Procedure for buying real estate in Cyprus
CYPRUS FOR INVESTMENTS Ltd., provides comprehensive support in the acquisition of real estate and in the after-sales service.
The procedure for acquiring real estate in Cyprus is very simple, especially if you turned for help in our company. Non-residents of Cyprus have the right to acquire two properties in full ownership (no timelines are said, so think for yourself). This can be: an apartment, a house or a plot of land, with an area of up to 4000 square meters. meters Registration of a property to a legal entity in Cyprus has no restrictions on the amount and area of the objects being acquired. The second option is very simple. Become a citizen of Cyprus, which is very easy with our help.
1. The buyer pays a deposit for the selected real estate. As a rule, the size of the deposit is from 1 to 10% of the total cost of the object. When entering the deposit, a preliminary contract of sale is concluded and the object is withdrawn from sale. The period of reservation of an object is 1-1,5 months.
During the redundancy period, a lawyer appointed by the buyer’s side checks the property documents and prepares a purchase agreement, negotiating it with the parties to the transaction.
2. After all required checks have been completed, the buyer and seller conclude a contract of sale. The Stamp Duty is paid and the Land Office Office is deposited. All property in Cyprus must be registered with the Land Department. It protects the buyer’s rights to the property, because After this procedure, the property can not be mortgaged, resold, rebuilt or rented without the written consent of the buyer.
Further, lawyers file documents in the necessary state bodies.
3. An application is filed to obtain a permit from the Council of Ministers, which issues a permit for the purchase of real estate. For the purchase of property in Cyprus, foreigners, according to the law on real estate, Art. 109, are required to obtain a permit from the Council of Ministers (the Council of Ministers Permit). The necessary permission is granted when performing a formal procedure for all honest purchasers. To date, all applications submitted by foreigners to the Council of Ministers have been satisfied.
4. An application for a reduced VAT rate will be issued.
5. The buyer completes the settlement with the seller of the real estate and takes ownership of his property by obtaining the keys. Next, the stage of home improvement begins.
It should be said that the Cypriot legal system is based on the English model, which guarantees multilateral protection of buyer rights. In order to secure the interests of the buyer, after signing the contract of sale and payment of the first installment, the Cypriot Land Court provides a simple and effective legal instrument called «maintenance of rigorous execution». This measure is intended specifically for the buyer before issuing a title certificate of ownership. The registered agreement can not be canceled by anyone except the buyer, that is, this property can not be — sold, leased, re-registered or re-mortgaged without the consent of the owner.