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Agreements
Having chosen a property attention should be given as to whose name the property should be registered to:

• Own name
• Joint names of both spouses
• On the names of adult children who will inherit the property or
• In the name of a limited company

If it will be bought through a limited company and the dealing is disclosed, it should be noted that overseas tax residents will be taxed by the country of their permanent residence as benefit-in-kind for the free accommodation on the property concerned.

If the purchased property is not transferred immediately into the name of the purchaser of the property (i.e, the property is new or not yet completed), the contract should be submitted to the Land Registry duly stamped within two months from signing. This will protect the purchaser in the case that the Seller for any reason does not or is not able to transfer the property to the purchaser. This LRO certificate will be the document on which legal proceedings can be taken through the Cyprus Law for compulsory transfer of the bought property to the Purchaser called as "specific performance". Whereas if the contract is not deposited the only remedy will be damages for breach of agreement.

Payment of purchased properties under construction or off plan is made by a deposit and the balance is settled in instalments until completion of the house or by raising funds through a mortgage either locally or overseas (see paragraph 8 - Banking and Financing and Appendix A).