| Finalising the Deal |
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Once you have paid the reservation deposit you have a period of up to 30 days to exchange the private purchase contract with the vendor. You can arrange for your lawyer to handle both at this stagae and the completion of your behalf if you are unable to attend. Before your lawyer exchanges contracts, he will have completed the detailed searches and investigations at the land registry in respect of the property. On the day of completion you will sign the title deeds and receive your keys for your new property. Other important points :
NIE number : You will need an NIE number (fiscal identity number), even if you are not a property owner. You can then open a bank account.
Banks :- This decision should be taken very carefully. Your own bank may have strong links with foreign banks so consult them before you depart.
Currently foreigners including EU citizens who plan to spend more than 90 days in Cyprus per year have to obtain a residency permit, or work and residency permit, depending on their intentions.
It is adivsable to make a will in your new country of residence. Certain countries have particular rulings over foreign wills. Discuss this with your lawyer.
Clear everything with your lawyer, and don't sign anything with their approval. |