Real estate in Cyprus attracts the attention of many foreign investors due to its combination of cost, ownership conditions and ease of purchase. However, when choosing and registering an object, it is necessary to follow a number of rules, so it is recommended to use the services of specialists. A similar option is provided by MySpace real estate agency.
Selection rules
When choosing a commercial or residential property, you need to consider two factors:
- Your own budget, because two similar properties in different locations can differ significantly in price.
- Property area. Foreign residents cannot own more than one property, the area of which should not exceed 4014 m2. If we are talking about a family, then both spouses can have one apartment, house and other types of housing.
When determining properties for sale in Cyprus, it is worth considering the location of the property, the absence of encumbrances or other factors that will complicate the purchase and subsequent ownership.
You need to carefully study all the documents, because during the purchase process you will need to make a deposit of 1-5% of the market value of the property. This contribution is non-refundable, if problems are discovered, the buyer refuses the deal, then this money will be lost.
It is worth considering that the transaction must be approved by the Council of Ministers if the buyer is a foreigner, but if all the conditions for registration are met, the legality of the funds for which the property is purchased is proven, then this procedure will be a formality.
Purchase process
It consists of the following stages:
- An object is selected that meets the conditions for area, has no encumbrances. All its technical characteristics are studied, the compliance of real indicators with those specified in the documents.
- A preliminary agreement in writing is concluded between the owner and the buyer, a deposit is transferred.
- The process of drawing up the main contract and its signing can take place in Cyprus or in another country. It is important to ensure the presence of the owner, the buyer can be represented by a trusted person.
- After signing, a part of the payment in the amount of 30% is usually made, but if desired, you can pay in full.
- Stamp duty is also paid, the receipt and all other documents are transferred to the Land Department. If everything is in order, the new owner is issued a document called a title.
After purchasing real estate, the owner must pay utilities and taxes, regardless of the time of stay in the country.
