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Are you looking for a guide to selling property in Cyprus in 2018? To begin with, you will need to hire an overseas property specialist or a UK estate agent who specialises in buying and selling overseas properties.
The UK estate agent will have extensive connections Germany, Ireland, Scandinavia, China and Russia, which is where you are going to find the most likely buyer for your property.
Assuming a buyer has been found let’s consider the legal process associated with selling your property in Cyprus in 2018. Under the Cypriot Law, foreign nationals have the same rights as residents or citizens of Cyprus. But getting a residential status will have many tax benefits which you can take advantage of.
To be a resident of Cyprus, you will have to reside in the country for at least 185 days. Another way to become a Cyprus resident is through the Golden Visa. A non-EU national can get a residency in Cyprus by buying properties here worth 300,000 EUR.
There are some property laws that you should be aware of. Non-EU nationals can buy only one apartment or house in Cyprus, not more than that. EU nationals can buy properties of any size, but non-EU citizens can only buy a property that is up to 4,014 square metres.
Once the permission has been granted for the purchase of a property, there are no restrictions whatsoever on foreigners who own a house or apartment in Cyprus. They can do what they please with the property; they can rent it out, convert it into a holiday rental or sell the property. They are free to do as they wish.
The process of selling a property in Cyprus is very similar to that in the UK in a lot of ways. In fact the legal structure adopted by Cyprus borrows heavily from the UK. So you will not get confused at any stage here. It also helps that all the documents and paperwork are in English.
Once a buyer makes an offer for your property and you accept it, the buyer will be expected to make a deposit of between €1,000 and €5,000 so that the property can be reserved in their name. Such a contract is legally binding and it would take the property off the market and secure it as per the day’s price. You cannot increase the price later, and the buyer cannot ask for a lower price on the property during the closing of the sale.
The contract is legally binding. The buyer is expected to pay at least 20%-30% of the value of the property on the signing of the contract. The remaining sum is paid as according to a set schedule. The payment can be made in instalments. One of the advantages of finding a rich buyer from Germany, China or Russia is that they are likely to pay the whole amount as a lump sum payment.
Just a word on the taxes you will need to pay. Fortunately, you won’t need to pay an immovable property tax as that was abolished in January 2017. You will have to pay a Capital Gains Tax at 20% of the gains. Contact us to know more about the property selling process in Cyprus.