Living property in Cyprus can be bought by both natural and legal persons. The only restriction is that a foreign citizen has the right to acquire only one object of not more than 4014 square metres in his or her name. But this problem is easily solved. Other real estate facilities can be registered with family members. The purchase of commercial real property is available only to legal persons registered in Cyprus.

How do you know?

Air flights have been established between Russia and Cyprus. Flights available - Moscow - Larnaca, Moscow - Paphos, St. Petersburg - Larnaca, St. Petersburg - Paphos, Catherineburg - Larnaca, Novosibirsk - Larnaca. There is no bus and car service inside the island and no railway in Cyprus.

In the absence of an opportunity to travel to Cyprus, it is possible to contact the Realtor Agency, which will provide the buyer with detailed information on the site. There may be a remote acquisition of land-based property, but such practices are not widespread. It is also possible to travel to the island for a short period only to select the site and conclude a preliminary treaty, which is very common.

PICKING PROCESS

Once the facility has been selected, a bank account should be opened for payment to the seller. The Cyprus Bank Of Cyprus, Laiki Bank, Hellenic Bank and Alpha Bank are among the Cypriot banks working with foreigners. The account opens in euros. Only a passport is required to open a physical person. The minimum contribution to the Cyprus bank account is I.10

How's the deal going?

Once the buyer chose the real estate, it remits between 1 and 2 per cent of the cost of housing. It is important to remember that the deposit is not returned if the buyer subsequently refuses to purchase for some reason.

The contract of sale must be signed within one month of the deposit. It should be borne in mind that a lawyer is necessarily involved in all documents. It is responsible for verifying the purity of the transaction, drafting the contract, registration of real property at the Land Cadastr Department (District Land Registry Office) and redesigning the Titul Leaf.

A lawyer should be entrusted with the General Trust, which is certified by an invited independent notary in the presence of the buyer. On the basis of this trust, the lawyer will be able to complete the entire process on behalf of the buyer, including the signing of the contract and the registration of real property. Accordingly, the need to find a buyer in Cyprus at the time of the transaction is no longer necessary.