Basic details on how to buy a property in Cyprus, via an Estate Agent, an agent who specializes in overseas property, or if buying a property privately.
It is always wise when looking to buy property in Cyprus to do something on your own which is due diligence. Do your homework. Get the local Land Registry to verify the property's legal status. This includes checking that the property is free of debts, charges, or embargoes, and that the seller has the legal right to sell.
Find a property in Cyprus that meets your needs. This can be done through locally based Estate Agents or the best place to start is only through a property listings portal.
Opening bank account in Cyprus is key to setting up your fanancial status in Cyprus and allows you to transfer money to cover the property purchase and to set up regular monthly payments if required.
A pre-contractual document is to be signed, something a lawyer can assist with, then wait for a 10-day cooling-off period. During this time, you can clear up any doubts with the notary public.
Non-Cypriots (EU and non-EU citizens) can purchase property in Cyprus, but non-EU citizens are generally allowed to buy only one property (residential) for personal use. The property cannot exceed 4,014 square meters.
For non-EU nationals, you need to get permission from the Council of Ministers to purchase property in Cyprus. Your lawyer will submit the application on your behalf. This process typically takes about 2-3 months.
As a property owner, you will need to apply for an Immovable Property Tax (IPT) number with the Tax Department.
For high net worth individuals the 'Cyprus Citizenship by Investment Program may be a consideration. This allows individuals to obtain Cypriot citizenship in exchange for a significant investment in the country's economy, which is eligible through the purchase of a property located in Cyprus.
Finalize the sale with a notary, and do any mortgage or loan paperwork as guided by the legal advisors you shoul be using.
In recapping you can use real estate agents or sell by yourself through a websites, but using a lawyer is a must.
The process of buying property can be complicated, and it's recommended to work with a reputable agent who understands the market and legal requirements.
Real estate agent - You can use a real estate agent or broker to help you find a buyer, negotiate, and get the best price for your property. Agents typically take a commission of up to 3% of the purchase price.
Marketing - You can use an international website, social media, and third-party listing portals to find your property.
You can work with a team of attorneys, accountants, and real estate agents during the purchase, or a mix of those professions depending on how you wish to buy your property.
Note this information is purely a guide to how to buy property in Cyprus, and if Buying or renting in Cyprus, we advise you to seek professional help as relates to your specific needs.
