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Purchase process of real estate on Cyprus.

Prior to making the decision to purchase real estate on Cyprus, you, certainly, will want to visit the island, in order to inspect the desired properties. Grekodom Development will take care of arranging all aspects of your trip.

Visa

There is a simplified visa regime in place for the citizens of Russian Federation who wish to come to Cyprus. In order for you to visit Cyprus, you do not have to go to the consulate in person, collect documents and fill out applications. You can simply fill out the visa application form online.

Once you fill out the form, you will receive a pro-visa on your stated email address, that you have to print and present at check-in at the airport. Usually the pro-visa is received within a few hours after having filled out the form. It is also required to present the pro-visa during border control upon arrival. Pro-visa is issued free of charge and gives you the right to stay on Cyprus for up to 90 days.

You can also enter Cyprus with any valid Schengen visa.

Sale and Purchase

Grekodom Development experts will assist you throughout the process of purchasing real estate property. Below we outline a standard scenario of completing a sale and purchase of a property on Cyprus:

1. The buyer makes a deposit, to secure the property.

2. The buyer concludes an agreement with a Cypriot lawyer regarding assistance during the sale and purchase agreement, after which they can leave Cyprus.

3. After the deposit has been received, the property is reserved under the name of the buyer for a period of 1 month. During this time, the lawyer makes the necessary arrangements and prepares everything for the sale and purchase transaction:

  • Checks all documents
  • Arranges for the property to be released off taxes (if such exist)
  • Prepares the document and coordinates it with both Parties.

4. The buyer receives from the lawyer all the necessary documentation and when the deal has been agreed upon, arrives on Cyprus, in order to sign the final Sale and Purchase Agreement and make the first payment. In case there is a general power of attorney, the buyer may sign the sale and purchase agreement remotely and the lawyer will continue to process the transaction independently.

5. Together with the representatives of Grekodom Development company, the lawyer will process all the necessary payments and pay all the fees.

6. Once the agreement is deposited, the lawyer prepares the application for VAT benefits and the declaration addressed to the Council of the Ministers of the Republic of Cyprus, to grant the permission to purchase the property. This procedure is mostly a formality.

7. One all the authorities grant the purchase permission and approve the benefits, the buyer pays the remaining amount.

8. Everything is almost ready, the buyer receives the keys to the new property and can already start home improvements. The buyer can count on full support from the representatives of Grekodom Development in this matter.

9. After checking all the documents, the Land Committee issues the Ownership Certificate to the new owner.

Such a scenario is very general and depends on various conditions and preferences of the buyer:

  • Purchasing real estate with a mortgage;
  • Purchase of a real estate that is being built;
  • Purchase of a secondary real estate that is not subject to VAT;