The process of buying property in Cyprus

The process of buying property in Cyprus - недвижимость Кипра фото 1

The main task of the Real Estate Developer Vidi Group is to make the process of selecting and acquiring residential or commercial real estate in Cyprus simple and comfortable for each client as possible. The process of buying property in Cyprus includes several stages, each of which is aimed at ensuring that the client can purchase the most optimal property that combine all the requirements and wishes.

STAGE № 1 – Structure of requirements for real estate and the selection of a suitable object

Before proceeding with the selection of real estate, it is necessary to formulate requirements for the object, based on the following characteristics:

  • Budget framework for the purchase of real estate;
  • Desired number of bedrooms;
  • Type of property – villa, town house, apartment;
  • Preferred region of Cyprus;
  • Type of region – village, suburb or city;
  • The purpose of the purchase of real estate – seasonal vacation, permanent residence or investment;
  • The proximity of urban infrastructure facilities – offices, banks, educational institutions, shopping centers, etc.

On the VIDI Group website you will find a special form that you can fill out and note all the necessary requirements for the property. You also have the opportunity to send your requirements and wishes by e-mail, call us by phone or Skype – the company’s specialists will contact you to discuss the requirements put forward and choose the best option.

STAGE № 2 –Visit to Cyprus

You cannot make a serious purchase decision without seeing the property with your own eyes. Vidi Group Cyprus organizes trips to Cyprus to inspect real estate for its customers.

Getting a visa

To visit the Republic of Cyprus, you no longer need to contact the Embassy in person and prepare a package of documents. Now the pro-visa system or electronic visa is operating, the application for which is executed in electronic form and sent by e-mail.

On the website of the Embassy of the Republic of Cyprus you can find a special application form, which must be filled out and sent to the address indicated on the page. You can specify any hotel as a residence address in Cyprus, for example:

  • Mediterranean Hotel;
  • Amathus Hotel and others.

The response from the Embassy also comes to the post office – usually a pro-visa is sent within 24 hours after receiving the application. The received document must be printed out for presentation at the airport during check-in. Upon arrival, this document is also presented at the passport control. Pro-visa is free – a stamp is put in it on entry into the country with the right to stay on its territory for no more than 90 days.

A Schengen visa can also serve as a basis for entry into Cyprus. Upon arrival of the client in Cyprus, a review of the property and the final selection will be organized. After the object is selected, conditions are prepared for processing the transaction.

STAGE № 3 – Purchase of property

The purchase of real estate in Cyprus is a formal legal procedure. In the event that the client wishes to use a mortgage loan, a Cypriot bank will act as a participant in the process. Representatives of the Vidi Group company will help you complete the entire package of necessary documentation for the conclusion of the transaction.

Stages of a sales transaction of real estate in Cyprus (when buying a new residential object with VAT):

1. Making a deposit of a property – a deposit is a percentage of the total value of the property. After making it, the property is reserved for the buyer and withdrawn from sale;

2. Conclusion of a contract with a Cypriot lawyer – for legal support of the transaction, it is necessary to conclude a contract with a Cypriot lawyer.

3. Real estate reservation – usually the reservation of an object is assigned to the buyer for 1-1.5 months. During this period, the legal representative:

  • checks the package of documentation for the property;
  • release the property from encumbrances and liens (if any);
  • prepares a contract of purchase;
  • sends a contract to each of the interested parties.

4. Signing of the contract – after the contract is ready and the transaction is agreed, the buyer arrives in Cyprus to sign the contract of purchase. After that, a payment is made – full or, for example, in the amount of 50% of the total cost. Further, the lawyer with the buyer and the representative of the developer perform:

  • deposit of a contract of purchase in the Land Registry Department;
  • payment of stamp duty;
  • preparation of an application for obtaining permits for the purchase of a property from the Council of Ministers of Cyprus;
  • preparing an application for a value added tax (VAT) exemption.

5. Payment – after the approval of VAT benefits from government, the buyer must pay the remaining amount for the property;

6. Entry into ownership – after full payment, the buyer becomes the full owner of the property and receives the keys. After that, you can start arranging your home – Vidi Group is ready to provide comprehensive customer support in this matter;

7. Verification of the constructed real estate – the Land Registry carries out a comprehensive verification of the real estate, and then issues the Property Deed;

8. Payment of tax – upon receipt of the Property Deed, the Transfer Tax is paid, after which the property owner becomes a full registered owner.

The described procedure may vary depending on certain conditions. Corrections are made when:

  • the buyer have a mortgage loan;
  • the property is under construction;
  • the buyer acquires secondary real estate that is not subject to VAT.
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