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Buying Property through a Company in Cyprus

Buying Property through a Company in Cyprus

Buying property through a company in comparison to buying as an individual, has many advantages especially with taxes. If you have a limited liability company, you are entitled to buy as much property as you want, without any restrictions. With a company you can purchase any type of property including land without requiring any permission from the Council of Ministers which is the case with non EU citizens buying privately.

How to go about setting up a business in Cyprus

How to go about setting up a business in Cyprus

Cyprus has come a long way in its objective to attract foreign investments. Procedures needed to start a business and register a company have been simplified and in most cases foreign participation can be up to 100%. Now that Cyprus has joined the European Union, EU citizens can open their own business without any restrictions apart from categories in financial services, which are still subject to strict regulations

What you need to know when buying Property in Cyprus

What you need to know when buying Property in Cyprus

Location, location, location. Decide what it is you want, are you interested in purchasing a property as an investment? Are you looking for peace and tranquility with a house near the seafront? Do you have a young family and need to be near the best schools?  Whatever your needs are, with all the properties available, you will surely find something within the criteria you want. Once you have considered all your requirements, then it is time for research. There are thousands of properties for sale, finding the right one for you will take a bit of time and the right approach. Start with the online property sites, Property Cyprus.com is one of the best sites available, be prepared to go and see what’s available, and when you find your dream home, negotiate the best price. When buying property in Cyprus you should adhere to the following steps.

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.

Taxes and Cyprus Real Estate

Taxes and Cyprus Real Estate

Like anywhere else in the world, taxes and fees are added onto the costs of property purchases in Cyprus. When you take into consideration the new laws and the fees that you, as a buyer, are liable for, the cost is moderate in comparison to other countries. When purchasing property in the Republic of Cyprus, you should be aware of what these extra charges will be. The costs start the minute you accept an offer, as you will be required to put down a small deposit which is not refundable. After the contract is signed it is expected, in most cases, that 20% - 30% of the purchase price is paid as a deposit. The remainder will be paid according to your agreement with the seller, which will be clearly stated in the contract. 

Power of Attorney in Cyprus

Power of Attorney in Cyprus

Many people who have bought property in Cyprus have found it necessary to appoint someone to take care of their transactions while they are away. To be able to do this legally it is necessary to give your representative a power of attorney. It goes without saying that if you are going to give someone the authority to act on your behalf, especially with financial matters, it is of the utmost importance that this person is trustworthy. Unfortunately there are some unscrupulous people who have taken advantage of this powerful document and managed to embezzle money and property from their rightful owner. Finding someone you can rely on to do what is necessary, must be a person that you can trust to act in your best interests.

Why Invest In Cyprus Property

Why Invest In Cyprus Property

The Location and its PeopleCyprus has a unique geographical location. Situated at the crossroads of Europe, Asia and Africa, this strategic position makes the island a well-known and respected financial center. Cyprus has always had good relations with its neighbours and a co-operation between countries such as Greece, Israel, Lebanon, Syria and Egypt still exists and is mutually beneficial. Apart from its enviable position in the Mediterranean Sea, Cyprus enjoys the most amazing weather with over 300 days of sunshine a year. The low cost of living, and the comparatively low crime rate, makes Cyprus a place where quality of life is almost guaranteed. The Cypriot people are friendly and very hospitable and they will make you feel welcome in their country. Medical facilities are considered to be some of the best in the area, and there are public and private hospitals in all the major cities with highly qualified medical staff. The Cypriots put a lot of emphasis on education and spend over 7% of the GDP on education. The result is excellent private and public schools throughout the island and Colleges and Universities are well known and said to accommodate over 10,000 foreign students from the area every year.

Who Can Buy Property in Cyprus?

Who Can Buy Property in Cyprus?

The process of purchasing property in Cyprus is relatively simple, in comparison to other European countries. All foreigners can buy property in Cyprus, there are no restrictions, as long as the correct documentation is supplied, and the applicant does not have a criminal record. All non-Cypriots need to apply to the Council of Ministers for permission to buy property, and as long as they fit into the following criteria, the granting of permission is more or less guaranteed.

Property Maintenance  in Cyprus

Property Maintenance in Cyprus

All homes need to be maintained, especially if you only use them for a few months of the year. Now that you have purchased your dream home in Cyprus, your priority will be to keep your property in tip top shape, and the only way to do this is to find trustworthy and reliable people to take care of your investment while you are away. Apart from keeping the property in good shape, ideally you will want your home clean and well maintained when you arrive back in Cyprus.

Lawyers in Cyprus

Lawyers in Cyprus

The professional body that represents over 2700 lawyers in Cyprus, is The Cyprus Bar Association which was established in 1960. All lawyers that are members of the Association are issued with identity cards which they present in Court or to any other Public Authorities. If you are looking for a lawyer in Cyprus, its best to make sure that they are members of the Cyprus Bar Association.

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