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FAQ

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  1. Find a property and negotiate the price.

(criteria, budget, research on price range in different areas)

  1. Hire a lawyer to handle the legal aspects of the transaction. It’s important to engage a qualified and experienced lawyer who specializes in real estate transactions in Cyprus. They will guide you through the legal process, ensure all necessary documentation is in order, and protect your interests throughout the property purchase.
  2. Conduct due diligence on the property, including title deeds and permits.
  • Title Deeds and Ownership:

   – Verifying the authenticity of the title deeds and ensuring they are free from any encumbrances or disputes.

   – Conducting a thorough search at the District Land Registry to confirm ownership and any existing mortgages or liens on the property.

   – Assisting with the transfer of ownership and ensuring that the title deeds are properly transferred to your name.

  • Contracts and Agreements:

   – Reviewing and advising on the purchase agreement or contract, ensuring it includes all necessary clauses to protect your interests.

   – Negotiating any specific terms or conditions with the seller, such as payment schedules, warranties, or contingencies.

  • Due Diligence:

   – Conducting thorough due diligence on the property, including investigating any planning and building permits, environmental concerns, or zoning restrictions.

   – Reviewing any applicable surveys, reports, or assessments related to the property’s condition or potential liabilities.

  • Financing and Mortgages:

   – Advising on the financing options available to you, including reviewing mortgage agreements and assisting with the application process.

   – Ensuring that all necessary legal documentation is in place for mortgage or loan transactions, such as the creation of a mortgage on the property.  

  1. Sign a contract and pay a deposit. By taking the abovementioned precautions, you can minimize the risks and make an informed decision before signing a contract and paying a deposit for a property. Your lawyer will play a crucial role in guiding you through these steps and ensuring that your rights and interests are protected throughout the process.
  1. Finalize the transaction, transfer ownership, and pay the remaining amount.
  • Tax and Legal Compliance:

   – Providing guidance on the tax implications associated with property purchase:

Step1: stamp duty – https://www.mof.gov.cy/mof/TAX/taxdep.nsf/index_en/index_en?opendocument

Step2: transfer fees – https://portal.dls.moi.gov.cy/en/alles-ypiresies/ergaleia/ypologismos-telon-metavivasis/

Note: New properties do not include any transfer fees unless the valuation differentiates from the agreed purchase price. In this case, transfer fees will be only applied on the remaining estimated valuation. Transfer fees apply always for used properties.

Step3: capital gains tax – https://taxapp.cy/capital-gains-tax-calculator/

Note:  make sure that the seller obtains the tax clearance before the land registry transfer transaction.

It’s advisable to explore different options, compare interest rates and terms.

Visit loan eligibility calculator  to compare interest rates, terms and proceed with an agreement with the bank that fits your profile.

1. Mediterranean Lifestyle: Owing a property in Cyprus allows you to immerse yourself in the relaxed Mediterranean lifestyle, enjoying sunny weather, beautiful beaches and a slower pace of life.

2. Investment Potential: The real estate market in Cyprus has shown resilience and potential for growth over the years. Buying a property can be a solid long term investment, offering the possibility of capital appreciation and rental income.

3. Residency and Citizenship: Purchasing a property in Cyprus can open doors to residency and citizenship opportunities. Depending on the investment amount, you may be eligible for the Cyprus Investment Program or the Permanent Residency Program.

4. Tax Advantages: Cyprus offers attractive tax incentives for property owners, including low tax property taxes, favorable capital gains tax rates and no inheritance tax for immediate family members.

5. High Quality of life: Cyprus boasts a high standard of living, with access to excellent healthcare facilities, quality education options and a safe and secure environment with a low crime rate.

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