Cyprus Property Deals
Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to purchase and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government.At this stage, a deposit is lodged with a Lawyer or a Notary.The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.
Upon signing a contract, the Purchaser is liable to pay stamp duty which amounts to 0.115% of a purchase price up to CY 100.000, and then at a rate of 0.2% on any buy price in excess of CY100.000.Land registry fees are payable when the owner ship of the property is transferred. This is on a sliding scale, ranging from 5% to 8% depending upon the value of the property.
Permission will be granted to company for the acquisition of property, provided that it is for its own use. Offshore companies could therefore, acquire property within the above limits.Generally the permission won’t be granted if the property is to be used for letting to others, commercial exploitation or speculation.
Upon the issue of the covering permit or, if this is not required, an application must be made to the Appropriate Authority for the issue of a certificate of final approval.When this is issued, it will have to be deposited at the District Lands’ Office so that the registration of the building on the title deed of the land is effected.
By law, a non-Cypriot in Cyprus is entitled to a residence permit but isn’t required to hold a permanent residence permit the latter being simple to obtain once certain stipulations are fulfilled. You need to submit an application and provide proof that you and your family are self supporting. The following documents must accompany your application: A copy of the sale/rental agreement Duplicates of pension/retirement income Any other document(s) relevant to income Three photos and passport(s) The application for permanent residence might be submitted to the local immigration office in the area of residence.
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