Cyprus: The Ideal Destination for Real Estate Investment
During the last few years, immovable property transactions have been increased in the Republic of Cyprus since purchasing a property in our country is a straightforward procedure. Such transactions are regulated by Cyprus Law, which affords protection to the right of ownership to everyone, including non-Cypriots who are legally proceeding with the acquisition of a property in the Republic.
Cyprus, an island country in the Eastern Mediterranean, presents a captivating blend of modern living and alluring history, making it an attractive destination for investors worldwide.
Any Immovable Property can be acquired either by
Individuals or by Legal Entities.
Why real estate in Cyprus is a worthwhile investment
Cyprus has always been an attractive destination for expats and their families. Among many reasons, some are the following
If you are buying your home, your holiday place, or investing in any size project, as long as it concerns real estate, the main steps shall be contacted to safeguard your rights.
Steps to be followed
If you are considering splitting your time between your current home and a second home in Cyprus, or you are ready to live in Cyprus, Vasiliou Law can help you implement your decision smoothly and determine if it’s the right decision.
- Due Diligence on the Property by executing compliance checks and ensuring that the Property is transferrable in the name of the buyer prior to executing any payment to the potential seller (to find out and disclose any legal encumbrances and/or burdens, such as MEMOS, Mortgages, Tax burdens, which may be applicable to the subject property);
- Drafting and preparation of the Power of Attorney and relevant representation documents;
- Reviewing, Drafting, and Preparation of the Reservation Agreement and the ‘Contract of Sale ’ and/or Assignment Agreement as applicable;
- Proceed with the Stamp Duties of the Contract of Sale at the District Tax Department;
- Deposit the Contract of Sale at the competent Land Registry;
- Preparing and submitting the application Acquisition Permit of the Immovable Property, along with the requested Documents at the District Office, on behalf of the Clients (applicable to Non-EU citizens);
- Submitting on behalf of the Clients any application and/ or any relevant documents to the Value Added Tax department for the reduced rate of 5% in relation to the purchase of any new Property and collect the approved certificate as well from the competent Value Added Tax Department (if applicable); and,
- Collect and settle all the dues for the Property before the transfer to the name of the purchaser
- Arrange with the competent District Land Registry Office for the transfer of the property in the name of the new owner.
Our Law Firm
As a comprehensive legal firm, we promise to assist you in your property investment journey in Cyprus, right from understanding your unique needs, scouting for the right property, and carrying out due diligence to executing the transaction. We aim to ensure a hassle-free and seamless property-purchasing experience, fostering confident investment in the jewel of the Mediterranean – Cyprus.
As a comprehensive legal firm, we promise to assist you in your property investment journey in Cyprus
Office Contact Details
Address: Pavlou Valdaseridi 2A, Floor 1, Larnaca 6018, Cyprus
Email: [email protected]
Tel No: +357 24727313