The process of registration of a transaction for the acquisition of real estate in Cyprus
The transaction can be made for the acquisition of land, ready or under construction housing.
Real estate in Cyprus is acquired as follows. First, an object of purchase is selected, then you need to open an account with a bank in euro. After that, a deposit is entered, which in case of refusal of the purchase is not returned.
The contract of sale itself must be drawn up in two copies and signed within a month after making a deposit.
After signing the contract, it is necessary to provide the Council of Ministers of Cyprus with a copy of the passport and an application for approval of the purchase within another month. Also, within a month, a coat of arms should be made.
After receiving the right of the owner, a foreign citizen who bought real estate in Cyprus is obliged to pay annual tax, the amount of which depends on the value of the purchased housing.