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Cyprus real estate is absolutely worth buying if you're looking to get residency quickly on this beautiful island. For a €300K (plus VAT) minimum investment you and your family will not only get a beautiful second home, but also residency permits which entitle you to legally live, work and study in Cyprus.
It is best to work out how much you can afford before you start your property search. Will you need to sell a property first or require finance/loan? Are you able to release money from your pension fund or have investments to cash in? When setting your budget, don’t forget to allow for buying costs of around 10%. Once you have your finance in place, book a viewing trip with us so we can help you find your dream home in Cyprus.
There are a few things to remember when you’re on a viewing trip to make sure that you get all the essential information you need:
Take the time to send a list of your needs, including any deal breakers, and talk through them with us. This will ensure we understand what you want and prevent any valuable time being wasted.
When you’re visiting a property or development, be sure to take a few photos and detailed notes to help you remember the highs and lows of each property you view.
Use the time you have in the car travelling with our representative to ask plenty of questions and get information from them. The representative will generally point out any local amenities and describe what is in the local area as you drive through.
There are a few steps that need to be placed on your checklist when you’re planning on how to buy property in Cyprus. These are mainly the following:
Reserve your desired property by placing a non-refundable fee to take it off the market for a period of time – normally €10,000
Appoint a lawyer to help you navigate the legalities of your intended investment.
Lawyer performs due diligence checks to confirm rightful ownership of the property, and transferability of the title deed.
Draft and negotiate contracts of sale with the help of your lawyer.
Apply for a reduced VAT rate of 5% for your primary residence.
Register your Contract of Sale at the Land Registry Office.
Apply for a permission to acquire immovable property in the Republic of Cyprus.
Complete your transfer of title deeds at the Land Registry Office.
