Purchasing real estate is a significant event that requires attention to detail and confidence at every step of the transaction. But what if you can’t be physically present in Cyprus to buy the property you desire? In 2024, remote property purchases in Cyprus have not only become possible but also quite convenient thanks to modern technologies and professional legal support.
You can avoid lengthy trips, flight costs, and accommodation expenses by managing the entire process remotely. However, remote purchasing requires careful planning, an understanding of all legal aspects, and working with reliable professionals who will represent your interests on the ground.
In this article, we will explain how to carry out a transaction remotely, minimize risks, and make the purchasing process as comfortable as possible. Whether you are looking for a cozy apartment for a holiday or planning to invest in a villa on the coast, you will be able to go through each step without having to visit Cyprus in person.
Remote property purchases involve several key stages: selecting a property, granting power of attorney to a lawyer, conducting a legal check of the property, signing and depositing the sale and purchase agreement, as well as making payments and completing the transaction. If you plan to obtain permanent residency in Cyprus through investment, the lawyer will also assist you in processing all the necessary documents.
Let’s break down each stage in more detail so you can confidently manage the process even when you’re far from Cyprus.
Contents
- 1 Preparation: Selecting the Property
- 2 Interacting with a Lawyer: Granting Power of Attorney
- 3 Legal Verification and Reservation of the Property
- 4 Signing the Sale and Purchase Agreement and Registering the Transaction
- 5 Payment and Completion of the Transaction
- 6 Registration of permanent residence by investment
Preparation: Selecting the Property
Tell us about your preferences and expectations for the property you want to purchase. We will listen carefully to select the ideal options that meet your requirements. We will then organize video viewings for you so that you can explore each property in detail from the comfort of your home. Our specialists will be your reliable partners, providing all the necessary information and support throughout the purchasing process.
Interacting with a Lawyer: Granting Power of Attorney
Once you’ve decided on a property, the next step is to engage a lawyer. This is a key moment, as the lawyer will represent your interests at every stage of the transaction. For this, you need to grant a power of attorney, allowing the lawyer (often referred to as an advocate in Cyprus) to sign documents and interact with government authorities on your behalf.
The process of granting power of attorney is straightforward but requires attention. You will need to visit a notary in your country to prepare the document. After that, the power of attorney must be apostilled to be recognized in Cyprus. The document is then translated into English or Greek and sent by courier to the lawyer in Cyprus.
Legal Verification and Reservation of the Property
The lawyer will conduct a thorough check of the property to ensure it is legally sound. This includes verifying ownership rights, the absence of debts or encumbrances, and ensuring that all documents comply with legal requirements. This stage is critically important for you to be confident in the security of your investment.
After the lawyer completes the check, you will need to make a deposit, which typically ranges from €3,000 to €10,000, depending on the property’s value. This confirms your intention to purchase the property and secures your right to buy it.
Signing the Sale and Purchase Agreement and Registering the Transaction
Once the reservation agreement is signed, all checks are completed, and the deposit is made, the lawyer will prepare the main sale and purchase agreement. This document will be signed by you or the lawyer on the basis of the power of attorney. Signing the agreement is a crucial stage, after which the lawyer will deposit the transaction with the Cyprus Land Registry. However, it is important to remember that the deposit only occurs after you have paid at least 30% of the property’s value and completed the KYC (Know Your Customer) procedure.
Payment and Completion of the Transaction
If you are purchasing a property during the construction phase, payment will be made in installments as construction progresses. This means you will pay in parts, allowing you to better plan your expenses and reduce financial strain.
After construction is completed and full payment is made, you will receive the title deed for the property. However, if it is a new build, the title deed may not be issued immediately. Typically, this process takes from 1 to 3 years after the construction is completed. This is a standard procedure. The main document confirming your ownership rights until you receive the title deed will be the sale and purchase agreement, which is certified by the Cyprus Land Registry.
Registration of permanent residence by investment
If your goal is to obtain permanent residency (PR) in Cyprus, purchasing a new property valued at €300,000 + VAT is a mandatory requirement. A lawyer will assist with the submission of all necessary documents for obtaining PR, including the application and proof of investment.
However, to obtain PR, you will need to visit Cyprus in person to submit your biometric data at the Migration Department. This is the only stage that requires your physical presence. All other actions—from submitting documents to receiving PR—will be carried out by your lawyer based on the power of attorney.
Remote property purchase in Cyprus is a process that requires attention to detail, but with the right approach and reliable legal support, it becomes quite manageable. Granting power of attorney to an experienced lawyer, making timely payments, and understanding all stages of the transaction will allow you to successfully acquire property, even if you are thousands of kilometers away from Cyprus.
If you decide to take this step, it is important to have a clear plan and to trust professionals who will help you navigate the entire process from start to finish, minimizing your risks and ensuring the security of your investment.
