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Legal backing when purchasing/selling property in Cyprus

In the interests of our clients, Viriko Developers helps to arrange experienced legal support to assist you in negotiating, checking and settling your Cyprus property transactions securely.

Cyprus property

Currently, the property market in Cyprus is very attractive for both residents and investors. This is due to a number of reasons, for example: foreign citizens, who have visited Cyprus as tourists, regularly attempt to acquire property in Cyprus. One of the primary incentives driving this trend is flexible legislation limiting the conditions for purchase and registration of property in Cyprus, its relative low price, low taxes and low rates. Cyprus is also a country that boasts low crime, a beautiful environment and moderate climate. Since Cyprus is an island, the quantity of available land is naturally limited here. Demand for property in Cyprus produces demand for land, therefore the property value is constantly increasing and it is reflected on the cost of homes, villas and apartments in Cyprus which is growing at a rate of 10% per annum on average.

Purchase/sale of Cyprus property

Acquiring property in Cyprus is flexibly legislated by the Republic of Cyprus, allowing foreign citizens to purchase and sell commercial and residential real estate. Legal protection of foreign investments and capital expenditures in Cyprus, including the purchase of property, are provided by international agreements and other deeds, laws and arrangements, as ratified by the Republic of Cyprus.

However, registration of any deal associated with real estate requires professional legal backing, for the purpose of securing your interests. Viriko Developers will provide you with a lawyer who ensures qualified assistance in negotiating and drawing up documents for settlement of a transaction, including performance of all necessary searches.

Purchase of property in Cyprus is a safe and profitable investment. Viriko Developers guarantees you professional legal support and service when purchasing/selling property in Cyprus, while also facilitating fund raising and safeguarding investors’ privacy.

By virtue of being a popular tourist destination, all property in Cyprus is of high liquidity. If you do choose to sell your investment, Viriko Developers will be happy to assist in the sale of your property in Cyprus.

Purchase procedure of property in Cyprus

  1. So, you have decided to purchase a property in Cyprus. The next step is to enter a purchase-and-sale contract, which will specify the property, its value and payment plan.
  2. It is essential that you open a bank account and pay at least 30% of the property value as a deposit. Within a month from the date of signing of the contract for purchase or sale of property, you will be required to pay a stamp duty tax to the Department of Interior Taxes.
  3. The contract for purchase and sale of property in Cyprus is exhibited to the district land committee no later than a month from the date of its signing in order to be entered in the Property Register.
  4. The contract registration within the Land Chamber guarantees proprietary interest of the purchaser until individual title of ownership for Cyprus real estate is received and the devolution of property is rendered. This excludes the possibility of sale, purchase, lease, mortgage of property without your consent.
  5. Next stage – to get permission of the Council of Ministers and Department of Registration of Land to acquire property in Cyprus.
  6. In order to finally acquire the ownership of the property purchased in Cyprus and to receive a title of ownership, you should apply to the Regional Land Chamber. The application should attach receipts of registration fee and tax for effecting land ownership in Cyprus, a copy of permit of the Cyprus Council of Ministers, a certificate issued by the Central Bank and real estate registration certificate. The other 70% of the Cyprus property value are to be paid in accordance with the schedule specified within the purchase-and-sale contract. Certified bank checks and electronic funds transfers are accepted.

To receive more detailed information about “Legal backing when purchasing/selling property in Cyprus”, please phone directly Margaret Kotua, Viriko Developers Director, on +357 25319001, mobile +357 99687845. Office address: Office 73, Galatex Center, 73 Georgiou, Potamos Yermasoyias. Postal code: 4047. Limassol, Cyprus. Alternatively you can fill out the contact form and we will get back to as soon as possible.

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