A Guide To Buying A Property In Southern Cyprus

It is of paramount importance to seek independent advice from an overseas solicitor. 

You need to ensure that you will have full title to the property on completion and that you have the appropriate documents available for the lender.

You should check with the estate agent and/or your lawyer that you are aware of the costs charged by legal and Government authorities for buying a Cypriot property.  The lender will also have their own legal costs for assigning the loan, the cost of which they will normally advise you when they issue the mortgage offer.

Before signing the sales contract, the bank will require a copy of this document to be forwarded with the relevant application form.  However you are able to sign this contract with the clause “subject to mortgage finance” as the contract, once signed is legally binding.

Please be aware that the solicitor or notary may be incorporating costs for assigning the mortgage within his charges, and you should establish the actual cost before proceeding with a loan application.

There will also be a Government Mortgage Registration fee of approximately 1% and a Government Stamp Duty of up to 0.20% payable when the loan is eventually registered by the Lender against the Title Deeds.

If the property is being built or if the title deeds and registration in your name has not taken place, the lender could also charge between 0% and 1.80% of the loan, if they require a bank guarantee from the developer. 

Properties can be purchased either individually or in joint names.

Cypriot lenders will require you to visit Cyprus for an interview prior the release of funds.

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