Sunny seashores, snow-white sand, thick green shade… Life on the Mediterranean coast seems cloudless. I really want to have some fun there! If your budget allows, this is what you should do — buy property in Cyprus.
This is a rather complicated procedure, but MySpace real estate agency will help you sort out the formalities.
Rules
People who are not EU citizens or residents of Cyprus are not allowed to buy commercial property. Only residential housing is available to them. You can only purchase one object, and its area should not exceed 4014 m2. The purchase amount is not limited. The place is the same: you can buy everywhere.
To choose the optimal property, you need to inspect the property in person or with the help of a realtor. The selected accommodation must be reserved before purchase. This removes the property from sale and fixes its value.
If you do not have EU citizenship, you must obtain a purchase permit. This is rather a formal step; they very rarely refuse.
Money for real estate can only be paid through Cypriot banks. But remote payment is possible: you don’t need to come to the country to purchase. In addition to the cost of housing, you will have to pay tax and stamp duty. The basis for the transfer of funds is the purchase and sale agreement concluded with the seller. Compiled in English. After payment, you need to obtain permission to register, and then register the property. From the moment the buyer receives the registration certificate, he becomes the full owner.
Adviсe
To prevent properties for sale in Cyprus from causing any unpleasant surprises, it is better to check it with a professional realtor. He knows all the weak points and tricks of sellers, and will tell you which option is best among those available. Also, the help of a qualified lawyer will not hurt: he will check the object, ensure its legal purity and safety.
It is better to take a translator with you to negotiations. This ensures that the interlocutors understand each other and that the terms of the agreement will be convenient for everyone. It is also better to translate the contract, and the translation must be certified, otherwise it will not have legal force.
In addition to housing costs, taxes and stamp duty, utilities and maintenance must be included in the budget. You will have to pay the minimum amount immediately. Many foreigners, having assessed the potential costs, take out a mortgage on real estate. This is possible, although the conditions are not very forgiving. If you don’t have the required amount on hand at one time, a mortgage becomes the only option.
