PROPERTY IN THE REPUBLIC OF CYPRUS- GUIDELINES TO PROTECT YOUR INVESTMENT
seek Professional Legal Advice.
on land registry searches being undertaken, and obtain copies of the
searches. Conducted searches reveal encumbrances (problems) which may
exist with the estate.
that Company and Bankruptcy searches are instigated. A person who is
declared bankrupt has no legal capacity to sell or enter into legal
the above are satisfactory, then and only then, should you proceed to
enter into Legal Contracts (conveyance).
that the contracts comply with current legislation, (both EU and
Republic of Cyprus). Please ensure that the following terms appear in
- The contract must include retaining money until Title deeds are
issue and / or transferred into your name by the Land Registry
- The contracts must state the date, when title deeds will be
issue and or transferred into your name.
- Ensure that the purchase price includes Fixture and Fittings.
- It is also of the utmost significance that a Warranty period is
stipulated i.e. a period where the Seller has a legal duty to
repair and rectify the property purchased.
- All payments must be subject to a condition precedent that the
building must attain certain levels of completion before payments
the signing of the contracts, twenty five percent of the agreed
purchase price must be paid to the seller, (ENSURE FINANCES HAVE BEEN
exchange of the Contracts all contracts must be certified at the
Income Tax Office.
most important factor is that the Lawyer acting for you provides you
with a Land registry certificate which must ISSUED in your name. This
evidence that the property haw been registered in your name.
to the Council Of Ministers must be filed. This is a mandatory
requirement which authorizes title deeds to be issued for non
residents and non Cypriots.
the issue of separate title deeds in your name. This is when stamp
duty is payable.
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