Stages of processing documents for an apartment in Cyprus: tips for investors

An apartment in Cyprus can be purchased for permanent residence, or as an investment for profit. In any purchase option, you must follow certain rules and prepare a number of documents. To perform all actions without errors, it is proposed to use the services of MySpace real estate agency.

Features of choice

There are no difficulties for non-residents when purchasing property on the island. However, it is worth considering that for people who do not have an EU country passport, they will need to obtain the approval of the Council of Ministers. The procedure is called formal, but during it the buyer is considered to have no criminal record or problems with the law. This is something to keep in mind.

The second feature of buying an apartment in Cyprus is the number of properties. More than two tickets cannot be issued per person. Their area should not exceed 4014 square meters. Otherwise, you will have to register the property in the name of a legal entity that acts as a Cypriot resident. It is proposed to look at properties for sale in Cyprus, and choose an option taking into account the specified features.

Stages of registration

It all starts with the choice of real estate. This can be a purchase on the secondary market from a private owner, company, or on the primary market, including purchase in installments during the construction phase of a house.

After selecting the desired object, the purchase process is divided into the following stages:

  1. Studying all documents for the apartment. To do this, it is worth engaging an experienced lawyer or realtor who is well versed in local legislation and the specifics of the purchase and sale of objects. The inspection is carried out by the Land Department, encumbrances and other features of the property are studied.
  2. An account is opened in one of the Cypriot banks, for which you will need: a passport of your country and a foreign one; a letter of recommendation from the bank in your country where you have accounts; confirmation of the legality of the origin of funds, tax return for the last two years. A minimum deposit of €200 is required in a Cypriot bank for the account to become active.
  3. The selected apartment is reserved, for which the owner is given a deposit in the amount of 10% of the final cost of housing.
  4. Then the main purchase and sale agreement is concluded and the remaining amount is paid.
  5. Stamp duty is paid, the receipt, along with the contract and a written statement of the sale and purchase, is transferred to the land department.

There, the transaction and the transfer of ownership are recorded, and the new owner is given a document called a title.