Compared to other countries, buying a property in Cyprus is very simple. Non-EU citizens have the right to permanently own property ownership, while offshore entities can purchase a home for their business or as a residence for their foreign employees.
Once the contract is signed, the contract will be submitted to the real estate registration department for contract registration within two months to ensure that the purchased property is transferred to the buyer's name. The post-recorded sales contract can only be withdrawn with the consent of the owner.
The transfer of ownership from the seller to the buyer is a simple procedure, registered by the Cyprus Land Registry, and carried out by the buyer in person or through a designated third party.
For the transfer of property to the purchaser, the following documents must be submitted:
1. Confirmation by the Central Bank that the purchase of the property was completed with foreign funds, imported into Cyprus.
2. The sale agreement/contract.
3. The Council of Ministers’ permission for the purchase of property.
4. Confirmation that taxes have been paid (immovable property tax, sewerage tax, etc).
Payments are made in Euro, as specified in the contract of sale.
Provided that you have a valid contract and a purchaser, then you can sell your property.
If you want to sell your property before the title deeds are issued, your contract with Zhong Sai Group will be cancelled and a new one will be issued between Zhong Sai Group and the new purchaser. Cancellation fees are charged to the seller at approximately €4000.
Tax rate and determination of profit: The tax is imposed on the net profit from disposal at the rate of 20%.
Zhong Sai Group has strong relationships with all the major banks in Cyprus. Our staff will guide you through every step of the procedure, assisting you with the granting of your loan.
Our aim is to reduce the costs of your property’s financing, as well as to make the application process as fast and easy as possible. When Zhong Sai Group recommends you to a local bank for the financing of your property, the chances of rejection are virtually non-existent.
The prices of our properties vary according to the type of property, its location, specifications, size and so on.
For more information on our prices, please call any of our offices or send us an e-mail and we will get back to you the soonest possible.
Payment terms are specified on each of our project’s price list and vary according to the type of development and stage completion of each project.
Once you have selected the project(s) in which you are interested, please call any of our offices or send an e-mail to us and we will forward all relevant information on the development(s) you have highlighted.
All immovable property in Cyprus is registered at the Department of Lands and Registry, which operates one of the most sophisticated land registry systems in the world. This makes the procedure of purchasing property in Cyprus very straightforward.
19% (For foreigners, the first set of 200 square meters or less is 5%)
There is no inheritance tax in Cyprus.
Zhong Sai Group insures each property against fire, theft, public liability for common areas and special perils (earthquake, flood, escape of water, etc), until the title deeds are issued and the property transferred to the purchaser.
The purchaser is responsible for the insurance of any objects (contents) within the property.
Once the title deeds are issued, Zhong Sai Group can introduce the owners to the relevant insurance.
Zhong Sai Group can recommend rental management companies for clients who wish to rent out their second home. With Cyprus enjoying year-round tourism, the potential exists for properties to achieve gross yields of up to 10%. The employment of a management team to handle the day-to-day running of a property will ensure it is maintained to the highest standards and maximise its potential to secure optimum rental and occupancy rates.
When it comes to creating the perfect home, Zhong Sai Group is keen to help you every step of the way. We work closely with top-of-the-range suppliers to ensure that your dream home is furnished with a style and quality that lives up to your expectations. Our sales representatives will also be glad to accompany you in your search to find the best furnishing solutions for your new home.
Zhong Sai Group has earned an enviable reputation as a property developer dedicated to preserving and enhancing the natural environment. As such, Zhong Sai Group works with highly-qualified landscaping professionals to create the perfect harmony between building and nature. Private consultations can also be arranged if you are looking to further personalise your garden.
With Zhong Sai Group, You are free to appoint a legal advisor of your own choice in Cyprus to handle your affairs. All official documents are in English. If you don’t have a legal advisor, we can refer you to a number of recognised and experienced professionals.