In times of flux and change, invest in HARD Currency property which generates HARD currency passive income protecting and preserving your hard-won wealth, with a solid asset.
Land has always been a secure hedge against inflation, and retains its intrinsic value. For man to survive and prosper the two basic necessities are food and shelter … even in times of turmoil.
Quality Group will guide you through the process of purchasing Investment property … with fringe benefits with a strong focus in Cyprus.
Investment in Cyprus property can result in PR (Permanent residency) and EU-Citizenship. We are specialists at finding the right property for you, whether you intend to live in it, or rent it out for passive income.
Our investors are also offered a buy-back option within the group, should you wish to re-invest in a new property, or resell in the future.
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These are the steps we would guide you through, when purchasing property in Cyprus:
Step 1: Choose your Property
- Choose a property that suits your needs (you can select online as well)
- Get clarification if you are unclear about anything
- Receive details on the property, outlining rentals, service and conveyancing fees, cash-flow projections
- Alternatively, arrange an Inspection Trip hosted by Quality Group, to view properties and experience Cyprus life. You can also invest first and go on an Inspection Trip later.
Step 2: Reserve the Property
- Once you’ve chosen a property, reserve it.
- On reservation, the property is taken off the market. A lawyer is appointed to represent your interests and receipts your funds into an escrow account.
- Using the information of the reservation; a contract of sale is drawn up.
- If, on an Inspection Trip, you prefer a different property from the one you had already reserved, simply transfer the reservation to the preferred property.
Step 3: Sign the Contract of Sale
- All documents can be couriered for signature and execution. The contract of sale and after-sales service includes all documentation, including floor-plans, site plans, furniture inventory, VAT application, tax number, lights and water accounts; everything required to give effect to the legal completion of the sale terms, up to and including letting and management.
- The lawyer undertakes a legal check of the property to investigate if there are any mortgages on the property. If there are, a waiver is put in place, which ensures that you are the registered first creditor on the title deed. This document guarantees that your property cannot be seized by any bank/creditor should the seller go insolvent.
- Once the contract is signed, the lawyer will apply to the Council of Ministers to obtain a permit to purchase the property (it’s required for non-Cypriot buyers; normally a formality).
Step 4: Open a Bank Account
- We recommend you open a bank account with a Cypriot bank to receive rentals, minimising international bank charges. You will be able to use card facilities, internet banking and do ATM withdrawals from anywhere in the world with this account.
Step 5: Register the Contract of Sale in the Land Registry
- The lawyer submits the contract to the District Land Registry Office for registration.
- The Land Registry Office stamps the contract and records it in the Land Registry. This secures the buyer’s ownership rights until the separate title deed is issued in your name.
Step 6: Finalise Immigration Applications and Wills (Optional)
- Once the property contract of sale has been finalised, our lawyers can move forward with permanent residency and or citizenship applications, as applicable.
- We recommend a Cyprus Will be put in place to ensure a smooth transition for heirs.
- There are no inheritance taxes in Cyprus.