In Cyprus, the property industry represents an important player of the country’s economy which, together with the tourism and financial industry, account for almost 80% of the GDP. Our experiencedcompany formation advisors in Cyprus can offer more details on this subject.
The confidence in the Cypriot property market seemedto be growing, with an increase of the sale property deeds of 28% during the first quarter of 2016 compared with the same period of the previous year.
The country offers a number of quite attractive incentives for investors in the property market, like a 50% reduction of transfer fees for all sales or a 100% exemption from future capital gain tax for income on real estate.
In this article, our Cypriot company formation experts present a few important aspects related to setting up a real estate agency in Cyprus.
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Registration procedure of a real estate agency in Cyprus
Real estate agents in Cyprus are regulated by the local legislation and have to be professionally qualified and register with the Registrar of Estate Agents.
In 2004, a new law was adopted with the intention of protecting property buyers and controlling unregistered agents. Our company registration representatives in Cyprus can offer more details related to this subject.
Real estate agents in Cyprus are closely monitored by the Cyprus Real Estate Agents’ Association (CREAA). Although not all real estate agents in the country are registered with this Association, it presents a higher credibility for those who want to activate in this field, which is an important aspect when opening a real estate agency in Cyprus through a ready-made entity.
Even if a Cypriot shelf company has many advantages, here is its main disadvantage: its price. Oftentimes, the cost of acquiring such an entity is much higher compared to registering a new business. So, when having to decide between these two options, address our specialists for advice on how to proceed.
How to become registered with CREAA in Cyprus
Members of the CREAA must have a professional indemnity insurance of at least CYP 100,000 (EUR 171,653) and have to possess a thorough knowledge of the local immovable property legislation. If you would like to open a company in Cyprus in this field, we can provide you will all the necessary information related to the immovable property laws in this country.
Also, in order to become a member of the CREAA, the following criteria have to be met:
• The applicant must be able to speak Greek;
• He or she should have thorough experience in selling property or have a university degree in a relevant field;
• The applicant must have a clean criminal and civic record;
• He or she must not be bankrupt.
If you would like to become a real estate agent in Cyprus, we invite you to get in touch with our Cypriot company formation executives.