If you’re migrating via the Cyprus investor visa to the beautiful country, you will likely purchase a property. You will invest anywhere from €300,000 to €2.15 million, which is a considerable amount. But without due diligence, investors can face a plethora of problems while purchasing the property. It can also lead to bad returns on their investment, and if the investment conditions don’t meet the visa requirements, the investor’s visa might also get rejected.
The Cyprus Investor Visa Pitfalls Related To Property:
Many times, investors are not properly aware of the process of purchasing a property in the country. They face challenges that would not have been there in the first place if they were more careful. Some of the common pitfalls include:
- Hidden Commissions
When you’re looking to get a Cyprus citizenship through the route of investment, a costly pitfall is to be unaware of the hidden commissions of the agent or the vendor. These may range from 5% to 50%! Going through a registered consultant can help you save on these hidden costs.
- Ownership Dispute
If the property you’re investing in to get the Cyprus investor visa is under dispute, you stand a chance to get your visa rejected. Developers have also become resellers of their property, and investors sometimes fall in the trap of buying a disputed property.
- Contract of Sale Issues
Investors sign a contract of sale without due diligence. Without this, there may be several unresolved issues with the property that might impact the application process. Investors should not buy a property that still bears a mortgage on it.
- No Property Consultant
This is probably the biggest mistake that investors make. Investors want a Cyprus citizenship by investment, and in a hurry, they sign the contract offered by the developer. In fact, they must get a property acquisition consultant to get the right terms of the contract. You should not fall into a trap without the property consultant.
- Miscalculation of Costs
Failing to calculate the right costs is another setback to the Cyprus investor visa application. Investors must consider VAT, Stamp duty, legal fees, disbursements, etc. must be taken into account. Investors often misinterpret VAT, and they face major VAT liabilities on the property.
Investors looking to get a Cyprus citizenship by investment must do a careful analysis of what property they are investing into. They must look at other investor’s property and ask the consultant to provide them with a detail of the legal challenges they may face.
Get A Cyprus Investment Visa in Simple Steps!
However, you can avoid all these pitfalls by hiring an immigration investment consultant that can simplify the entire process and guide you at every step. My Global Citizenship™ is a leading investment immigration company that can help investors avoid the property pitfalls in the Cyprus investor visa. Contact us today.