Customer Guide to Buying Property in Cyprus
Property Purchasing Procedures through Four Vision Development Ltd in North Cyprus!
North Cyprus used to be a colony of the United Kingdom and therefore, the legal system and the currency used on the island remain the same. This comes with some advantages. The main languages used on the island are Turkish and English and therefore, you can find legal documents written in English. Because of the popularity of North Cyprus in Russian-speaking, and European countries, you can easily access solicitors who speak different languages. Due to the investor-friendly laws and regulations in North Cyprus, the process of buying a property for foreigners is fairly easy and Four Vision Development Ltd provides full support during this process. Buying property procedures can also be completed online if a solicitor is given power of attorney.
Selection & Reservation of the Property
- There are many projects and properties in North Cyprus to choose from. Finding the right property can be a tiring process. Our experienced investment consultants help you select the right option suitable for you.
- Once you choose a property, a deposit fee is required for reservation. This allows us to take it off the market for 30 days. When paying this fee, you also sign a deposit agreement which states the agreed price and payment plan for the property.
- Wire transfer, credit card, cash and cryptocurrency payments are accepted.
Sign the Contract
- Contract includes all the terms of sale, property details, specifications, sale price and payment plans, any extras agreed. If you are abroad, the contract is mailed to you, and returned to us with your signature. When you come to Cyprus, we will also provide you with the original copy.
Make the Payments
The first is down-payment, Then contract when the contract is signed the purchaser need to make first instalment to Four Vision Development Ltd . It is important that both parties are agreed to follow up the payment schedule listed on deposit agreement. Also the deposit paid for reservation will be deducted from sales price.
Additional Fees & Costs
The additional coast are:
- The Land Registry Transfer Fee is determined based on nationality and number of purchases (6%, 9%, 12%)
- You will need to pay VAT at 5%
- The Stamp Duty fee is 0.5%.
Note: For international buyers, half of the Land registry transfer fee should be paid during the contract registration.