Buying Property in Cyprus

To buy property in Cyprus easier than in other countries. The company “LysovDevelopersLTD” will provide you with effective assistance at all stages of design documents, greatly simplifying the process.

If you are not a resident of the country, and you have another nationality, you nothing will prevent to become a full owner, but only one object. The only item you can purchase is real estate or a plot of land of about 2.7 thousand m2. For legal entities, these restrictions are not typical.

Purchase and sale: contract signing

The basis of the legal system of Cyprus were used model UK guaranteeing powerful protection of consumer rights. In the name of the interests of the buyers of the Land chamber of the Republic becoming a strong and effective legal tool. Prescriptions must be executed. This measure was adopted at the stage before issuing a title certificate reflecting property. Termination of the contract was produced solely by the purchaser. Sale, leasing, renewal, perezaluzhenie, it is impossible, if the owner does not agree.

As the permit is issued

Foreign nationals buying property in Cyprus, mandatory to get the permission of the Council of Ministers. The basis for this is article 109 of the “Law of property».

A permit may be issued only to a good faith purchaser, which complied with all the formalities. If we talk about the current situation, for all applications submitted by foreign citizens to the Council of Ministers, were given a positive decision. After considering the statements on it, the decision associated with the issuance of a direction to persons to whom it was filed. In the end the decision is issued in writing.

In order to obtain permission for the acquisition of property will require the preparation and submission of the following documents:

  • Statements:
  • Contract confirming the purchase;
  • Receipt of payment;
  • Passport (copy). 

After the above documents are received, the property shall be issued a separate document to confirm legal title. The property is registered in the name of the new owner. Not received the new buyer sent the documents to the Department associated with land registration.

How do I pay stamp duty

After signing the contract of sale, the buyer pays the down payment. It must be done within 30 days once, and on the rate of the significant impact the contract price of the property. Payment of fees is made by the person who purchased the property and has applied to the Department of internal taxes. The calculation of the rates is as follows:

  • < 170,86 EUR — 0,15%;
  • > 170,861 EUR — 0,20%.

Filing of the agreement of sale to the Department for registration

Property in Cyprus is subject to compulsory registration at the land Department. This is largely due to the protection of the rights of the buyer, if it comes to his property. After the procedure is prohibited to perform a lot of operations: to sell, to mortgage, to rent. It requires written consent.

The date of Foundation of the land Board Rep. Cyprus should be considered as 1858. This organization for its many years of existence has earned a reputation as extremely reliable in the public sector, and, in the world. The contract of sale is kept for two months after he signed, and fee paid (stickers of their respective brands) in Department of land registration responsible for a particular area. Registration at the Land Department is simple.

This guarantees, purchased and confirmed by buyer's rights in respect of the property, until obtain the title of ownership individually for property did not happen, as well as full transfer of ownership.

The same is true for real estate, which is under construction, or recently completed facility. Documents that serve as evidence of property title, granted for three-four years from the time when the construction completes. If a separate document, which serves as the basis for confirmation of title to property purchased in the name of the seller is missing, the buyer will still be able to purchase the plan. In this case, both parties sign a document reflecting the cancellation of the contract, reflecting the fact of sale of property by the new seller and the buyer.

The buyer should coordinate with the seller a fee for the cancellation, when the negotiations are over, then there is a reflection of the most important conditions in the document of sale.

As the owner gets the title

The process of conveyancing is quite simple and lasts long. If registration takes Land, the house, the buyer paid the registration fee. Produces assessments, associated with the transfer of title. The base is taken to be the market value of the property at the time when it is acquired. The rates and calculations the following:

  • Less than 85,43 EUR — 3%
  • 85,43-170,86 EUR — 5%
  • More 170,86 EUR — 8%

If you receive the title holder, recording the name of the buyer in the archives of the government. These documents are strictly confidential, are not subject to publication and third party access.