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Property Deeds in Cyprus
Transfer
of property ownership from seller to buyer is accomplished by a
simple procedure through the Cyprus Land Registry Office. This can
be done either by the buyer in person, or by an appointed third
party who has been granted with power of attorney by the purchaser.
In
the case of an overseas buyer, for instance from the UK, evidence
of payment made for the property in foreign exchange must be provided,
as this is a neccessity required for the registration process.
Once
the contract of sale has been signed, it is advisable that registration
be sought at the District Land Registry Office within sixty days
from the contract date. This fully protects the buyer's rights to
the property and provides additional safeguards.
It can take
up to four years for the title deeds to be issued to the property
owner. The deeds themsleves will be registered only in the name
of the buyer, and this document will also be recorded in the Government's
own archives. The Cyprus Government Archives are extremely secure
and confidential, and details are never made public or available
to anybody under any circumstances.
It's worth bearing in mind
that at anytime after the purchase of the property, the buyer may
sell his investment freely, that is provided there is a valid contract.
Taxes and Fees
The transfer of title is usually set in motion once
the Council of Ministers' permission is obtained, and the Central
Bank of Cyprus gives confirmation they have recieved funds for the
purchase of the property. The funds used for the acquisition must
be in foreign exchange, and the buyer must apply to the Central
Bank for certification of this.
Once the transfer is complete
and the Villa or Apartment is registered to the new owners name,
the District Land Registry Office will charge the purchaser a transfer
fee. Considering the time frame from start to finish can often take
2-3 years, the fees incurred to the purchaser by the Council are
not an immediate concern.
The fees, which are based on the market
value of the property at the time of the purchase, are calculated
as such:
CYP 0 - 50,000 - 3%
CYP 50,001 - 100,000 - 5%
CYP 100,000 plus - 8 %
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