When you are looking to buy a property in the Mediterranean, Cyprus might be just the perfect place to look. There are new developments in Cyprus every year, and the rules regarding to buying properties change. That is why you should get in touch with a professional property management company or estate agency to help you through the process. You might not be an expert in the local regulations and property law.
If you were born in Cyprus, there are no restrictions to buy property on the island. But if you are a foreigner, different rules will apply, especially if you are from outside the European Economic Area. You can still apply for a permit at local the Council of Ministers once in Cyprus, and it is usually granted. But there are some restrictions, and if you are looking to build an investment property in Cyprus, you should seek a local attorney, familiar with the current regulations. If you are using the Cyprus property for business purposes, more permission will be needed.
The sale of a property s quite simple: all you need to do is to register the exchange of the property at the District Lands’ Office. You will also need to obtain the property’s registration certificate, the permission of the Council of Ministers and the Central Bank’s certificate of the exchange amount. You would also need to prove that the property tax has been paid and is up to date.
The information you need to complete a sale of a property is the names, ID-s of both party and passport numbers, if you are from abroad.
You also need to know that the buying price of the Cyprus property will be reviewed by the District Lands’ Office property valuation experts. That is going to determine how much tax you have to pay on the purchase.
You are advised to always complete the sale through an experienced local attorney, who can deal with the other party’s lawyers, and get everything ready for the exchange of the Cyprus property.