If you are purchasing a resale property in Cyprus that is ready for immediate occupancy, you must make payment according to the price negotiated with the Cyprus property seller. This may be a full payment or a 10% deposit of the sale price, with the balance typically paid within one month. If the Cyprus property you are purchasing is still under construction, you may make appropriate installment payments (usually 30% of the total cost) in accordance with the contract.
The amount payable (after deducting the deposit and mortgage loan), including all fees and taxes (payable upon receipt of the title deed), must be paid via bank draft or bank transfer.
Payments can be made in any currency from any country, typically via wire transfer to a client account held by the buyer's lawyer. However, transfers can take a long time and may even be confusing; it is preferable to pay by bank draft, which means you retain control of the funds (the bank will not lose the money). If there are unresolved issues at the last minute, you can stop the payment.
When the buyer and seller share the same foreign nationality, they may agree that the balance can be paid in any currency and that the payment can be made abroad, potentially until the time of payment confirmation. However, the contract must clearly state the equivalent amount in Cyprus currency, and Cyprus taxes must also be paid based on the Cyprus exchange rate as of the date the contract is signed. At the time of signing, both the seller and the buyer declare that payment has been made in the agreed-upon foreign currency. In such cases, the payment should be handled by an independent lawyer in the seller's country.