How to Buy Property in Cyprus

ESSENTIAL GUIDELINES

Buying property in Cyprus is a safe and smooth experience - as long as a reputable agent is used.

Remember that professional agencies will only work with professional developers.

We have a large team of friendly and experienced consultants ready to guide you through every step of the way. Your personal consultant will:

• Help you to find the right property
  
• Introduce a solicitor to handle the contract
  
• Find the most competitive lender (if a mortgage is required)
  

Our unrivalled customer service is driven by the sole purpose of making sure the whole process of buying your dream home is as straightforward and efficient as possible

Please note that FSB Properties Ltd  only sells property in the Republic of Cyprus.

THE BUYING PROCESS - 6 EASY STEPS

• Find the Property
  
• Pay a Reservation Fee - usually € 3,500. This fixes the price and takes the property off the market, pending preparation and signing of Contracts
  
• Meet your Solicitor - prepare the Contract - sign the Contract
  
• Depending on the development, within approximately 4 to 6 weeks, pay balance of the required deposit - normally 20% to 30% of the sale price - less the initial Reservation Fee.
  
• The Contract is deposited at the Land Registry
  
• The remaining balance is paid during the build process - either using personal funds or a mortgage, usually in four stages until the final payment is made on delivery of property
  

USEFUL NOTES

• Cyprus has attractive tax incentives for foreign investors
  
• Since its accession to the European Union in 2004, Cyprus has enjoyed economic stability and is considered to have good future investment potential.
  
• EU citizens can open a business, work, live and buy more than one property in Cyprus.
  
• Buying more than one property creates the prospect of building a property portfolio to generate income (buy to let) - and create capital growth opportunities

OTHER COSTS

• Solicitors' fees are approximately € 1727*
  
• Stamp duty has to be paid by the purchaser within 30 days of signing the Contract of Sale. The rate payable in Cyprus is € 2.59 per thousand up to € 173,000, and then € 3.45 per thousand over and above € 173,000. This is normally paid by the solicitor on behalf of the purchaser and added to their fees.
  
• Title Deed Transfer Fees- when the Title Deeds for the property are issued, a fee is incurred to transfer the freehold ownership to the new owner. These fees are shown below:
  
  
  

  Property Value	Transfer Fee
  Up to € 85,430	3%
  € 85,431 – € 171,000	5%
  € 171,001 and over	8%

  
  
• If the Contract of Sale is in two names the calculated values are halved and applied to each person. For example, the fees for a property valued at € 155,400 in two names would be based on € 77,700 each and levied at the rate of 3% for each purchaser. Note that Title Deeds take approximately 3-5 years to be issued but the property value is calculated at time of purchase, as per Contract of Sale.

*Typical cost - actual cost will depend on property value and legal work involved

Whilst we do our best to provide you with the most accurate and up to date information, we do not take any responsibility for any loss whatsoever occurring from the use of this information and we strongly advise the use of a legal representative to ascertain the latest legal status prior to any purchase. The information provided here is for reference only and is subject to change at any time without any prior notice.