Real Estate and Property Law
What we offer that make your Real Estate trasactions in Cyprus Effortless:
Due Diligence and Evaluation on the Property
Compliance Checks on the Source of Funds
Preparation of Solid Contract of Sale
Remote Representation from A - Z
Comprehensive Guidance on Tax Implications
Introduction:
- The Real Estate and Immovable Property Law in Cyprus embodies a cornerstone of expertise within Yiorkas Law, boasting a rich and enduring tradition. Our Team of legal professionals is exceptionally equipped with profound comprehension of the legal intricacies and a wealth of experience in this domain. From straightforward to intricate property transactions, we stand ready to cater to every requirement comprehensively, ensuring thorough assistance across all facets of the process.
Real Estate in Cyprus operates under a legal system that combines elements of English common law and civil law, providing a solid legal framework for real estate transactions, within the following Chapters:
- The Sale of Real Estate (Special Execution) Law of 2011 (81(I)/2011).
- The Immovable Property (Possession, Registration and Valuation) Law (CHAP. 224);
- Real Estate sector in Cyprus has witnessed significant growth in recent years and continues to do so. While developers and real estate agents are trustworthy, and the legal system governing property in Cyprus is robustly established and regulated, it is crucial, as in any country, to seek sound Legal Guidance early on due to the intricacies of the laws and procedures involved. This proactive approach helps mitigate potential unforeseen challenges and unwanted complexities down the line.
2 Types of Real Estate Transactions in Cyprus:
Brand New
Whether you are the Seller or the Buyer in a Real Estate Transactions in Cyprus, it is important to know before hand that the first time that a Property is sold, is subject to VAT (19%). Buying a Brand New Property comes with the Buyer being obliged to pay additionally to the agreed Purchase Price the correspodning VAT Rate.
Resale
Whenever you are buying or investing into a Resale Property, meaning that the subjejct Property has been sold or purchased at least once prior your investment, then the VAT Rate is not applicable. The VAT is paid only once throughout the lifetime of any property.
European or Third-Country National?
European:
It is important to note that a European Citizen under the Real Etsate and Property Law in Cyprus is treated in the same manner that a Cypriot Ciziten is.
Hence, a European Ciziten has the ability to acquire as many Real Estate and Property in Cyprus as he/she wishes to.
Third-Country National:
In case you are a Third-Country National, you have to bear in mind that under the Immovable Property Acquisition (Alliens) Law CAP. 109, Third-Country Nationals are obliged to obtain an Acquisition Permit prior transferring the title deed of any Real Estate and Property in Cyprus, in order to be able to acquire the ownership.
Another important factor that has to be taken into consideration is that, under the said Law, Third-Country Nationals are allowed to have on their name up to 2 (Two) Properties and in case they are married, then 2 (Two) Properties together with his/her spouse.
This is not a limitation factor, as a Third-Country National intending to create a Portofolio of more than 2 Real Etsate and Property units in Cyprus, has the ability to do so by simply establishing a Cyprus Company – Read More on How and What Benefits come with having a Cyprus Company!
Benefits of Real Estate and Property in Cyprus
Among the Highest ROIs in the EU
Return on Investment Rate in Cyprus has proven to be among the most attractive frames in the EU within a range of 6% to 18%.
Secured Real Estate Transactions
Unless the Contract of Sale specifies otherwise, any Buyer has the immediate right upon signing a Contract of Sale to deposit the said agreement with the competent Land Registry Department, securing his/her rights on the Property until the Title Deed Transfer.
No VAT on Resale Properties
All Resale Real Estate and Property in Cyprus enjoy a VAT Free purchase, provided that the VAT for the subject Property has been paid in the past.
High Quality of Life
Cyprus offers secured and high quality of life enjoying top-tier professional services for your investments within the Island.
Combinations of Immigration Permits
Investing in Real Estate and Property in Cyprus offers a vast majority of Immigration Permit packages for you and your family.
Remote Investments
Any Investor has the flexibility to execute and finalize an investment in Real Estate and Property in Cyprus without the necessity to be present in Cyprus, solely by appointing a Professional Representative to act on their behalf.
Tax Benefits for Foreign Nationals in Cyprus
Cyprus offers a number of Tax Benefits for Foreign Nationals in Cyprus, who want to relocate in the island and along with the benefits of a high-quality lifestyle, make the country significantly attractive for individuals and high caliber employees or individuals to work and settle with their families.
Our Services
Contact of Sale
We Review, Draft and Prepare any kind of Contracts and/or Agreements in such a unique way that your rights on the Property/Project are secured leaving no Grey Areas.
Due Diligence on the Property/Project
We make sure you know what you are buying as well as whether any legal burdens exist on the Property/Project.
Permits and Licenses
We take care of all the applicable licenses or permits required for any Real Estate and Property transaction in the most simplistic way.
Real Estate Developements
We offer comprehensive packages of Real Estate Development Services, including inter alia, the establishment of Solid Contracts, obtainement of applicable licenses, as well as on-going supervision and monitoring.
Leasing Agreements
Whether it is a Short-Term or Long-Term Tenancy, we make sure that the appropriate protection is in place, navigating you through the complexities that might be faced under Leasing of Real Estate and Property.
Tax Planning
We provide Feasibility Studies on your Real Estate and Property Investment Plan of Action, ensuring the avoidance of any unexpected Tax Implications throughout your Investment Strategies.
