Rules and requirements for purchasing a home in Cyprus, recommendations from professionals

Buying property in Cyprus is a good investment. Here you can purchase housing, both as an investment and as a place for permanent housing. However, in order for the transaction to go smoothly and without problems, you need to familiarize yourself with the basic rules and requirements, as well as learn the laws of the country. MySpace real estate agency offers a large selection of properties in Cyprus. Together with a professional real estate agency, you can make a transaction as quickly and safely as possible.

What do you need to buy a home?

Citizens of the European Union do not require special permission to purchase housing in Cyprus. However, the transaction must be registered at the local land registration office. Non-EU citizens are required to obtain permission from the Cyprus Ministry of Finance before making a purchase. Payment of tax on the purchase of real estate is also mandatory and depends on the value of the property. Buyers may face value added tax when purchasing a new build property. If you cannot find properties for sale in Cyprus, you should definitely seek the help of professional real estate agencies. They are very familiar with the Cyprus real estate market and will help you quickly find housing in the desired area to suit your personal needs. It is recommended that you hire a local attorney and an independent real estate agent to protect your personal interests. To avoid possible problems, it is necessary to conduct a legal review of the object.

In the case of purchasing housing with a plot of land, it is necessary to clarify the conditions for using the land in accordance with the legislation of Cyprus. Completion of the transaction requires registration of the property in the Land Registry.

Buying a new building

The purchase of a new building is subject to value added tax, but may also be subject to government support programs and incentives for investors. Investors who have made a significant investment in real estate may be eligible for Cypriot citizenship or residency. It is recommended to insure the purchased housing against natural disasters and other risks.

Purchasing a home in Cyprus is a responsible step that requires careful study of the legislation and the real estate market. Finding reliable partners, using qualified legal support and following the rules is the key to a successful and carefree transaction.