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 financial plan.
Reservation of the property
You must make a non-refundable deposit to reserve the property. Once this is done, we will take the property off the market for an agreed period. During this time, the property will not be available for sale to anyone else.
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 interests.
Execution of Contract
Your lawyer will review the contract, execute it properly and negotiate any necessary changes to ensure no further legal issues arise. They will also verify the terms and conditions to ensure they align with your interests and legal requirements. Additionally, your legal representative will provide guidance on any regulatory compliance, check for any hidden clauses or fees, and advise on the implications of specific contract terms.
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
Filing the Contract of Sale safeguards your property rights until the issuance of the deeds by the authorities. Your lawyer will recommend that you provide your bank and personal references at the time of this 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.
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