To buy a house in Cyprus, you should first hire a reputable real estate agent, obtain a permit from the government, and finally, sign a purchase agreement.
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Buying a house in Cyprus can be a wise investment for those looking to settle down in the Mediterranean. Here are some steps to follow to ensure a smooth process:
Hire a reputable real estate agent: at least one who is a member of the Real Estate Agents Association and has a good track record of completed transactions.
Obtain a permit from the government: for non-Cypriot citizens or residents, a permit from the Council of Ministers is required before purchasing any immovable property. This is to ensure that the buyer’s funds have been legally obtained and that they do not have any criminal record.
Sign a purchase agreement: Once a property has been selected, the purchase agreement should be drafted. It outlines the terms of the purchase, including the price, payment schedule, and transfer of ownership. It is advisable to have a lawyer review the agreement before signing.
In the words of Mark Twain, “buy land, they’re not making it anymore.” Indeed, owning property can be a sound investment, especially in Cyprus, known for its beautiful scenery and favorable climate.
Some interesting facts about the Cyprus property market:
- A recent study showed that Cyprus is the third most popular destination for overseas property buyers from the UK.
- The Cypriot government launched the “Golden Visa” program, which offers residency permits to non-EU citizens who invest at least €300,000 in real estate.
- The town of Paphos was named the “European Capital of Culture” for 2017, which is expected to boost interest in the town’s property market.
For more information on the Cyprus property market, here is a table of some useful websites:
|http://www.rics.org.cy/eng/||The Royal Institute of Chartered Surveyors in Cyprus|
|https://www.cyprusproperty.com||A property portal for buying, selling, and renting in Cyprus|
|https://www.cipa.org.cy||The Cyprus Investment Promotion Agency|
|http://www.mof.gov.cy/mof/cystat||The Cyprus Statistical Service|
See the answer to your question in this video
The video provides a comprehensive guide to buying real estate in Cyprus, emphasizing the high demand for properties and discussing the risks and benefits of owning versus renting. The speaker also delves into different styles of properties and investment opportunities in Limassol. The video stresses the importance of independent research and working with an unbiased consultant to avoid making a mistake when buying real estate in Cyprus. Hidden costs of maintaining a property, strict mortgage requirements, and the risks of buying without official title deeds are also discussed. The process of buying real estate in Cyprus as a European or non-European citizen is outlined in detail, with due diligence, reserving the property, initiating a sale purchase agreement, registering the contract, and transferring title deeds covered.
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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.
All foreigners can buy property in Cyprus. There are no restrictions, provided documentation is done correctly and the applicant has no criminal record. Buying property in Cyprus is relatively simple compared to other European countries. All non-Cypriots must apply to the Council of Ministers for permission to buy real estate.
Your guide to buying property in Cyprus
- 1. Reservation
- 2. Lawyer Appointment
- 3. Conveyancing/Due Diligence
- 4. Contract Negotiation and Signing
- 5. Application for a reduced VAT rate
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Cypriots and EU citizens are entitled to buy immovable property without any restrictions. Non-EU citizens can buy immovable property, however, permission from the Council of Ministers is required.