Buying a holiday home in Cyprus can be an exciting investment opportunity that allows you to enjoy a beautiful Mediterranean destination while potentially generating rental income. However, like any property purchase, it requires careful planning and research to ensure you make the best decision for your needs and budget.
Reservation of the property
To reserve the property, you must pay a non-refundable reservation fee, and then we will take the property off the market for an agreed-upon period. We state that the property will not be available for sale to any other buyer.
Appoint a lawyer
We highly recommend appointing a lawyer. The lawyer will ensure the proper execution of all necessary paperwork by drawing and filing them with the authorities. The lawyer will also safeguard your rights and watch your interest.
Execution of Contract
Your lawyer will review the contract, execute it properly and negotiate any necessary changes to ensure no further legal issues arise.
Application for reduced VAT
For new properties, the standard VAT rate applied is 19%. You can use it for a reduced 5% VAT rate for a primary residence. On the approval of the application, an appropriate certificate is issued.
Land Registry Office
Registering the Contract of Sale helps you protect your property until the authorities issue the deeds. Your lawyer will advise you to submit your bank and character references along with the registration.
Acquire Immovable Property
You must obtain a permit to acquire properties in Cyprus, which applies only to Non-EU citizens. After executing the purchase agreement for the property and finalizing the deal, you submit the application.
Title Deeds Transfer
In this final step, you and the seller present yourselves at the Land Registry Office to complete the transfer, and you must pay the transfer fee. We recommend you use the services of a lawyer specialising in real estate. It is important to approach the process with careful planning when buying a holiday home in Cyprus to ensure that everything is made with ease.
Check this out on our Instagram page:
