A Guide on Buying Property in Cyprus - What to Know
Cyprus is a beautiful country that is beset with promising real estate investment opportunities. If you want to expand your investment horizons, know that the country has a wide range of properties you can purchase, manage, rent, or even sell for profit. From modern apartments and traditional homes to luxury villas and estates, you have tons of options to choose from.
Investing in a property in Cyprus
Cyprus is arguably one of the best countries to buy property from. When compared to other European countries, foreigners are free to purchase properties, as long as they provide proper documentation and are free from criminal records.
Buying property in Cyprus opens you up to a long list of benefits, including obtaining a residence visa for you and your family, freehold ownership, rental income and selling opportunities, permanent relocation opportunities, VAT reduction, and even a chance at citizenship.
What to consider when purchasing a property in Cyprus
Before you even jumpstart the process of buying a property in the country, it's best to do ample research about the real estate market so that you can get more bang for your buck. First, you must consider the location, and find out whether it's within the vicinity of local establishments, medical facilities, schools, and main roads. Second, you must check what type of paperwork and additional fees you will be dealing with. Privileged Investment’s provide transparent guidance on the entire process and a complimentary consultation.
If you're planning on selling the property in the future, you should also consider its rental availability. Also, before you even place a down payment, conduct a professional inspection in case there are any hidden damages. Lastly, consult with a lawyer to make sure that all your bases are covered.
The process of buying a property in Cyprus
Purchasing property in Cyprus is relatively simple and straightforward. It does not involve tons of red tape, and as long as you provide what's needed, it will go through without a hitch. Below, you'll find all the necessary steps you need to take in buying a property in Cyprus.
- Pay the reservation fee via a legal representative or agent.
- Pay and sign the reservation deposit agreement to take the property off the market.
- Allow lawyers or agents to conduct a legality and document check.
- Sign the contract of sale and have it stamped and sent to the Lands Office.
- Pay a portion of the agreed price, inclusive of transfer fees.
- Pay all other necessary fees, including tax, legal fees, surveyor's fees, stamp duty, selling agent's fees, and others.
- Request for property acquisition from the Council of Ministers for Cyprus with the help of your lawyer.
- Upon receiving approval, transfer the remaining balance of the sales price.
- Obtain the title deed from the Regional Land Chamber. Make sure everyone involved in the sale are present.
- Pay the title deed transfer free.
- Ensure that all utilities have been transferred to your name.
If you have your eyes on a property in Cyprus and want to start the purchasing process, Privileged Investment Ltd. can assist you throughout the entire buying journey. Get in touch with us today and see how we can best help you.