Buying Property in Cyprus
Buying property in Cyprus is easy
The Journey of Buying
Buying property in Cyprus is relatively easy. The legal system in Cyprus is based on the British model and is widely regarded as being excellent. Here at Vassos Markides Estates Ltd we are committed to making the journey of the buying process straightforward, enjoyable and as easy as possible.
See below a brief description of the steps needed to be taken.
- Find the property you wish to purchase from our vast selection.
- Retain a lawyer. Your lawyer will send to you a Client Care letter setting out their terms of engagement.
- Pay a small deposit to reserve the property. Your lawyer will prepare the Deed of Deposit and Reservation.
- Under current legislation, non-Cypriot citizens cannot own and therefore accept the registration of property in their name without the prior permission of the District Officer. This is a formality (for EU member citizens) but can take a few months to obtain. The relevant permission does not need to be obtained prior to you signing the Agreement for the purchase of the property.
- The Contract of Sale (“the Agreement”) can then be prepared. The Agreement will be sent to you for your approval and once you have approved the Agreement it can be signed by all parties.
“Legend has it that Cyprus was the playground of the gods and it is easy to see why, from the majestic beauty of the mountain peaks to the stunning Mediterranean beaches, Cyprus has it all.”
Signing the Contract
Terms of Agreement and Cyprus Laws.
Signing the Contract of Sale in Cyprus
- As the terms of the Agreement are governed by the Law of Cyprus, it is advisable that the Agreement is signed in Cyprus in order for your lawyer to ensure it is correctly executed and therefore valid.
- Therefore, if you are not able to be present in Cyprus for the signing of the Agreement, it is advisable that you grant a General Power of Attorney to your lawyers. This will enable them to sign the Agreement on your behalf when they receive your instructions to proceed with the purchase.
- You should inform your Lawyer as soon as possible if you wish to grant a General Power of Attorney in their favour.
Signing the Contract of Sale outside Cyprus
- The document will then be sent to you for signing in the presence of a Notary. Once the document has been signed, you will need to ask the Notary to fax a copy of the signed document together with a certified copy of your passport to your lawyer in Cyprus.
- The original document will be sent by the Notary to the Foreign Office for Legislation, through the Apostille procedure. This is the process by which the signature and seal of the Notary are authenticated.
- Once the document has been returned to you by the Foreign Office you will need to forward this to your lawyer in Cyprus.
- You can obtain details of your nearest Notary by either telephoning a local firm of Solicitors or from the website of the Notaries Society.