THE LEGAL AND BUYING PROCEDURE
A Reservation fee of Euros 3450 is submitted to the developer to reserve the relevant property and fix the price. The reservation fee is typically non-refundable.
The Contract of Sale is the completed and signed and the 30 % initial stage payment is made to the developer through your lawyer. It is highly recommended that you use the services of a Cypriot based lawyer. We generally introduce clients to our lawyer who is based in Paphos, speaks excellent English, offers very competitive rates and is totally independent
of the proberty developers.
Stamp duty is then due on the property as follows:
Up to Euros 171 000 0.15 % ( Euros 2.56 per 1710 )
Over CYP 171 000 0.2 % ( Euros 3.42 per 1710 )
Specific Performance
The Contract, once duly signed and stamped, must be deposited at the land Registry.
This is done by your lawyer. This measure ensures that the developer performs as per
The Contract and also prevents the property from being resold to anyone else, hence
safeguarding the buyer until completion of the property.
The Counticil of Minister`s Application
As an alien you have to apply to the Council of Ministers to purchase a property in
Cyprus. This should be applied for by your lawyer and is a formality.
Stage Payments
Stage payments are then typically paid during the development period, however we
have secured some unique options for our investors to reduce the level of investment
during the development period, and to therefore provide them with significantly
greater returns on their investment.
For more details on the payment options and achievable returne please click here
Completion
On completion of the development, the outstandig balance should be paid, either
through your own funds or from a mortgage.
Property Transfer fees are necessary to transfer the property to your name as soon as
the Government authority has issued the Titel Deed and the purchase has been settled.
Transfer Fees are as follows:
| Up to Euros 85,500 | 3% |
| Euros CY 85,501 - 171,000 | 5% |
| Over Euros 171,000 | 8% |
For example :
| Purchase price of Euros 265,500 | |
| Up to CYP 85,500 | Euros 2.565 |
| Euros 85,501 - 171,000 | Euros 4,275 |
| Euros 171,001 - 265,500 | Euros 6,840 |
| TOTAL | Euros 13,680 |
Mortgages and Finance Options
There are a variety of ways in which to finance the purchase of your property and
these will vary upon the requirements of the purchaser. The purchase could be
financed in the UK through the equity in your existing home or it can be financed in
Cyprus.
G.XCEL HOMES have strong relationships with the major Cypriot banks and as such
can introduce our clients to the relevant bank top provide access to unique products
including low contribution, 5 year interest only mortgages, 25 year repayment
mortgages, balloon payment mortgages and bridging loans. These are all subject to
status and proof of affordability.