Buying Property In Cyprus Property
And so your property search over and you have firmly decided to buy a wonderful villa in Cyprus. If you plan to take the credit, you should seek an oral promise to the bank that you will get the required amount for purchase, before signing the contract. Best of all, if you already have an account with Bank of Cyprus. Then the bank can see your story. To obtain a loan must be paid at least 20% of property value. The Bank will ask you to help on income and recommendations from your bank (the Russian, if there is no account in the Cyprus bank).
For a loan of 150 000 euros is desirable to show revenue of more than 2000 euros a month. The Bank requires that income for a family (note that the family) should be at at least two times more than the monthly payment on the loan. The longest in the buying process, a design credit. Getting the loan takes approximately 2-3 weeks, because bank must make an assessment of real estate, check out all documents. When you have received the prior consent of the bank for a loan, you sign documents, pay 20-40% of the cost and the rest pays extra bank. After that, the contract of sale is registered in the Land Registry. C At this point you are the owner of real property and no one can sell it without your knowledge. The transition of ownership to your name through a few months since for foreigners to obtain permission to purchase property from the Council of Ministers.
This is more a formality, but it requires time. The document, which reaffirms the right of property in Cyprus is called the title. Change of ownership of real estate in your name only after obtaining permission from the Council of Ministers. Just when transferring ownership of your name you must pay the registration fee is around 13 500 euros for a property worth 250 thousand euros. Following the acquisition of real estate in Cyprus, you can apply for a visa for 1 year. Visa you can renew every year. On this visa you can stay in Cyprus, but can not work (unless you are an eu citizen).
