Buying real estate

Just like any other similar process, buying real estate in Cyprus requires a serious approach and involves a range of obligations. The main steps to acquiring Cypriot property can be described as follows:

• Property search: you can search for property in Cyprus through local real estate agencies, specialized websites, as well as through acquaintances and relatives who have already dealt with such transactions. Choose properties that meet your requirements and budget.

• Ownership verification: make sure the seller has the right to sell the property. The property should not have any encumbrances such as mortgages or liens. The safest and most suitable option for obtaining permanent residency is to purchase directly from the developer.

• Permission to purchase property: if you are not a citizen of Cyprus or an EU country, you need to obtain permission to purchase property in Cyprus from the Ministry of Foreign Affairs.

• Purchase agreement: once you have found a suitable property, draw up a purchase agreement with the seller. The agreement should include information about the seller, buyer, property, price, and purchase terms. Usually, the seller provides their own lawyer who prepares the agreement, but you can hire your own specialist to protect your interests.

• Agreement signing and down payment: when the agreement is drawn up, you must sign it in the presence of the seller or their representative. You also need to pay a down payment, which is typically 10% of the total amount.

• Property transfer of ownership: when all the documents are signed and the payment is made, you can obtain ownership rights to the property. This is done through the Cyprus Land Registry.

• Transaction registration: finally, you must register the transaction with the Cyprus Land Registry and pay the necessary taxes and fees.

However, these are just the basic points, and various “pitfalls” in such matters are often unavoidable. Incomplete documentation, exaggerations or even outright lies in advertisements, unexpected changes in legislation, taxation nuances, or insufficient understanding of the Cypriot culture can all cause difficulties on the path to your dream. To protect yourself and your interests, contact Replace — we provide highly qualified assistance at every stage of acquiring real estate in Cyprus (from property search to transaction registration and obtaining permanent residency).