Nowadays, you can do almost everything you need using the internet. Make an appointment with a doctor, buy air tickets and even buy property.
Even buy real estate in another country online? Yes! The number of online transactions increases rapidly (pandemic, time savings, etc.). What are the advantages, how it happens, what other services can be obtained remotely - all this is below.
What to do first
On various forums and Internet resources, all sorts of opinions are expressed: someone advises first to open an account in a bank in Cyprus, others recommend looking at objects online, and still others are of the opinion that buying online is a bad idea.
Who is really right? Probably no one.
Because the very first thing is to find a real estate agent or a seller (developer)! As a rule, buyers choose the first option. This greatly facilitates the search for objects and the execution of all documents. In addition, many agencies in Cyprus speak Russia, Arabic or Chinese.
Benefits of contacting an agency
Buying real estate abroad without any help, and even remotely, is a real adventure. It is possible to do this, but there are a couple of significant disadvantages: it is longer and more difficult. In addition, in some cases, you will have to visit the island 1-2 times, and thus it will not be really "remotely".
It is much easier and safer to contact a real estate agency, which will fully accompany the transaction.
For example, DOM Real Estate provides the following services to its clients:
- provides a database of objects and assistance in choosing remotely
- helps to open accounts in local banks
- helps to open a legal representation by power of attorney
- helps to draw up and send documents for signing
- assists in obtaining a temporary residence or permanent residence in Cyprus
- post-sale support: renting out housing.
When contacting the agency, the client does not need to come to the island - the entire procedure can be carried out remotely.
Find your home online
Many people believe that the apartment or house in the photos is something that has nothing to do with real life. And not because the picture can be photoshopped, but for another simple reason: there are no personal feelings. The photo may give you one atmosphere, space and proportions, but in reality, you will feel something different.
Therefore, the best option for choosing housing remotely is an online tour. How DOM agency gives a tour:
- The agent selects options for houses or apartments according to the buyer's requirements.
- The buyer gets acquainted with the options by photo, video and text description, selects those that are of interest to them.
- A video call is scheduled at a specific time: the tour will be the house or apartment that the client has chosen.
- An online video link provides a complete overview of the property. The client asks questions and asks to show rooms, which looks like the buyer himself is here.
- If the client needs more time to think or calculate everything, there is an opportunity to record a video tour of this object.
An online tour may be needed not only to get to know the property, but also to get to know the area. This is important if the buyer has never been to the area in which he wants to buy property.
Opening a bank account in Cyprus
While choosing the housing, the procedure for opening an account with Bank of Cyprus is taking place. This is necessary in order to pay duties, fees, taxes, and, of course, to pay for the property.
Bank of Cyprus also provides foreign citizens with a loan, but this method is not suitable for those who wish to obtain permanent residence in Cyprus (the getting permanent residence is possible only when buying real estate from 300 thousand euros and without lending any money on the island).
How the account is opened:
- the buyer fills out a questionnaire, an application and sends it by e-mail to the bank
- a personal meeting is scheduled with a bank representative in the buyer's country of residence (Bank of Cyprus has offices in Moscow, St Petersburg, Kyiv and Beijing)
- at the meeting, the buyer (or their authorized representative) provides all the necessary originals of documents and leaves signatures
- after a while, the account is activated and the buyers can transfer money in any convenient way.
This procedure is fast enough, so you can go through it or ask for the help of an agent that was looking for an object and processing a deal.
Once the buyer has opened a bank account in Cyprus and decided which property they want, a reservation should be made. It is needed in order for the house or apartment to be removed from the sale while the deal is being finalized.
Reservations are made as follows:
- the owner signs the reservation contract and sends it to the buyer
- the buyer also signs the contract and returns the document in a scan
- the buyer transfers the reservation deposit from their Cypriot account to the seller (seller's account number is indicated in the reservation agreement);
- the procedure for drawing up a purchase and sale agreement begins.
Please note: the reservation deposit is included in the price of the property! That is, full payment must be made minus the deposit.
Making a deal
Immediately after the reservation, a power of attorney is drawn up for a lawyer located in Cyprus. This is necessary for filing and processing of all papers. The DOM Real Estate agency has a specialist accredited by the Cyprus Ministry of Finance who will carry out all stages of the transaction.
A trusted lawyer sends the client a sales contract and a tax form. The buyer signs 4 copies and sends them back. If a primary property is purchased from a developer, a signed scan of the contract is sent to them by email.
At the final stage, the buyer pays for the property in whole or in part (if the housing is under construction).
After that, the buyer receives full ownership of the purchased object. If the transaction was made with a secondary home, then the title of property is issued immediately, it can be sent to the new owner by mail.
In the case of primary real estate, the new owner will have to wait: the title is issued within three years after the housing is put into operation. But this does not mean that the buyer at this time does not have ownership: they can fully own and dispose of real estate at their own discretion.
You can read more about how the DOM agency is buying a home remotely here.
Obtaining a residence permit or permanent residence when buying real estate remotely
DOM agency provides assistance in obtaining a temporary residence or permanent residence in Cyprus when buying real estate, both offline and online. The procedure is the same as the purchase and sale transaction:
- a trusted lawyer visits local authorities
- papers are filled in online, via e-mail or a transport company
- the presence of the buyer and their family in Cyprus will be required only when the biometric data is taken.
You can find out about the new conditions for obtaining permanent residence (category F visas) in this article.
DOM (as well as some other real estate companies) helps their clients after the transaction. In particular, they rent out housing in Cyprus in the absence of the owner.
This saves the property owner from many problems - it is not necessary:
- regularly travel to the island to move in new residents or check the condition of the apartment / house
- deal with the execution of contracts
- monitor the timeliness of payment
- come to solve everyday issues: urgent repairs or similar cases.
The owner simply receives the money in their account and saves themselves from anxiety.
So, the online purchase of real estate in Cyprus is a very real procedure. When contacting competent specialists, the buyer needs a minimum of effort. It saves money and time, since a personal presence on the island is not required.
Are you interested in housing in Cyprus? Take a look at the DOM Real Estate. The portal has the largest database of real estate in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!
- Cyprus and mortgages (link)
- Permanent residence permit in Cyprus (link)
- What is the best place to live in the world? Cyprus! (link)
- Work in Cyprus for non-EU citizens (link)
- Where to live in Limassol? Coastline vs mountains (link)
- How to open a company for moving to Cyprus, if you're not a EU citizen? (link)
- A real exclusive. Buying luxury real estate in Cyprus (link)