In terms of purchasing real estate abroad, one of the popular places was Cyprus. It attracts not only people wanting to immigrate here, but also investors. But you need to know how to make the right deal in order to become a full-fledged owner of a home on the island.
MySpace real estate agency provides a number of services to foreign citizens wishing to become home owners in Cyprus:
- opening an account in a local bank. This procedure is optional, but citizens of Russia and Belarus often use this method. In Cyprus, you do not pay for real estate in cash, only by bank transfer;
- drawing up a preliminary agreement and making a deposit for the selected property. This amount is equal to 1-2% of the total cost. If the transaction with the seller does not take place for any reason, the deposit will not be returned. The duration of this procedure varies from 1 to 1.5 months. During this time, the lawyer checks the housing for “cleanliness”;
- conclusion of an agreement. This document is drawn up in English, but at the client’s request, it is possible to draw up the contract in two languages. This document must contain a clear description of the property being sold and the procedure for paying for the property. The payment amount is 30%, and the state duty is paid at the same time.
Full payment for housing is made after registration with the Land Department. If the purchase of real estate is carried out on credit, a debt repayment schedule is drawn up.
Rules for purchasing real estate on the island of Cyprus
Those wishing to view properties for sale in Cyprus in order to purchase it as personal property must be well aware of the laws of the island. Here you can get a VAT discount if this is your first home and is purchased for yourself.
To receive this benefit you must:
- the buyer must be an individual and not a legal entity;
- the applicant’s age must be 18+;
- the purchased housing must be the main place of residence;
- for 10 years, the applicant must not have any other property in Cyprus, the purchase of which was made with this benefit. Upon expiration of the specified period, the benefit is renewed;
- housing purchased with a VAT benefit must be used for its intended purpose and the applicant must be the first to inherit the property;
- the purchased housing, in area, should not exceed 200 square meters. m. If exceeded, the excess area will be sold without benefits.
In most cases, the registration of this benefit is carried out by a legal professional, on the basis of the buyer’s power of attorney.