Buying real estate in countries with a transparent and convenient tax system, excellent climate, and sea coast is a good investment.
This is especially convenient if, after purchasing an object, entry into and stay in the country can be facilitated. To do this, we suggest looking at properties for sale in Cyprus.
Purchasing stages
Before choosing a property to buy in Cyprus, it is worth considering that you can register no more than two objects in your name, where the area of each does not exceed 4014 square meters. This applies to apartments, houses, land plots.
The acquisition process consists of the following stages:
- An object that satisfies the specified conditions is selected.
- All its features, the absence of encumbrances and other obstacles to registration as property are determined.
- The owner is paid a deposit of 1,000 to 10,000 euros to remove the property from sale and remove all advertisements. You need to receive a confirmation document confirming the deposit of funds. This money will then be taken into account in the final settlement.
- The deposit is valid for one to two months, which is given to check the condition of the housing, the absence of encumbrances, or resolve issues related to debt relief.
- A purchase and sale agreement is being prepared, which includes information about the property, the buyer and seller, the total amount of the transaction and the method of payment of funds.
- After agreeing on the text of the agreement, signing is carried out. This can be done by the buyer, being in Cyprus, or his authorized representative. Also, signed documents can be sent by express mail while in your own country, without giving a power of attorney to other persons.
- The documents are sent to the land department, where the transaction receives approval from the Council of Ministers of the Republic and registration takes place. To register you will need to pay stamp duty.
Adviсe
To conduct a transaction in Cyprus, you should definitely enlist the support of a local lawyer. He will check all the documentation for the property and help you fill out the paperwork correctly. To find the desired object and check its condition, it is worth using the services of a trusted real estate company. In their databases there are many properties that fall under the rule of selling real estate to foreigners.
It is important to calculate the funds for purchasing and registering the property as property. It is also necessary to take into account maintenance opportunities, from paying taxes to the cost of electricity, garbage removal and other services.
