Cyprus is not only a famous destination for tourists from all over the world but also a rather comfortable place for living. It has a modern healthcare system, great schools and education, favourable conditions for doing business, and most importantly, friendly and welcoming people. Another significant advantage of life on this Mediterranean island is the incredible real estate you can find here. Luxurious villas in Cyprus, ultra-fashionable apartments, modern studios, small bungalows and various other types of properties - here everyone can find their ideal home. The property purchased in Cyprus can later be sold or transferred to other family members. What is the best way to transfer? What is the procedure? What should you know before embarking on this process? Below we cover the major questions regarding this subject.
How to transfer a property in Cyprus: procedures and options, necessary documents, useful tips
The simplest procedure for transferring property in Cyprus would be to close relatives of the owner. This category of relatives includes the following:
- husband or wife;
- biological or adopted children;
- biological or step- brothers and sisters.
There are several ways to transfer Cyprus properties to close relatives, specifically:
- You can sell your property. This procedure implies the execution of a sale agreement and the payment by the buyer of the amount agreed upon. The peculiarities of this procedure are as follows: if the buyer is married, then the purchased property will be transferred to joint ownership at the time of purchase. To draw up an agreement you must contact lawyers and pay all the necessary legal and government fees; the timeline for transferring real estate under this procedure is slightly longer than that for a will bequest or a gifted property.
- You can gift your property. Another way of transferring a property in Cyprus is by signing a donation/gift agreement, with an indication that the giver transfers residential real estate to the relative for free. The main points of this procedure are: execution of the property donation agreement, drawn up by a licensed attorney and payment of government taxes and fees (although the amount is less than in the case of the sale agreement). If the donee is married, then the property can be recognized after a certain period of time as joint property if the husband/wife invests their own funds in the repair or restoration of this property;
- You can bequeath your property. The main document that confirms the transfer of real estate by inheritance is a will, which must also be drawn up and certified by a lawyer. The main feature of this procedure is that the property can be claimed by the heir only after the will comes to power, that is, after an unknown period of time and under unfavourable circumstances. Moreover, in order to transfer the property to his/ her name, the heir will need to contact a lawyer and apply for a special document confirming the right to the inheritance. The timeline for such a transfer is limited - 6 calendar months from the date of the will coming to power. During this period, the inheritance can be disputed by other relatives of the deceased, regardless of the conditions of the will itself. So the case can go to court and drag on for many years. In addition, the property owner himself may, without any specific reason, revoke or change his will without notifying future heirs of this decision.
- You can transfer the ownership. This is, perhaps, the easiest and fastest procedure for transferring a property in Cyprus, which, however, has its own nuances. For transferring the ownership, you must contact the Land Department of Cyprus and submit all the required documents (including confirmation of family ties), and pay the amount of the fee for property transfer (the amount of the fee depends on the value of the property). Besides, at the time of the transfer, the presence of both parties is required, which in many cases can prove difficult. The main advantage of this process is that the relative becomes the owner of the property from the moment of signing the documents and entering the relevant information in the land registry.
As you can see, to transfer a property in Cyprus to a child or any other close relative, you should contact a lawyer in order to choose the best procedure for each specific case. If you would like to know more about how to get Cyprus Residence Permit through buying real estate, please read our article.