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Should I use an Attorney when buying property in Cyprus?

Should I use an Attorney when buying property in Cyprus?

Should I use an Attorney when buying property in Cyprus?

It is a known fact that if you are contemplating spending your hard earned cash on buying property in Cyprus, you should do so through a reputable attorney. There are a lot of unscrupulous people in the property industry who are looking for the opportunity to separate you from your money! You could end up paying a lot more for your property in the long run by being scammed, rather pay the extra funds to a recommended property Lawyer, so that you have peace of mind and also to expedite the whole process. Having someone experienced to act on your behalf will ensure that all the proper documentation is filled with the correct government offices and that the whole transaction is above board. A good lawyer will offer you advice and guide you through the whole process.

The average lawyers fee in Cyprus for property transactions could be €2000 to €3000, depending on how complicated the property purchase is. There are certain things that need to be investigated before you can purchase a property. What if there is an existing mortgage on the property? You would not be able to get title deeds for the property unless this mortgage is paid. There could be other outstanding fees or even permits and building permission for the property, finding out about these problems would be the duty of your lawyer, which would make it a lot easier for you, as it is difficult for an individual to get this sort of information especially when they have no idea where to get it from.

Non-European citizens will need to apply for Permanent Residence or apply for Citizenship by Investment, in this case, it is crucial that you hire an attorney to represent you. They will be able to advise you on what the minimum requirements are and you could even be steered in the right direction regarding investments and other criteria that are required. Applying for a Cypriot Citizenship and by extension EU citizenship usually takes a few months, when done in the correct manner. If you go it alone you will most definitely find that it will definitely take a lot longer and the whole process can be time consuming.

 If you do not have an attorney, you can either use recommendations from friends or ask around to see which law firm has the best reputation in property law. Top law firms in Cyprus that have practiced law for decades and are experienced in real estate law are probably your best bet. There are many websites with lists of practicing lawyers in all towns, these websites will give you a list of all the law firms in Cyprus

All lawyers in Cyprus speak English fluently, some offices even have Russian and other nationals working with them so that they can have good and clear communications with their clients. If you are not going to be in Cyprus during the procedure of acquiring a property, then the best thing to do is give your lawyer an unlimited Power of Attorney so that he or she can act on your behalf.

A good property lawyer with a power of attorney from you will be able to perform the following duties on your behalf:

  • Apply for Permanent Residence
  • Apply for Citizenship and a Cypriot Passport
  • Advise on investments required to  obtain Residence of Citizenship
  • Find out who the property belongs to and let you know if it can be transferred into your name free and clear.
  • Your lawyer will draft and finalize the purchase contract as per your instructions
  • Apply for necessary clearances so the property can be registered in  your name
  • Apply for permission to purchase property in Cyprus
  • Find out and pay for all the necessary taxes and stamp and transfer duties
  • Facilitate all the necessary documentation that need to be supplied to the various government departments.

It is of the utmost importance that you hire a reputable property lawyer when applying for permanent residence or citizenship and when purchasing a house in Cyprus. There are many pitfalls that can be avoided if you get the correct advice from the beginning.

Below we have listed a few websites that will help you in your search for a competent lawyer in Cyprus.

http://www.cyprusprofile.com

http://www.lawyersincyprus.com

https://www.hg.org/firms-cyprus.html

http://www.lawyersincyprus.com/page/top-law-firms-in-cyprus

http://www.legal500.com/c/cyprus

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