Investment in real estate is perhaps one of the oldest and most popular ways of safeguarding your capital and securing an ongoing passive income not only in times of financial instability but also in peaks of prosperity and market growth.
Although the concept of property obtainment and management as a form of investment may seem to be simple and straightforward at first glance, the process of its legalization and realization can become quite complex and nerve-wrecking without the proper legal support. In today’s world of limitless international opportunity, investors often opt to purchase property in a foreign country outside their usual place of residence either as a potential holiday home or a lucrative rental investment. Unfortunately, many omit to consider the local regulations, property laws, market infatuation, real estate and rental income taxes including inheritance and transfer tax as well potential complications with capital repatriation, rendering such an investment into a heavy burden and financial loss.
At Arnos, we understand and encourage the need for investment portfolio diversification and have the expertise to evaluate a property investment transaction on an international level, offer a professional legal and tax opinion that will inform our client of any potential risks, tax obligations and important regional legislations and provide the necessary legal support throughout the entire process of acquisition and commercialization.
When it comes to dealing with property transactions in the Republic of Cyprus, there are a lot of legal particularities, restrictions as well as investments benefits that need to be taken into careful consideration. Due to the unconventional nature and complexity of the property laws in Cyprus as well as extensively time-taking court procedures, a professional legal consultation should never be omitted for any form of property transaction in Cyprus whether it be purchase, sale or rent.
One of the most poignant factors that is of a major concern for investors purchasing newly built property in the country is the guarantee for obtainment of a Title Deed – a document stating the right of ownership. In Cyprus, the process of issuing this document by the local Land Registry Department usually takes approximately three years post completion of the construction and majorly depends on the whether the developer has followed and complied with all the requirements and registered architectural plans. Even the slightest altercation in the final construction product from the initial registered project, can pose a major complication and delay in issuing the title deed. At Arnos, we have tremendous experience and practical knowledge in dealing with property transactions and handling complex property disputes both in the south and the north side of the Republic. Our experts know how to conduct a full due diligence check and investigation on both the property and the seller that can warn and inform the client of any incumbrances, inconsistencies and liabilities prior to proceeding with the purchase of the property. We are also one of the few firms on the island that specialize in property transactions on the occupied areas as well as the sale of properties located on the south but legally belonging to individuals from the north. We have extensive experience in handling the complexity of such cases and can take care of all the legalities and support of such a transaction with the confidentiality and sensitivity that it entails.
Our lawyers can also draft a comprehensive Purchase and Sale Agreement or Tenancy Agreement that will be tailor-made to the particularities of the transaction and ensure that the rights of our client are fully protected by law in case of an incompliance by the other party, whether it be as a purchaser, seller, tenant or landlord. In case of purchase, our team can also make sure that the Purchase and Sale Agreement is duly registered with the Land Registry Department and that the right of ownership is secured upon full payment for the asset by the investor. Our banking experts can also assist with the obtainment of a loan or financing for the property in a reputable financial institution in the Republic, assist with mortgage registration, review all the banking documentation, advise on a secure holding structure to provide addition protection for the asset and succession planning as well as conduct any negotiations with the bank, local authorities and the seller of the property.
Should you require any additional information on the services our company offers, would like professional assistance with your property transaction or need an experienced lawyer to handle a property dispute, please feel free to contact our experts for a complimentary consultation.
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