Customer Guide to Buying Property in Cyprus
Property Purchasing Procedures through Four Vision Development 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 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. 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
With all requirements complete, the purchaser is now eligible to register his/her name at Land Registry to officially own the property. If you are unavailable physically, a solicitor will take care of all the requirements with the use of the power of Attorney. You will be informed once the process is complete and valuation forms of your property have been filled to calculate your property’s value.
Once this is done, taxes will be the final responsibility to fulfill to completely own your property! These are calculated according to your property’s valuation forms, which would have been signed by the solicitor.
· The Land Registry Transfer Fee is 6%. For the first-time purchaser or investor, the government provides a once-in-a-lifetime offer to reduce the cost by 3%. At the time of ownership transfer, you will be available to take this offer, in fact, you will be given the option to choose whether you want to take it or not!
· You will need to pay VAT at 5%
· The Stamp Duty fee is 0.5%. You may pay the stamp duty within a month which will cost you only 0.5% of the contract value. If you are not eager to pay within this time, the rate will be increased to 1.5%. It will depend on you whether you want to pay upfront or during the ownership transfer.
