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BUYING PROPERTY IN THE REPUBLIC OF CYPRUS- GUIDELINES TO PROTECT YOUR INVESTMENT 

  1. Always seek Professional Legal Advice.
  2. Insist on land registry searches being undertaken, and obtain copies of the searches. Conducted searches reveal encumbrances (problems) which may exist with the estate.
  3. Request that Company and Bankruptcy searches are instigated. A person who is declared bankrupt has no legal capacity to sell or enter into legal contracts.
  4. Providing the above are satisfactory, then and only then, should you proceed to enter into Legal Contracts (conveyance).
  5. Request that the contracts comply with current legislation, (both EU and Republic of Cyprus). Please ensure that the following terms appear in the contract.

     

    • The contract must include retaining money until Title deeds are issue and / or transferred into your name by the Land Registry office.
    • 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 are released.
  1. On the signing of the contracts, twenty five percent of the agreed purchase price must be paid to the seller, (ENSURE FINANCES HAVE BEEN ARRANGE).
  2. Upon exchange of the Contracts all contracts must be certified at the Income Tax Office.
  3. The 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.
  4. Application 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.
  5. Await the issue of separate title deeds in your name. This is when stamp duty is payable.

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