Business Mindset

The Smart Step Towards Your Financial Security

We all want and need financial security, especially when thinking about our future or that of our children.

We've always been taught that the path to financial security is through hard work and putting money into pensions and savings accounts.

Those who truly understand know that these plans mainly benefit banks and investment companies!

We can deposit money into pensions and savings for 30 years to receive a modest allowance when we are elderly and in need.

Or... we can use that money to buy an apartment in Cyprus and receive passive income that will grow over time. And in 30 years? Not only will rental income increase, but the value of your property is also likely to double or even triple.

Process and Costs

A fast, convenient, and secure purchase, with close guidance throughout the entire process.

Foreign citizens or foreign couples can obtain approval for property purchase when it involves:

1. 1. A plot or land not subdivided into plots, with an area of up to 4,000 square meters, for the purpose of building a residential property for the owner.
2. 2. Up to two units, which may be in different stages of development. These units can be two apartments, or one apartment and a shop of up to 100 square meters, or one apartment and an office of up to 250 square meters.

* Joint permission is granted for couples.

https://www.gov.cy/moi/en/purchasing-property/

1. Opening a Bank Account:
Forms are provided according to the latest requirements of the bank. A foreign citizen will need to authenticate documents with a notary stamp and apostille. Typically, this includes the account opening documents provided by the bank, along with the KYC (Know Your Customer) questionnaire and information about the source of funds.

Estimated cost for opening a bank account: €500 - €700

2. Signing the Purchase Contract and Deposit Payment + First Payment of Service Fees:
Signing the contract which outlines the details of the property, timelines, and purchase price, where a deposit will be required to secure the property (usually 10%-15% of the purchase price).
Additionally, the first payment of the service fees will be made, which covers bureaucratic processes such as lawyer fees and the submission of forms to banks and government offices.

Estimated cost for the first payment of service fees: Approximately 2% - 3% of the purchase price

3. Obtaining Permission to Purchase Property in Cyprus (for non-EU citizens):
Citizens without an EU passport are required to submit an application to the Ministry of Interior. The process involves verifying if the purchase complies with the restrictions for foreign buyers and may take around a month.

Estimated cost: €200 - €300

4. Transferring Payment to the Seller and Transferring Ownership + Second Payment of Service Fees:
A financial transfer is made to the seller based on the amount specified in the contract. Afterward, the contract will be filed with the Land Registry, and a date and amount will be set for the payment of the Transfer Fee.
Additionally, the second payment of the service fees will be made, covering bureaucratic processes such as lawyer fees and the submission of forms to banks and government offices.

Estimated cost for the Transfer Fee:

• 3% on the first €85,000 of the property value.
• 5% on the amount between €85,001 and €170,000.
• 8% on any amount over €170,000.

* Usually, we can receive a 50% discount on the Transfer Fee, which saves thousands of euros on average.

Estimated cost for the second payment of service fees: Approximately 2% - 3% of the purchase price

Clarifications:

• Prices are not fixed and may vary.
• Payments for each stage are non-refundable under any circumstances.
• Foreign citizens will need to provide notarized documents and apostille for certain documents, with an additional cost depending on their country.