A Guide to Buying Property in Cyprus
Cyprus has been a popular area for non national property purchase for many years, either for investment or holiday homes. There are no restrictions on foreign nationals buying property in Cyprus, although permission must be sought from the Cypriot government first.
The Cyprus Property Buying Process
The first step, as previously mentioned is to obtain permission from the government. Once this has been granted and the property has been chosen, a preliminary contract is signed and a holding deposit is lodged with a lawyer or notary. The deposit can be negotiated and can, on occasions be as low as 1%.
Following payment of the deposit, a number of investigations and checks are made into the title of the property which then leads on the the final contract and payment for the property. There will be some different taxes to be paid by the purchaser, but these tend not be to costly.