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Cyprus offers an alluring combination of high quality of life, great healthcare, and an unmatched lifestyle.
Discover Cyprus, an island rich in history and culture and full of wonderful experiences waiting to be enjoyed. If you are considering investing or living in Cyprus, everything and everyone you need to know can be found by contacting us here at Global Property Systems.
GPS makes buying a property in Cyprus a painless experience.
Follow our simple steps to a successful purchase.
First, we’ll introduce you to our Local Area Specialist. A CIPS (Certified International Property Specialist) who lives, works, and plays in the region of Cyprus you would like to explore. The following is how our trusted partner will guide you through your property purchase.
1. Property Reservation – Once you find a property you think may work for you, your LAS will prepare an offer to purchase at an agreed-upon price. price. At this time, you’ll be asked to pay a non-refundable reservation fee, and the vendor will take the property off the market for an agreed period.
2. Lawyer appointment – Although not legally mandatory, it is highly recommended you appoint an independent local lawyer. We practically insist that you do so.
3. Conveyancing/Due Diligence – Your appointed lawyer will make the necessary checks to confirm ownership and verify the existence of a freely transferable title. (GPS will place all the documents on our blockchain to ensure a fully transparent transaction. All parties involved will be a party to these documents after confirmation. )
4. Contract negotiation and execution – your lawyer will review (or draft) contracts of sale, help with negotiations, and ensure the contract is duly executed.
5. Application for a reduced VAT rate – (VAT = Value Added Tax.) A standard VAT rate of 19% applies to new properties and is not included in the listed price. You may be eligible to apply for a reduced VAT rate of 5% for a primary residence, subject to terms and conditions.
6. Registration of the Contract of Sale (CoS) at the Land Registry Office (LRO) – Registration provides the buyer maximum protection under the law. After this step, buyers can rightfully sell the property before issuing separate title deeds in their name.
7. Permission to Acquire Immovable Property in Cyprus – Applies only to non-EU citizens and must only be done before the title deed transfer.
8. Transfer of Title Deeds – Once separate title deeds are ready, you’ll meet with the seller and all representatives at the LRO to complete the transfer. If applicable, you’ll pay transfer fees at this time. (Your lawyer will advise you on this.)
There is currently a program called the Cyprus Residency by Investment Program.