Buying property in Cyprus is relatively easy. The legal system in Cyprus is based on the British model and is widely regarded as being excellent. Here at Vassos Markides Estates Ltd we are committed to making the journey of the buying process straightforward, enjoyable and as easy as possible. We have provided below a brief description of the steps needed to be taken.
- Find the property you wish to purchase from our vast selection.
- Retain a lawyer. Your lawyer will send to you a Client Care letter setting out their terms of engagement
- Pay a small deposit to reserve the property. Your lawyer will prepare the Deed of Deposit and Reservation.
- Under current legislation, non-Cypriot citizens cannot own and therefore accept the registration of property in their name without the prior permission of the District Officer. This is a formality (for EU member citizens) but can take a few months to obtain. The relevant permission does not need to be obtained prior to you signing the Agreement for the purchase of the property
- The Contract of Sale (“the Agreement”) can then be prepared. The Agreement will be sent to you for your approval and once you have approved the Agreement it can be signed by all parties.
Signing the Contract of Sale in Cyprus
1. As the terms of the Agreement are governed by the Law of Cyprus, it is advisable that the Agreement is signed in Cyprus in order for your lawyer to ensure it is correctly executed and therefore valid.
2. Therefore, if you are not able to be present in Cyprus for the signing of the Agreement, it is advisable that you grant a General Power of Attorney to your lawyers. This will enable them to sign the Agreement on your behalf when they receive your instructions to proceed with the purchase.
3. You should inform your Lawyer as soon as possible if you wish to grant a General Power of Attorney in their favour.
Signing the Contract of Sale outside Cyprus
1. The document will then be sent to you for signing in the presence of a Notary. Once the document has been signed, you will need to ask the Notary to fax a copy of the signed document together with a certified copy of your passport to your lawyer in Cyprus.
2. The original document will be sent by the Notary to the Foreign Office for Legislation, through the Apostille procedure. This is the process by which the signature and seal of the Notary are authenticated.
3. Once the document has been returned to you by the Foreign Office you will need to forward this to your lawyer in Cyprus.
4. You can obtain details of your nearest Notary by either telephoning a local firm of Solicitors or from the website of the Notaries Society: www.thenotariessociety.org.uk
- Once the Agreement has been signed by all parties and the relevant payment made to the Developer under the terms of the Agreement, your lawyer will take it to the local Tax Office where the stamp duty will be paid and the revenue stamps placed on the original document.
- The stamp duty is payable within one month from the date of signing the Agreement otherwise a fine is imposed escalating day by day.
- Your lawyer will then send you a copy of the Agreement for your retention.
- Your lawyer will then file the original Agreement with the Land Registry. Once a Contract of Sale is filed with the Land Registry and once certain conditions are fulfilled, the buyers may apply to Court for the transfer of the Title of the property in question in his/her name thus specifically enforcing the terms of the Agreement.
- Finally when a Completion Certificate issued by the District Office and you are in receipt of the letter of approval to own property in Cyprus, the application for the transfer of Title of the property into your name can be made.