The island in the Mediterranean Sea has an excellent climate and optimal real estate prices for housing or business development. Clear laws, low taxes and EU membership attract people from around the world to Cyprus.
MySpace real estate agency offers its services for the purchase of any real estate property.
Purchase rules
The most important requirement that must be taken into account when choosing housing is the area limitation. Foreign citizens can buy and register no more than two objects in their name, so that the area of each does not exceed 4014 m2. You can get around this restriction by registering housing in the name of your family members, taking into account the same rule. The second option is to create a business on the island and register the property as part of your business.
It is proposed to study the properties for sale in Cyprus and choose a purchase option taking into account the specified facts. Such objects include apartments, houses or plots of land.
Purchasing a home will help you obtain a long-term visa and subsequently seek a residence permit. The program for obtaining citizenship by investment in housing has been discontinued since 2020.
To carry out a transaction, you need to hire a lawyer; his services will cost 1% of the transaction cost. You are also required to pay stamp duty in the amount of 0.15 — 0.20% depending on the value of the property. When purchasing real estate in a new building, VAT of 19% is charged.
The lawyer checks the property and draws up an agreement that the buyer and seller must sign. If it is not possible to be present at the transaction, you can issue a power of attorney.
Then the agreement is submitted to the land commission, the buyer receives approval from the Council of Ministers of the Republic and the agreement is registered with the department.
Adviсe
It is necessary to carefully study the object, its location, calculate the exact area, determine the absence of encumbrances, or the presence of obstacles to government approval. You need to choose trusted lawyers who know local legislation and have experience in studying real estate and conducting transactions.
You can enlist the help of a real estate company. They will take their own commission, but will accompany the transaction at all stages and help simplify and speed up the process. This option will ultimately help reduce costs and avoid fraud or unscrupulous counterparties.
When purchasing, you need to calculate your ability to maintain the property, find out all types of payments and the amount of amounts.