Cyprus Estate Agents Buyers Guide
Do you have your funds in a currency other than Euros?
Most Clients think it's too early to speak to our currency department, but this is the most important time as they will make you aware of all the legal and financial intricacies involved in buying a Cyprus Property.
Once you have that initial contact you can then reach out whenever you have some questions going forward and they provide this at no cost.
The main benefit is that they save our clients up to 4% on the total purchase price of the property versus the bank when sending money to Cyprus. On average our currency department is 50% cheaper than other FX companies in the industry.
Meet (in person virtually or over the phone) your own or one of our recommended lawyers to discuss the necessary steps in purchasing a property in Cyprus. They will be on standby to check out any property that you intend to purchase.
The first consultation is free of charge and has no obligation - but will set you on the right track!
The lawyers would advise about:
1.1 Proof of funds – every buyer has to provide it in Cyprus. Essential!
1.2 Operating bank account or specific clients account – required documents – necessary for the buying process.
1.2 POA
1..3 Residency
1.4 VAT
1.5 Operating a company
1.6 Anything else that will relate to your situation.
With over 20 years of experience working with the many lawyers, we are happy to recommend the best experts in the field who provide themselves to be the most efficient and trustworthy!
The process of making an offer is done by using our offer form below.
Once an offer has been submitted we will always negotiate on your behalf getting you the best price for the property.
*Please are refer to our buying costs section at the top before making an offer.
Cypress procedure requires clients to pay a reservation fee in order for the property to be removed from the market and future viewings cancelled usually, SLV will hold the deposit until completion.
The deposit amount depends on the property price and can begin from €3,000 up to €20,000.
The deposit is only affordable if they are major problems with the property - structurally or legally & also if the owner decides to pull from the deal.
*Deposits may not apply if buying a repossession, please see the repossession category.
The process of due diligence, contract negotiation and contract signing takes approximately 30 days depending on a case.
Stamp duty will need to be paired within 30 days.
When it comes to registration of the contract at the Land Registry – buyer pays 30-40% of the purchase price.
In the meantime the vendor is going through the process – Tax Clearance – this can take up to 3 weeks.
Once separate title deeds already, the buyer and seller present themselves at the Land Registry office to complete the transfer. If applicable, the buyer pays transfer fees and remaining of the purchase price.
Finally lawyers complete the process by transferring bills in buyers name and getting the keys.
Congratulations, sale complete.
