Buying Process in Cyprus

When you have chosen a property, it is usual practice to put down a deposit of between £1,000 and £2,000, which represents a legally binding purchase agreement.

Contracts will then be drawn up, outlining the conditions of the sale, usually at this point you will be required to put down a further deposit of between 10% and 30% of the purchase price, 10% is standard for resale properties, and anything between 20% and 30% for new developments.

Contracts will then be sent to the land registry where the buyer must make a written application to the Council of Ministers for approval of the transfer of ownership into the buyers name. This is a formality and there have been no reported cases of UK residents being declined approval. The good news is, you can live in the property while the approval goes through. You will also be required to present bank and character references along side the application.

The balance outstanding is then payable on completion on resale property, however with new-build property you will normally follow a structured payment plan set out by the developer or agent.

All outstanding taxes are payable when your approval is granted.

Typical Fees and taxes

Transfer tax is varied between 2% and 8%, and there is an additional stamp duty of up to 0.2%

Annual taxes are around 3.5% of the property value

Budget for up to 2% for legal fees, agents fees of between 3% and 10% (usually around 5%)

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