The procedure for buying property in Cyprus
The company CYPRUS FOR INVESTMENTS Ltd., provides comprehensive support in the acquisition of real estate and in matters of after-sales service.
The procedure for purchasing property in Cyprus is very simple, especially if you asked for help from our company. Non-residents of Cyprus have the right to purchase in full ownership of two objects of real estate (it’s not said about the dates, so think for yourself). These can be: apartments, a house or a land plot with an area of up to 4,000 sq. M. meters Real estate registration for a legal entity in Cyprus has no restrictions on the number and size of objects to be acquired. The second option is very simple. Become a citizen of Cyprus, which is very easy with our help.
1.The buyer makes a deposit for the selected property. As a rule, the size of the deposit is from 1 to 10% of the total value of the object. When making a deposit is a preliminary contract of sale and the object is removed from sale. The reservation period is 1-1.5 months.
During the reservation period, the lawyer appointed by the buyer’s side checks the real estate documents and prepares a sales contract, coordinating it with the parties to the transaction.
2. After all the necessary checks are completed, the buyer and seller enter into a contract of sale. Stamp Duty is paid and the contract is deposited with the Land Committee (Land District Office). All property in Cyprus must be registered with the Land Department. This 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 submit documents to the necessary state bodies.
3. An application is made for obtaining permission from the Council of Ministers, which issues permission to purchase real estate. To buy property in Cyprus, foreigners, according to the real estate law, art. 109, must obtain permission from the Council of Ministers (the Council of Ministers Permit). The necessary permission is granted when performing a formal procedure to all bona fide purchasers. To date, all applications submitted by foreigners to the Council of Ministers have been granted.
4. An application for a preferential VAT rate is issued.
5. The buyer completes the settlements with the seller of real estate and enters into the right of ownership of his property, receiving the keys. Next begins the stage of home improvement.
It should be said that the Cypriot legal system is based on the English model, which guarantees multilateral protection of the rights of the buyer. In order to ensure the interests of the buyer, after the signing of the contract of sale and payment of the first installment, the Cyprus Land Chamber provides a simple and effective legal tool, referred to as “enforcement of strict compliance”. This measure is intended specifically for the buyer prior to the issuance of the title certificate of ownership. A registered contract cannot be terminated by anyone, except for the buyer, that is, this property cannot be sold, rented, reissued or to shift without the consent of the owner.