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Purchase & Payment Plans

Cypriots and E.U. Citizens, living in Cyprus

Under Cyprus Law, Cypriots or persons of Cypriot origin, as well as E.U. citizens who have a permanent residence in Cyprus, as allowed to buy any property without any restrictions.

The residential status is determined by the District Office and is obtained when a person resides in Cyprus for a total of 185 days per year or more. This restriction for E.U. citizens not residing in Cyprus will end after May 2009 and all citizens of the E.U. will be treated equally with Cypriot citizens, regardless of their residential status.

Step 1. Finding a Property and a Lawyer
Once you have decided to purchase a property, we recommend our clients find a lawyer that will represent their interests and carry out all the necessary legal checks, should they not reside permanently in Cyprus. A reservation fee (usually of around €2000) is then needed to take the property off the market. We refund this amount should our client change their mind.

Step 2 – Contract Signing
One month after payment of reservation is paid, the contracts need to be prepared and signed by both parties. The first payment is also required upon contract signing.

If the purchase is an off-plan property, the contract will have to include a schedule of payments, which will be connected to the progress and completion stages of building. 

In short:

  1. An agreed reservation fee is made to the vendor.
  2. 30% of agreed price upon signing the agreement.
  3. 20% of agreed price upon completion of foundations and skeletons.
  4. 20% of agreed price upon completion of brickwork and rendering.
  5. 20% of agreed price upon completion of flooring and carpentry.
  6. 10% of agreed price upon delivery of the property.

For every stage that is completed, a letter from the architect is sent to the lawyer confirming completion, to inform their client that payment is due.

Step 3 – Taxation and Registering the Property
Once the contract of sale has been signed by all parties, the purchaser is liable for payment of stamp duty at the rate of 0.15% of the market value of the property up to €170,860 and 0.20% for over €170,860.

The contract must be stamped within a thirty day period from signing. This must be done in order for the Land Registry to accept deposition of the contract, which is done as soon as stamp duty is paid.
Once the contract is accepted into the land registry office, the property is safe-guard and can not be sold to anyone else.

 

Foreigners and  Non-EU Citizens

For citizens of Non-E.U. states, upon purchasing property in Cyprus, a visa is issued in order for the client to be able to come and visit the property; when under construction. On the completion of the property, a Multiple Visa is issued and the owner will be able to travel freely to and from Cyprus, and as of 2010, this visa will automatically give its holder access to 27 other European countries.
Our company assists all its clients in obtaining their visa when they buy a property from us.

Currently, Residence Permits are only issued to Cypriot Nationals, those of Cypriot Origin, or citizens of member states of the E.U., which have Cyprus as their permanent country of residency.
An exception is made for directors of offshore companies, whom are also living permanently in Cyprus (i.e. for a minimum stay of 183 days per year).

Non-E.U. citizens can acquire one property to be transferred in their name. In the case of more than one property being desired, the establishment of a company is required in order to do so (a simple process).

Step 1. Finding a Property and a Lawyer
Once you have decided to purchase a property, we recommend our clients find a lawyer that will represent their interests and carry out all the necessary legal checks, should they not reside permanently in Cyprus. A reservation fee (usually of around €2000) is then needed to take the property off the market. We refund this amount should our client change their mind.

Step 2 – Contract Signing

One month after payment of reservation is paid, the contracts need to be prepared and signed by both parties. The first payment is also required upon contract signing.

If the purchase is an off-plan property, the contract will have to include a schedule of payments, which will be connected to the progress and completion stages of building.

In short:

  1. An agreed reservation fee is made to the vendor.
  2. 40% of agreed price upon signing the agreement.
  3. 20% of agreed price upon completion of foundations and skeletons.
  4. 20% of agreed price upon completion of brickwork and rendering.
  5. 10% of agreed price upon completion of flooring and carpentry.
  6. 10% of agreed price upon delivery of the property.

For every stage that is completed, a letter from the architect is sent to the lawyer confirming completion, to inform their client that payment is due.

Step 3 – Taxation and Registering the Property
Once the contract of sale has been signed by all parties, the purchaser is liable for payment of stamp duty at the rate of 0.15% of the market value of the property up to  €170,860 and 0.20% for over €170,860.

The contract must be stamped within a thirty day period from signing. This must be done in order for the Land Registry to accept deposition of the contract, which is done as soon as stamp duty is paid.
Once the contract is accepted into the land registry office, the property is safe-guard and can not be sold to anyone else.
 

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