Remote property sales in Cyprus in 2024 are becoming an increasingly popular solution for owners who cannot be physically present on the island to complete the transaction. This option is particularly suitable for those living abroad who wish to sell their secondary property with an existing title remotely.
Contents
Choosing a Reliable Real Estate Agency
One of the key stages of remote selling is selecting a real estate agency that you can trust to manage the transaction. The agency will represent your interests throughout the entire process, so choosing the right one plays a crucial role in the success of the sale.
Main criteria for choosing an agency:
Reputation and Reviews
Familiarize yourself with client reviews and ratings online. The opinions of other sellers will give you an idea of the company’s reliability.
License
Ensure that the agency has the necessary license to operate in Cyprus. This will guarantee the legality of the transaction and protect your interests.
Market Experience
A company with extensive experience in the Cypriot real estate market is more knowledgeable about local specifics and can minimize risks.
Client Orientation
Look for an agency that offers a personalized approach, promptly answers all your questions, and ensures transparency in the transaction.
Working with a professional agency minimizes your risks and contributes to a successful sale.
Power of Attorney Preparation
To conduct a transaction without your personal presence, you will need to issue a power of attorney to an agency representative or another trusted person. This document grants your representative the authority to act on your behalf at all stages, including signing contracts and transferring ownership.
Power of Attorney Procedure:
Notarization
Consult a notary in your country to draft a document that meets Cypriot legal requirements.
Apostille and Translation
The power of attorney must be apostilled and translated into Greek to be legally valid in Cyprus.
Timing and Cost
The preparation of a power of attorney usually takes a few days, and its cost depends on notary fees and the cost of apostille and translation.
Preparing and Posting the Sale Listing
The next important step is preparing and posting the property sale listing. The agency handles the creation of a high-quality description of the property, as well as organizing professional photo and video shoots. A well-crafted listing significantly increases the chances of a successful sale.
What an Effective Listing Includes
Professional Photos and Videos
The visual presentation of the property plays an important role in attracting potential buyers. High-quality photos and videos help create a positive impression and provide a comprehensive view of the property.
Property Description
The agency will prepare a detailed description of the property in several languages, including Greek, English, and Russian, to reach the widest possible audience.
Price Determination
Based on market analysis, the agency will help set a fair price, which is important for a quick and profitable sale.
A high-quality listing helps attract attention to your property and increases the chances of a successful transaction.
Finding Buyers and Negotiating
After the listing is published, the agency begins actively searching for potential buyers. This process includes organizing property viewings, negotiating, and agreeing on the terms of the deal.
How the Agency Works with Buyers
Search within its Client Base
The agency actively uses its client base to quickly find potential buyers interested in your property.
Search through Partner Agencies and Online Platforms
The agency also collaborates with other companies and lists properties on popular online platforms, expanding the pool of potential clients.
Organizing Viewings
The agency organizes both virtual and traditional property viewings, allowing them to reach both local and international buyers.
Negotiations
The agency negotiates with interested buyers to secure the best possible terms for the deal.
The effectiveness of the agency at this stage directly impacts the speed of the sale and the final sale price.
Finalizing the Deal and Receiving Payment
The final stage includes signing the contract and officially registering the transaction with the land authorities in Cyprus.
Steps to Finalize the Deal
Transfer of Funds
The buyer transfers the agreed amount to your account.
Completion of Registration
After receiving the funds, the agency completes the registration process, transferring ownership rights to the property.
These steps ensure a safe completion of the transaction and guarantee the full payment for your property.
Methods of Receiving Payment and Tax Obligations
Selling property in Cyprus requires consideration of tax obligations and fees. It is important to choose a method of receiving payment in advance and to account for tax expenses.
Capital Gains Tax
The seller is required to pay a capital gains tax of 20% on the difference between the purchase and sale prices of the property. There are ways to reduce this amount. More details on optimizing this tax can be found in our article.
Additional Costs
Potential expenses include notary fees, apostille, and registration fees. These costs should be considered when planning the transaction.
Methods of Receiving Payment
The most common method is a bank transfer, but in some cases, cryptocurrency can be used. The terms of payment should be agreed upon in advance with the agent, lawyer, and buyer.
Legal Support for the Transaction
Selling property in Cyprus requires compliance with all legal norms and proper documentation, especially if the transaction is conducted remotely.
Role of Legal Support
Document Preparation
A lawyer helps to draft all necessary documents, including the sale-purchase agreement and the power of attorney.
Registration Process
The lawyer oversees the registration process, ensuring proper documentation.
Tax Consultation
An experienced lawyer will help minimize tax risks and accurately calculate all taxes and fees associated with the sale.
Legal support ensures the protection of your interests and reduces the risk of issues during the sale process.
Remote property sales in Cyprus are a complex process that requires careful preparation and professional assistance. The right choice of agency, proper issuance of a power of attorney, and consideration of all legal and tax aspects will allow you to successfully complete the transaction and receive full payment for your property, even if you are outside Cyprus. Following all the steps and working with professionals will provide you with confidence and the maximum benefit from the sale.
