Although buying a home in Cyprus is slightly different to buying in the UK, the process is very straight forward and our experienced team are on hand to guide you through the process.
In simple terms, the basic steps to buying a home in Cyprus are:
The legal system in Cyprus is largely based on the English system, and safeguards the buyer’s rights in many ways. The Land Registry in Cyprus provides a simple and effective legal instrument which is called “Specific Performance”. Once the Sale Agreement has been signed and a deposit paid, the contract is registered at the Land Registry. This protects the buyer’s ownership rights until the deeds are transferred into their name. This contract, once registered cannot be withdrawn by anyone and therefore the property cannot be sold, leased, transferred or mortgaged. Only the purchaser is able to alter this.
RJ Overseas Property can suggest several solicitors who work directly for you and protect your interests throughout the entire process, Legal Fees are approx 1% of the purchase price.
In addition, and as a guideline, you can also expect to pay the following costs:
The rate payable in Cyprus is:
|5,001||170,000||1.5 euro per 1000 euro value (i.e. 1.5 per thousand)|
|170,001||Any above||2.0 euro per 1000 euro value (i.e. 2.0 per thousand)|
For example a property sold for 250,000 Euro’s will carry stamp duty as follows:
|The first||5,000||Carry a zero rate||0|
|Next||165,000||Carry 1.5 per thousand||247.50|
|The rest of||80,000||Carry 2.0 per thousand||160.00|
|250,000||Total charge||407.50 Euro’s|
|Property Value||Transfer Fee|
|Up to € 85,430||3%|
|€ 85,431 – € 170,860||5%|
|€ 170,861 and over||8%|