Property Process in Cyprus
Property Process in Cyprus. It's not as difficult as it seems at the first glance.
In order to purchase a house in Cyprus you should take into account the following ..
Individuals who are not citizens of the EU Member States have the right to buy property in absolute ownership, while the offshore companies can buy space for their business or for residence of their foreign employees.
Foreigners are allowed to buy one real estate object for personal use (a flat or a plot of land for construction, or one house, and its entire area should not exceed 4012 square metres).
Property Process in Cyprus 7 Steps
1. After having considered the available options of real estate, you decide on the one you like and then make a pledge for it amounting to 5,000 Euros. After you made the pledge, this property is withdrawn from sale for up to 1 month.
2. The Council of Ministers grants permission to purchase this real estate object. After receiving confirmation of the Land Registry Office, you should open a bank account for payment to the seller of the real estate. Payments can be made in Euro or other foreign currencies. Wire transfers and checks are acceptable as well.
3. Then you sign a contract and make the first installment of 40% of the entire property cost (5,000 Euro paid earlier is included). In order to make the contract, you may use legal services provided by our company or seek for an independent legal counselor. Legal services are paid by you and will constitute approximately 1% of the real estate price.
4. Prior confirmation of the purchase right done by the Land Registry Office is a must. This document will be issued you only after a thorough verification of titles of the real estate in question regarding restrictions on its use (sale, mortgage, rent, etc.).
5. You pay a stamp duty for the legalization of purchase of the real estate object to the Internal Tax Department. Mandatory legalization of documents in the Property Registry of the Land Chamber, will serve as a reliable protection of rights and interests of foreign citizens. From then on the property in question could not be bought, sold, leased or mortgaged without you knowing about it.
6. When all the mentioned above procedures are completed, you must pay the remaining installment in accordance with the contract, i.e. the remaining 60%. All paperwork is completed in approximately 1 month.
7. The last stage of the purchase of property in Cyprus will be obtaining a title in the Regional Land Chamber in the presence of the seller and buyer. The buyer must have a receipt proving that the registration fee and registration of property tax have been paid.
Property can be purchased on credit.
Cypriot banks provide long-term mortgage loans with low interest rates. Basically, banks provide loans for up to 15 years. The loan may be issued in any currency chosen by a client only for the purchase of finished property or property under construction. Loans are not granted for the purchase of land. Loan amount should not exceed 70% of the value of property, and the latter would serve as a loan guarantee.
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