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Step 1 - Find A Property & A Solicitor
• Step 2 - Exchange Contracts
• Step 3 - Completion
Restrictions
on foreign ownership of property have mostly been lifted and
the formalities that used to be required are no longer needed.
Here's our beginner's guide to buying a property in Cyprus.
With
new builds, it is essential to ensure that
you have a thorough, detailed contract.
Whether new build or resale, when you exchange
contracts with the seller you will be required to make a
20% - 30% deposit, which is normally not refundable if you pull
out.
Step 3 - Completion
Once you've exchanged and paid your deposit, it is just a question
of ensuring all the legal checks have been completed successfully
and of making sure your financing is in place.
If
it's a new build you will have to wait until the build is complete,
but resale properties should be able to move to completion fairly
quickly.
Once you've completed and signed the final contract
of sale, your solicitor will register the deeds with
the Land Registry in Cyprus and advise you of the fees and taxes
you now owe.
These normally include:
Although these may seem a lot, there are fairly generous tax-free bands which usually mean that you only pay tax on part of your property's value.
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Introduction
• Buying A Property In Southern Cyprus – 3 Easy Steps
• Should I Get A UK or Cypriot Mortgage?
• Getting A Mortgage In Southern Cyprus
• Other Things To Consider Before Buying In Southern Cyprus
Buying Overseas Property and Mortgages
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