Cyprus is a country in the Middle East. It is a beautiful island country with a great mixture of lovely nature, history, and beaches. Its official or authorized name is “The Republic of Cyprus.” Cyprus is an entirely fantastic travelling spot. Its engaging culture and glorious cliffs lure the tourists’ attention toward itself. Moreover, tourists are intrigued by its hidden bays and rocky coves. The endless stretches of golden sand in Cyprus are a great marvel of nature.
The Republic of Cyprus is very popular for its real estate. It has been able to defy the threats of terrorism and xenophobia. This step has a very positive effect on the inner ambiance of the country. The Republic of Cyprus shows stable and regular economic growth. Having property in this beautiful island country is worth it.
Investing in Real Estate in Cyprus:
A victorious investment in real estate in Cyprus is one of the best choices to make if you want to make a productive asset. Investing in real estate in Cyprus has many marvellous and incredible advantages. Some of them are:
- Getting a source of passive income.
- Obtaining EU citizenship in 6 months.
- Creating a place for recreation.
Investing in real estate in Cyprus is a critical element of booming and steady growth. Moreover, foreigners not only get residency in Cyprus but also gets permit to work and study there legally. Want to spend your money wisely to secure your future? The best way is to invest in flats or houses in “The republic of Cyprus.” It will give you a wide range of prospects and benefits.
Investing in real estate in Cyprus can even forge income on a monthly basis. It can be in the shape of a net boost in the property’s value or when it is rented out. Moreover, if you bought land to obtain local citizenship in Cyprus, your money can be repaid by selling formerly bought real estate in 5 years. You can invest in Cyprus real estate by buying commercial, residential, and mixed-use buildings.
Cyprus has a wide choice of villas, cottages, houses, townhouses, and apartments. You just need wise advice from a proficient at investing in real estate in Cyprus, and you are good to go. Buying a property in Cyprus is the best way to invest wisely in real estate there. Buying real estate in Cyprus is a straightforward method. It only requires eight simple steps, which are explained below:
1. Property Reservation:
In purchasing a property, property reservation is the main step. You reserve your desired property by placing a non-refundable reserving fee in this step. On paying this fee, the agent takes that property off the market for an agreed period of time. It is a form of guard for the buyer. It assures the contract between the buyer and the seller.
Moreover, it stops a seller from bargaining the sale of that property with another party for a fixed time. This reservation’s top goal is to offer time to the buyer to proceed with the transaction without bearing the risk of losing the property.
2. Lawyer Appointment:
Appointing a lawyer is the 2nd step. The legalities of your intended investment can be navigated with the help of a lawyer. An independent legal lawyer is needed to review the contract, for contract negotiation, and many more. Also, he can guide you properly in all the registration processes. Appointing an independent lawyer is not legally mandatory at all, but it is highly recommended.
3. Due Diligence:
The buyer’s lawyer performs the “Due diligence” or Conveyancing checks. These checks ensure the rightful ownership of the desired property. Besides this, it affirms the existence of the free transferability of the title deed. It is highly guided that conveyancing must be finished before signing the Contract of Sale (CoS).
4. Contract Execution & Negotiation:
Appointing an independent lawyer to buy real estate in Cyprus is highly recommended earlier. A CoS (Contract of sale) is a private contract between the seller and the buyer. The contract of sale is drafted or reviewed by the buyer’s lawyer. This review of the contract can help with the negotiation method. Also, it confirms that the contract is duly executed.
5. Application for a reduced VAT rate:
Investing in real estate in Cyprus has many incredible benefits. One of them is a reduced VAT rate. New properties in Cyprus are subject to a standard VAT rate of 19%. But you can apply for the reduced VAT rate of 5% for your primary residence. It is subjected to specific terms and conditions, which are given below:
- The reduced VAT rate has not been used by the same person earlier.
- Persons who are 18 or older are only eligible to apply for it.
- The property for which it is applied must be the permanent and primary residence for the next ten years.
6. Registration of the Contract of Sale at the Land Registry Office:
It is one of the most crucial steps in buying a property in Cyprus. In this step, the buyer needs to register the Contract of Sale (Cos) at the LRO (Land Registry Office). This registration provides maximum protection to the buyer under the law. Additionally, the buyer has the right to sell the property even before separate title deeds are drafted.
7. Permission to Acquire Immovable Property in Cyprus:
It is applied only to non-EU citizens. This step should be done before the title deed gets transferred. Being a non-EU citizen, you must get permission to acquire immovable property in the Republic of Cyprus.
8. Transfer of Title Deeds:
The last and most crucial step in buying real estate in Cyprus is to complete your ‘transfer of title deeds’ at the LRO (Land Registry Office). The buyer and seller present themselves at the LRO after the separate title deeds are ready. It is done to complete the transfer. Thus, the process of buying real estate in Cyprus is completed.
