Among the countries with relatively inexpensive real estate available to non-residents, Cyprus stands out. In addition to the wonderful climate and sea coast, buyers are attracted by the tax regime and laws protecting private property. To choose the best option, you should take advantage of offers from MySpace real estate agency.
Property selection
It is important to decide on the purpose of the purchase and select the right object for it. There are commercial and residential options. In the latter case, many people buy a house or apartment as an investment, when they can be rented out and wait for the value to increase.
When choosing any properties for sale in Cyprus, you should consider the following factors:
- The location of the object relative to the sea coast and infrastructure facilities. It is also necessary to determine transport accessibility.
- Features of the area, taking into account the social composition of the population, crime situation, noise in the evenings and at night.
- The absence of encumbrances on the property, are there any restrictions on the area and number of objects. In Cyprus, non-residents are not allowed to own a property whose area exceeds 4,014 square meters. m. It is also allowed to have no more than two real estate options for one private person.
- Availability of all documents defining ownership of the property and the plot of land on which it is located. This is required when choosing objects on the primary and secondary markets.
Purchase and registration process
When purchasing any object, you need to agree with its owner on the final cost and make a deposit. The parties sign a preliminary contract indicating the amount of funds contributed.
Next, foreigners submit an application to the Council of Ministers in order to obtain permission to purchase. Upon approval of the transaction, a purchase and sale agreement is signed, the entire amount is transferred or transferred, unless another payment option is agreed upon.
If the purchase is made on the secondary market, you will need to pay real estate tax when purchasing from the developer – the buyer pays VAT. All information is submitted to the land department of the locality or region where the property is purchased, in return the owner receives a Title to the property. This document certifies the transfer of ownership and ownership of the object.
Purchased real estate can be mortgaged to a bank, given as a gift, bequeathed or sold without any restrictions.
