus, but then the minimum investment amount will increase to 2 500 000. In this case, it is also necessary to purchase a residence of 500 thousand euros, and the rest of the real estate, to collect the required amount, can be of any value. Also remember that the purchase of the first new property in Cyprus is taxed at 5% (VAT), all subsequent new properties at 19%, when buying a property on the secondary market, no tax is paid.

-And all these operations can be carried out online without visiting Cyprus?

-Yes, you can choose and buy real estate, apply for citizenship online, without personal presence. The only thing is that the buyer will have to visit Cyprus to obtain biometric data for a brand-new passport and take an oath of allegiance to the Republic. This procedure cannot be carried out online.

- Grisha will be glad to hear that. What would you advise him to do in order to invest his money in Cyprus with the maximum benefit?

-First, he needs to choose his legal representative in Cyprus. Our staff has a lawyer accredited by the Cyprus Ministry of Finance, who willfully take over all the legal aspects of this procedure.

-Bank check. How long does it usually take?

-Always differently, but usually from one month to three. At this time, the bank will offer to pay a commission in its favor in the amount of 5 000. This amount is directly transferred to the bank chosen by the buyer, through his representative or a real estate agency in Cyprus.

- I see, how is the process developing further?

-The real estate agent prepares the purchase and sale agreement, sends it to the buyer and the lawyer for approval and signing. After both parties sign the documents, payment for the real estate is made by bank transfer to the seller's account. After the receipt of funds, the buyer receives the corresponding receipt.

- How long will it take for Grisha to obtain Cypriot citizenship?

-As a rule, the official approval and subsequent issuance of a passport will take place no earlier than six months after submitting the required documents. However, due to the coronavirus pandemic situation, the Cypriot authorities are trying to speed up this process.

Well, thank you for the information and help provided. Now we can quickly write the answer to the problem from the textbook!

Answer: Grisha will be able to buy real estate in Cyprus remotely without any problems and apply for Cyprus citizenship.

And we can only wish the boy good luck and, perhaps, soon welcome him to the island :)

Source: DOM LiVE
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