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Real Estate Transactions in Cyprus

Real Estate Transactions in Cyprus

Korpus Prava actively develops its legal support for real estate transactions in Cyprus and provides the following services:

  • Verbal and written consultations;
  • Preparation of all necessary documentation and support in obtaining official documents;
  • Search for the information on any encumbrance relating to a particular property in the Land Registry Office;
  • Preparation and approval of investment contracts and contracts on joint participation in construction;
  • Preparation and approval of purchase and sale contracts and lease contracts;
  • Approval of credit agreements;
  • Registration of agreements at the Land Department;
  • Completion and submission of the required documents for completing the transfer of the ownership rights and registration of the owner’s property title (title deed);
  • Execution of the contract by proxy;
  • Appealing to the Council of Ministers to obtain permission to purchase real estate in Cyprus (if necessary);
  • Recommending estate agents who can assist with finding the property that would meet your wishes and requirements;
  • Opening bank accounts.

Accelerated procedure for granting Immigration Permit to applicants who are third country nationals and who intend to invest in the Republic of Cyprus.

There are 3 main eligibility criteria:

  • Secured minimum annual income of EUR 30 000 from sources other than employment in Cyprus (annual income is increased by EUR 5 000 for every dependant);
  • The Title of the owner or a contract of purchase and sale of a property in Cyprus of a minimum market value of EUR 300 000 (the funds must be transferred to Cyprus from abroad and the contract of sale should already have been submitted to the Department of Lands and Surveys);
  • The deposit of a minimum capital of EUR 30 000 in a Cyprus bank account, which will be for at least three years (the funds must be transferred to Cyprus from abroad).

There is a possibility for a Cyprus company and not for an individual directly to buy real estate:

  • Korpus Prava specialists can register the company in client’s name prior to purchase
  • There is no need to obtain permission from the Council of Ministers when buying property for a residential company;
  • The procedure of purchasing real estate for the company takes less time;

There is a number of tax advantages of purchasing property for a local company.