Property
How to Buy Property in Cyprus
The property buying process in Cyprus is clear, simple, straightforward and transparent. This makes it an incredibly attractive choice for foreign nationals looking for the best place to buy a property abroad. What’s more, because Cyprus is so keen to attract and retain foreign direct investment, not only is the buying process easy, the ability to get a mortgage is simple and the local regulations governing developers are strict.
Before you buy a home in Cyprus it is important to do your research and due diligence not only on the country and location but also on the developer you are thinking of buying through. Established and reputable developers will have all the appropriate permissions and permits in order to legally build, plus adhere to quality standards such as ISO 9001. When you are researching, familiarise yourself with the build regulations, even down to the type of concrete that is typically used, understand what the minimum build standards are and ensure your developer is meeting and/or exceeding these. Look for historical evidence that your developer is financially secure and has a track record of developments, you can then view the quality of finish of the properties and check to see if they were completed on time and to the planned specifications.
There are two types of title deed to be aware of in Cyprus, freehold and leasehold. The system of leasehold ownership is very uncommon, but where it does exist the buyer will own the right to the real estate for a fixed number of years. Most people prefer and even insist on buying freehold property. You should always check with your estate agent, developer and ultimately your solicitor that your property is freehold.
The property buying process in Cyprus works like this: -
1) A buyer identifies a property that they would like to purchase and a price is agreed. A Reservation Deposit Agreement is then signed and a deposit paid. The deposit will vary but will be at least 1% of the purchase price and this money is paid ‘subject to contract,’ meaning that the deposit is lost if the buyer withdraws from the sale but would be returned if the vendor withdrew or the buyer’s solicitor found something wrong when conducting searches.
2) The property is withdrawn from the market for an agreed period that is usually a month whilst the buyer’s solicitor conducts all searches to ensure that clean title will be passed to the buyer, that the vendor has the legal right to sell and that there are no debts on the property for example. When all searches have been carried out satisfactorily, the sale proceeds to signing the Contract of Sale. The buyer then has a fixed period in which to make payment to the vendor.
3) Possession of the property comes when the home is passed to the buyer and it is at this stage that utilities are connected and the buyer can officially establish their rights in Cyprus and obtain residence etc. The title deed transfer follows. If the property is a resale then the transfer is usually immediate, if the property is a new build then the process can take a number of years but the home is secured as being owned by the buyer because the purchase contract is signed, stamped and registered with the land registry.
Those who require a mortgage to buy a property in Cyprus will be pleased to learn that the commercial banks in Cyprus lend to overseas buyers with a loan to value rate of up to 80%. More good news comes in the form of a double taxation agreement in place between Cyprus and the UK and most other European nations too. This is especially good for pensioners retiring to live in Cyprus from Britain because, according to tax experts Grant Thornton, the first EUR3417 of their pension income is tax exempt and then the rest is only taxed at 5%. Alternatively expat retirees can opt to be taxed under the standard tiered rules, resulting in the first EUR19,500 being untaxed, rising to a rate of 30 per cent on pension income above EUR36,301 and because of the double taxation agreement, no additional tax is required to be paid in the UK.
As you can see, not only is buying a property in Cyprus incredibly straightforward and simple, the most experienced, longest standing and best developers on the island guide and assist their clients through the entire process – whether they are buying a brand new home from the developer or purchasing a resale property.
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