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The constantly developing Cyprus real estate market is a promising place for investments for the acquisition of residential and commercial properties. Prime Property Group will help you explore the property market of the island, through a transparent and straight-forward procedure. The final purchase process is mapped out below, making your decision to become a Cyprus property-owner a unique and exciting experience.
You may also use the extensive expertise of our PPG Managers to fully advise you on your selected properties. You may call us through the phone, order a callback, write an email or ask questions in online chat. Whichever option you choose, the next step is a study tour, where you can personally inspect all the properties that interest you, accompanied by our company’s competent PPG Managers.
I. Entry is possible only by plane (only via Larnaca, Paphos airports) directly from the Russian Federation territory (for Russians), Ukraine (for Ukrainians), and the return trip can be anywhere in the world.
II. Pro-visa is issued for 90 days. You may subsequently visit the country in this way once every 6 months.
III. Requirements for the passport: validity – more than 6 months, any child must present a separate passport availability.
IV. For Russians, You can fill out the questionnaire on the following links: http://www.mfa.gov.cy/mfa/Embassies/embassy_moscow.nsf; for Ukrainians – download at: http://www.mfa.gov.cy/mfa/embassies/embassy_kiev.nsf, fill out and send by email.
We are often asked if it is possible to visit Cyprus using the Schengen visa? This is possible, but there is a certain condition – Russians and Ukrainians using this visa must have already visited at least one country. For citizens of other countries, it is necessary to obtain a guest or tourist visa.
The licensed lawyer can be entrusted with the verification of documents and property, preparation and agreement of the contract.
The chosen banking institution will make all required payments to the property seller on your behalf. To open a bank account quickly, you may use legal help. A bank account is also necessary if you decide to pay for the purchase through a mortgage loan. Should the procedure not be clear or if you require further clarifications at this stage, our staff can help you further.
When the preparatory stage is completed, you may proceed to the final transaction stage. Once you sign the sale contract, pay the required stamp duty, and making half the housing cost, your lawyer must file an application with the Cyprus Council of Ministers and obtain a permit. As a rule, this process is a mere formality, if this is the first real estate purchase bought in Cyprus and your name does not appear on Interpol's lists due to any legal problems.
A perfect purchase must be registered in the District Land Department. A package of documents is collected and submitted by a lawyer. After registration, information about the purchased property is entered in the Land Registry. This serves as a confirmation of the ownership right until the title of the owner is obtained.
After receiving approval for a VAT exemption, buying a primary property market (secondary housing is not subject to VAT), payment can be transferred directly to the property seller’s account. At this stage, you, having entered into the possession right, receive the keys to your own ready-made property. If the property is not yet completed, it is recommended to use the ESCROW system, which most Cyprus lawyers will guide you through. In this case, the amount of payment will be transferred to the seller gradually, as construction progresses.
If the property is bought in the secondary market, it can be done immediately. Sellers of new and under construction real estate usually do not have titles yet, so the buyer will have to wait. At this time, the right to property will be confirmed by the sale contract, registered in the Land Department. The application for the title on behalf of the client is filed by a lawyer.
If you have any questions about how to buy a property in Cyprus, our specialists will answer questions, help you dispel doubts and help you choose and purchase any property you like.
Более подробную информацию о налогах и сборах при покупке недвижимости на Кипре вы можете получить на нашей странице.
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