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F.A.Q.

Question 

Am I entitled to buy property in Cyprus, not being a citizen of the Republic of Cyprus?

A foreigner can acquire only one property in Cyprus i.e. one house, flat, land etc. In case of land this shall not exceed 4014 sq. m. in extent. * 1 donum −1338 sq.m.

Question

How much does property cost in Cyprus?

Cost of the property depends on its size, location, distance from the sea, urban infrastructure and, of course, condition. The Cyprus property market has a wide price range, from budget options to luxury real estate. (Price range from EUR 1,500 to EUR 10 000 per square meter)

Question

What type of property ownership is accepted in Cyprus?

Cyprus has only one type of ownership, which is an unconditional right of tenure.

Question

What is a «Title Deed», and how to get it?

A «Title Deed» — is a document, that guarantees right of ownership of property. This type of document is received when the property is registered at the Land Office. In carrying out this procedure, a registration fee is paid, which depends on the property’s market value. When issuing title deeds, the purchaser’s name is recorded in the government archives. When buying a property which is under construction or a recently completed project, as a rule, just a registration of the contract is confirmed, title is issued to a developer only after an inspection by a special commission, which compares the finished project with the previously approved plan for construction. Usually this process takes about 2 years. The absence of this document does not limit you to conduct any operations with this property — sales, leasing and putting it up on bail bond, etc.

Question

Is it difficult to transfer the property to my name and how much does it cost?

The transfer process of real estate to the name of the new owner is a very simple procedure. You only pay the registration fee in the District Branch of the Land Registration Office. Value is calculated as follows, based on the value of the property.

Question

Following the acquisition of the property, what kinds of fees and expenses will we face?

Monthly payments. If you have a house or apartment in the complex, with common areas (garden, pool, tennis court, etc.) then you pay for data service territory. Depending on the type and area of property, amount may vary from 30 to 70 EUR per month.

Every two months you receive electricity and water bills: Electricity — the cost per one kilowatt is 0,36 EUR Water — the cost per m3 is 1,84 EUR Taxable value of EUR rate annual tax Up to 170,860 EUR 0% 170,861 EUR — 427,150 EUR 0,25% 427,151 EUR — 854,300 EUR 0,35% More than 854,301 EUR 0,40%

Question

Do I need to insure property in Cyprus?

Property in Cyprus is subject to compulsory insurance only if it is purchased on credit. If not, then the question of property insurance is your personal choice.

Question

When buying a property, is hiring a lawyer necessary?

Buying Property in Cyprus is a simple and safe procedure in which the involvement of an attorney is not absolutely necessary. If we are faced with an unusual case that requires further consultation, we recommend referring to our reliable, highly qualified partners. Detailed information can be found here: http://www.aretilaw.com

Question

When purchasing real estate, is it possible to count on obtaining a residence permit?

When acquiring real estate worth more than 300 000 EUR, you are eligible to apply for residency permits. But at the same time you will also need to provide documentation of your annual income from abroad and to prove the documented stability and independence of your financial situation.

Question

Can I sell property in Cyprus to receive the cover sheet?

Yes. Cypriot law is based on the British model, therefore, all property rights are protected, and you can conduct any real estate transactions to obtain the title page.

Question

How can I get reliable information on the construction of the acquired object?

Our experts continuously monitor the process, taking pictures of each stage of construction and send it to you as a report via mail. If you have the opportunity to come, it is always possible to have a tour on the facility.

Question

Should the buyer be in Cyprus at every stage of processing of the relevant documents?

This is completely optional, depending on the instructions regarding the purchase you can instruct a lawyer who will represent your interests. Any information you need will immediately be given by our experts or your representative.

Question

Is it possible to use the services of mortgage lending in Cyprus?

Getting credit for buying property in Cyprus is a rather simple procedure, credit can be obtained by citizens of the EU, Russia, etc. The loan amount is typically 60-70% of the purchase price, repayment period — up to 20 years, at an average rate of 4-6% per annum. Banks offer various schemes depending on the conditions of payment and deferred payments. High liquidity and real estate prices make minimal credit risks, which causes less favorable interest rates and ease of procedure.

Question

Which scheme of payment is used for a purchase?

When you purchase the completed project, the first payment is 30-40% of the cost (when signing a contract), and the remaining amount can either be taken as a loan from the bank and paid in accordance with the banking scheme, or in accordance with a scheme drawn up and approved from the company-builder. Upon acquisition of the object under construction, payment terms require tranche payments. For this purpose a contract with the plan for their implementation is prepared and signed.

Question

How is the education system in Cyprus?

In Cyprus, there are public and private schools, characterized by very high levels of education. There are certain schools which operate according to the Russian school curriculum and teaching there is conducted in Russian. Continuing education can be received at accredited universities and colleges in Cyprus. The cost of education in comparison to European standards is quite low. It is also important that, while studying in Cyprus, you or your child can perfectly master the English language.

Question

How is the banking system in Cyprus?

The Cyprus banking system is based on the British model. Cypriot banks are most reliable and efficient, utilizing the latest information technology. In addition to local banks on the island there is a large number of international banks.

Question

How is the criminal situation in Cyprus?

The low crime rate (compared to other Mediterranean countries e.g., Italy, Spain, France) is one of the most important factors attracting foreigners to the island and contributing to buying property in Cyprus.

Question

Can you drive a car with a driver’s license obtained in another country?

All guests of Cyprus can drive a car with the driver’s license of their country, for up to 6 months of continuous residence. Then the license need to be exchanged for the local one or the exam must be retaken to get a Cyprus driving license.

Question

Where can I find information about exporting and importing pets?

Department of social protection of animals can consult you and give advice in regards to the import and export of animals in Cyprus. You can contact the following numbers: (357) 26946961, fax: (357) 26222236. Or visit the website of the Ministry of Foreign Affairs of the Republic of Cyprus, for more information: http://mfa.gov.cy


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