Buying Procedure

1. Reserve the property by paying a holding deposit, have the property taken off the market and secure it at that day's price.  The holding deposit is €2000.
2. A schedule will then be agreed concerning the method of payment.  This is usually based on progress payments throughout the building process of your property, although it may be possible to negotiate other terms.  It is, however, standard payment to be between 20% and 30% at the time of Contract Signature.
3. A Contract of Sale will then be drawn up, including the method of payment mentioned above.
4. The Agreement will be given or sent to you (by fax or email) for your approval.
5. Once you have approved the Agreement it can be signed by all parties.
6. Once the Agreement has been signed by all parties and the relevant first payment made under the terms of Agreement, we will take it to the local Tax Office where the stamp duty (see next section fixed taxation cost of purchasing property) will be paid and the revenue stamps placed on the original document.  The stamp duty is payable within one month from the date of signing the Agreement otherwise a fine is imposed escalating day by day.  We will then file the original Agreement with the Land Registry.  This is called Specific Performance and this process prevents the seller / developer from re-selling a property to another buyer until the title deed is issued.  The Contract of Sale must be deposited at the Land Registry within two monts of veing signed.
7. Introduction to the Customer Service Consultant and personal assistance to the level you desire.  Your Customer service coordinator can help you with interior design of your property as well as quotations for any extras you may desire.
8. Progress Reports you will receive throughout the construction of your property, including photos upon request.
9. After the completion of the property you will get the procession of the property.  If you have bought in a development with communal areas, you will need to sign a management agreement for the maintenance of these areas.
10. Workmanship Guarantee will be offered from delivery awards throughout the 3 year guarantee.  The Pandomus Property Maintenance and Services department will be hand to assist you should any problems arise at any time even after the guarantee is expired.
11. Transfer of title at the Land Registry once separate titles for the specific property issued.

In case that you will not be able to be in Cyprus for the signing of the agreement the following addtional stages should take place:

• As the terms of the Agreement are governed by the Law of Cyprus, it is advisable that the Agreement is signed in Cyprus in order for you to ensure it is correctly executed and therefore valid.
• Therefore, if you are not able to be present in Cyprus for the signing of the Agreement, it is advisable that you grant a General Power of Attorney to lawyer.  This will enable them to sign the Agreement on your behalf when they receive your instructions to proceed with the purchase.
• You should inform the lawyer as soon as possible if you wish to grant a General Power of Attorney in their favor.
• The document will then be sent to you for signing in the presence of a Notary.  Once the document has been signed, you will need to ask the Notary to fax a copy of the signed document together with a certified copy of your passport to your lawyer in Cyprus.
• The original document will be sent by the Notary to the Foreign Office for Legislation, through the Apostille procidure.  This is the process by which the signature and seal of the Notary are authenicated.
• Once the document has been returned to you by the Foreign Office you will need to forward this to your lawyer in Cyprus.
• You can obtain details of your nearest Notary by either telephoning a local firm of Solicitors or from the website of the Notaries Society.
• Your lawyer will then send you a copy of the Agreement for your retention.

Banks

You will need a bank account in Cyprus in order to complete your purchase.  This will allow you to transfer funds from your country and then make your progress payments on the new property.  You can also use it for transferring pension, investment or other income out to Cyprus. 

Banks in Cyprus have very modern, up to date systems and provide a wide variety of services, including internet banking that can be accessed from your country.  Opening accounts is a simple process.

Approval of the Council of Ministers

Once you Contract has been agreed and signed, it is necessary for you to make an application to the Council of Ministers to grant its approval for a non-Cypriot to acquire what is known as "immovable property".  Your lawyer will make this application on your behalf.

This is a routine procedure that can take up to 12 months to complete, but there is no restriction on you taking full prssession of your property pending the granting of the approval.

The system provides for the following:

(1) You can live in your property from the moment you take delivery of it, prior to the Council of Ministers granting approval.

(2)  You can re-sell your property during this time and inheritance rights are not affected by the process.

(3)  Should approval not be granted, you can re-apply.

As your solicitor will need to make a written application to the District Officer on your behalf, it is important for you to provide the following information at this stage:

• Occupation
• Marital status
• Number and ages of any children
• Approximate annual income
• Details of Capital in bank (most recent statement to be attached)
• Details of other property owned both in country of residence and abroad
• Dates of any previous visits to Cyprus